GEC secures $13.8bn in investment to support entrepreneurship

The Global Entrepreneurship Congress took place from March 27 to 30
Short Url
Updated 31 March 2022
Follow

GEC secures $13.8bn in investment to support entrepreneurship

RIYADH: Investment deals worth $13.8 billion were signed at the Global Entrepreneurship Congress held in Riyadh this week, which also saw global firms announce expansion plans into Saudi Arabia.

Entrepreneurs, investors, ecosystem leaders, and policymakers attended the event, which took place from March 27 to 30.

Silicon Valley figures, like Apple’s Steve Wozniak and Netflix’s Marc Randolph, also spoke.

A total of SR25.17 billion ($6.71 billion) worth of agreements and memoranda of understanding were signed at the event, including messaging platform Unifonic raising $125 million in what is the largest funding round ever closed by a Saudi startup. 

Some SR22.89 billion worth of announcements were made. Venture capital and private equity funds reached SR3.71 billion, while SR109 million worth of investment rounds were made.

Among the 34 agreements signed on GEC’s first day were Lenskart, GoDaddy, Kitopi and Cars24 expanding into the Saudi market.

The deals covered a wide range of programs and projects, such as establishing new financial products for entrepreneurs, investing directly in businesses, and providing loan guarantees.

There were several big announcements, including the launch of new products and initiatives from the Social Development Bank that will support and empower entrepreneurs with a value of almost SR11.25 billion.

After the UAE, Saudi Arabia is the second-most funded nation in the Middle East and North Africa.


Indonesia and Thailand join Saudi-led Global Halal Mark alliance

Updated 6 sec ago
Follow

Indonesia and Thailand join Saudi-led Global Halal Mark alliance

RIYADH: Four countries have joined the Global Halal Mark alliance, a new initiative launched by the Saudi Halal Center, following the signing of two agreements with Indonesia and Thailand.

Speaking to Al-Eqtisadiah on the sidelines of the Makkah Halal Forum,  Abdulaziz Al-Rushodi, CEO of the Saudi Halal Center, said the number of countries participating in the alliance is expected to reach 10 by the end of this year. 

He said the initiative aims to unify “Halal” marks around the world and achieve the highest standards of reliability in the sector.

A second initiative announced at the forum is the Halal Academy, established in cooperation with the Islamic University of Madinah, to serve as a global scientific reference contributing to the development of competencies and the halal ecosystem in a comprehensive manner. 

Al-Rushodi also stated that the center is planning to launch the Global Halal Hub initiative, an integrated digital system aimed at unifying halal certifications and facilitating cross-border trade procedures among various countries. 

As part of efforts to support the local industry, the center — according to Al-Rushodi — signed a memorandum of understanding with the Food Manufacturers Association, which includes thousands of national factories, with the aim of empowering Saudi products and qualifying them for export to countries in the Islamic world by granting them the halal mark. 

He said the partnership seeks to encourage local manufacturers to adopt the mark as a core standard for their products, opening broad prospects for global marketing and strengthening the presence of Saudi products in international markets. 

The Saudi Halal Center was established in 2018 and operates under the Saudi Food and Drug Authority. The center grants halal certificates after verifying compliance with Shariah and technical standards and requirements to ensure the reliability of products bearing the “Halal” mark in local and international markets, in addition to issuing the Saudi halal mark. 

The center grants the right to use its trademark, a logo placed on products to indicate that they are subject to oversight and auditing and are compliant with Islamic law. 

The size of the global halal market in 2025 was estimated at approximately $7 trillion, with Saudi Arabia topping the list of the largest investing countries in the sector at a value of SR5.5 billion ($1.4 billion), Yousef Khalawi, Secretary-General of the Islamic Chamber of Commerce and Development, told Al-Eqtisadiah. 

According to Khalawi, the size of the halal market is expected to reach $10 trillion by 2030, amid accelerating growth in global consumer demand and expanding investments in value chains linked to halal industries. 

Saudi Arabia ranks first globally among the most invested countries in the halal sector, having injected investments valued at SR5.5 billion. Malaysia comes second with investments reaching SR4.7 billion, benefiting from its advanced ecosystem of global halal standards, followed by Kuwait in third place with investments amounting to SR4.1 billion. 

The UAE ranked fourth, investing approximately SR3.7 billion in value chains related to food, tourism, and consumer products, while Indonesia placed fifth with investments estimated at SR1.5 billion.