RIYADH: Saudi Vision 2030 has created an environment in which people can build successful companies, a leading Saudi investment entrepreneur said.
Speaking during an episode of “The Majlis” podcast, produced in collaboration with Arab News, Sultan Ghaznawi, chairman and managing director of Scene Holding, talked about his lifelong passion for building businesses.
“From a young age I was fascinated with the concept of creating value or exchanging value in return,” he said.
“I remember in fourth grade I used to make prayer beads. The first time I sold them in a family gathering, I made SR30 ($8). On the same day I went to the supermarket and I had the absolute freedom of deciding what to buy. That feeling ignited something inside me.”
But it was in high school, with the encouragement of his older brother, that he realized he was destined to become a businessman.
“He gave me a curiosity to find a purpose in life,” Ghaznawi said. Soon after, he created his first company, a creative agency that later became Backyard Symphony.
On the early days of the business, he said: “There was no General Entertainment Authority. Every summer there was an annual festival that happened and for decades there were three or four companies that dominated that bid.
“So we did the joint venture, developing content and integrating emerging tech with it. At that time, 3D projection mapping and holograms and augmented reality.
“It was revolutionary technology back in 2014. We were responsible for the event management, the business development, the financing and the experiential performances.”
This early success gave him the confidence to start several other businesses.
Speaking about Crown Prince Mohammed bin Salman and Saudi Vision 2030, Ghaznawi said: “He gave us the vision, fostering a vibrant environment, making the policy shift economic and political.”
Entities like the General Entertainment Authority and new sectors created opportunities, he said.
“Whether it was accelerator programs, incubators, angel investor networks, venture capital, enablement programs … the government, the customers unlocked new sectors, new types of SMEs to come to the market. And international companies showed interest in the Saudi market.”
Another of Ghaznawi’s ventures, Vibes Offices, develops and operates co-working spaces to foster entrepreneurial growth.
“The Vibes became my school of entrepreneurship because every day I meet new startups, new founders across multiple sectors,” he said. “As the trends of each sector grow, you see startups that grow and scale.”
According to Ghaznawi, building a successful business needs great technology, the right team and great timing.
“Somebody once told me a business is like a ship. You either adjust the sail or change the vessel or abandon the ship before it sinks. So you pivot. If the market is changing but you have a good foundation and you can change your strategy to adapt, you emerge.”
On the future of AI, he said: “I think it’s going to be extremely interesting to see the intersection of AI-based economies and government management with venture building.”
