Saudi Arabia first to back global startups under G20 $1 trillion funding call

Prince Fahad bin Mansour, center, poses with other G20 delegates during the Startup20 summit in Gurugram, India, on July 4, 2023. (Startup20)
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Updated 06 July 2023
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Saudi Arabia first to back global startups under G20 $1 trillion funding call

  • Startup20 summit by India’s G20 presidency was held in Gurugram this week
  • Prince Fahad bin Mansour Al-Saud is representing Saudi Arabia at Startup20

NEW DELHI: Saudi Arabia has become the first country to back a call for $1 trillion in annual investment into the global startup ecosystem from G20 countries during the Startup20 engagement group’s summit in India.

Startup20 is one of 11 official networking groups of the G20 largest economies. It was initiated under India’s G20 presidency this year and aims to help implement policies that support startups, entrepreneurs, and ecosystem builders for their sustainable growth in member countries. The engagement group is composed of representatives from all G20 countries. Saudi Arabia — the only Middle Eastern member of the group — is represented by Prince Fahad bin Mansour Al-Saud, the chair of the board of directors of the Saudi Entrepreneurship Vision.

At the beginning of the two-day summit in Gurugram, Startup20 Chairperson Dr. Chintan Vaishnav presented its communique, which urged G20 leaders to raise the joint annual investment in the global startup ecosystem from their nations to $1 trillion by 2030.

Prince Fahad was the first to answer the call for action.

“I can already foresee the impact and outcome that can be achieved from this fund. We can imagine it being an empowering platform that will not only invest, but also build an operating body tailored to the needs of the G20 startups that will assure having quality and well-governed startups that can grow sustainably,” he said in his summit speech.

“We are more than happy to open all the doors of the Kingdom of Saudi Arabia for Startup20 to present this opportunity to the top investors in Saudi and showcase the top Saudi startup opportunities. We are ready to work on it starting today and hopefully become the first to commit.”

The announcement was hailed by the Startup20 chair, who underscored Saudi Arabia’s steadfast dedication to fostering global innovation and entrepreneurship.

“By pledging support for the $1 trillion funding milestone, Saudi Arabia sets a precedent for other nations to follow, demonstrating their commitment to driving a disruptive innovation ecosystem and propelling the economic growth,” Vaishnav said.

For Saudi Arabia, investment in new businesses is important as under Vision 2030, the Kingdom is seeking to create millions of new jobs and is encouraging small and medium enterprises to diversify its economy away from dependence on oil.

“That’s why Saudi Arabia is investing millions of dollars in tourism, in economy, sports, entertainment and any industry,” Faheem Al-Hamid, senior adviser to the Saudi G20 delegation, told Arab News.

The Saudi government has been undertaking significant initiatives to stimulate private sector growth and encourage investment in accordance with the objectives of Vision 2030.

Last year marked a turning point in those efforts, largely resulting from significant reforms in key economic sectors to unlock new markets and open avenues for investment.

“We have decided to enhance the startup scene … Among the G20 countries, Saudi Arabia’s funding has skyrocketed in 2022,” Al-Hamid said.

“Saudi Arabia’s startup ecosystem has grown in an unprecedented way from just a few SMEs prior to the launch of the Vision 2030 to the groundbreaking (proliferation) of startups in the last six years.”


Asia rings in 2026 and Australia is defiant after its worst mass shooting

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Asia rings in 2026 and Australia is defiant after its worst mass shooting

  • Australia holds defiant celebrations after its worst mass shooting in nearly 30 years
  • Hong Kong holds a subdued event after a deadly fire in tower blocks
MELBOURNE, Australia: Auckland was the first major city to ring in 2026 with a fireworks display launched from New Zealand’s tallest structure, Sky Tower, followed by a defiant celebration in Australia in the aftermath of its worst mass shooting.
South Pacific countries were the first to bid farewell to 2025. Clocks stuck midnight in Auckland 18 hours before the famous ball drop in New York’s Times Square. The five-minute display involved 3,500 fireworks.

Defiant celebration in Australia after worst mass shooting

Australia’s east coast welcomed 2026 two hours after New Zealand. In Sydney, the country’s largest city, celebrations were held under the pall of Australia’s worst mass shooting in almost 30 years. Two gunmen targeted a Hannukah celebration at Bondi Beach on Dec. 14, killing 15 and wounding 40.
A heavy police presence monitored the thousands who thronged to the waterfront to watch a fireworks show centered on the Sydney Harbor Bridge. Many officers openly carried rapid-fire rifles, a first for the annual event.
An hour before midnight, the massacre victims were commemorated with a minute of silence while images of a menorah were projected on the bridge pylons. The crowd was invited to show solidarity with Australia’s Jewish community.
New South Wales Premier Chris Minns urged Sydney residents not to stay away through fear, saying extremists would interpret smaller crowds at New Year’s Eve festivities as a victory.
“We have to show defiance in the face of this terrible crime and say that we’re not going to be cowered by this kind of terrorism,” he said.

Indonesia and Hong Kong hold subdued events

In Indonesia, one of Australia’s nearest neighbors, cities scaled back festivities as a gesture of solidarity with communities devastated by floods and landslides that struck parts of Sumatra island a month ago, claiming more than 1,100 lives.
The capital, Jakarta, was not ringing in 2026 with its usual fanfare, choosing subdued celebrations with a program centered on prayers for victims, city Gov. Pramono Anung said last week.
Makassar Mayor Munafri Arifuddin urged residents of one of Indonesia’s largest cities to forgo parties, calling for prayer and reflection. “Empathy and restraint are more meaningful than fireworks and crowds,” he said.
Concerts and fireworks on Indonesia’s tourist island of Bali were canceled and replaced with a cultural arts event featuring traditional dances.
Hong Kong, too, was ringing in 2026 without the usual spectacle in the sky over iconic Victoria Harbor, after a massive fire in November killed at least 161 people.
The facades of eight landmarks were turning into giant countdown clocks presenting a three-minute light show at midnight.
Many parts of Asia welcome the new year by observing age-old traditions.
In Japan, crowds were gathering at a Buddhist temple in Tokyo for a bell striking at midnight. In the South Korean capital, Seoul, a bell tolling and countdown ceremony were being held at the Bosingak Pavilion.

Berliners celebrate in snowfall

Tourists and Berliners alike marked the end of 2025 by enjoying snowfall, taking selfies and making snowmen in front of the German capital’s cathedral and the iconic Brandenburg Gate. The Berlin TV Tower was nearly invisible thanks to the falling flakes and fog.
Quieter celebrations in Greece and Cyprus
Greece and Cyprus were ringing in 2026 by turning down the volume, replacing traditional fireworks with low-noise pyrotechnics, light shows and drone displays in capital cities. Low-noise fireworks avoid the explosive bursts that generate the loud cracks of traditional displays.
Officials in the countries said the change is intended to make celebrations more welcoming for children and pets, particularly animals sensitive to loud noise.

Additional security in New York City

Police in New York City will have additional anti-terrorism measures at the Times Square ball drop, with “mobile screening teams” in search of suspicious activity. It is not in response to a specific threat, according to NYPD Commissioner Jessica Tisch.
After the ball drops in Times Square, it will rise once again, sparking in red, white and blue, to mark the country’s upcoming 250th birthday celebration. It will be one of several patriotic flourishes throughout the night, organizers said.
Zohran Mamdani will take office as mayor at the start of 2026. Two swearing-in ceremonies are planned, starting with a private ceremonial event around midnight in an old subway station.