Hanan Alnufaie

THE Kingdom has been focusing on entrepreneurship over the very recent years with the Kingdom's Vision 2030 stressing the importance of their contribution to the economy and the community. In this regard, Saudi Gazette met with Fahd Al-Rasheed, Group CEO and managing director at King Abdullah Economic City (KAEC) and the Vice Chairman of the Board of Trustees at Prince Mohammad Bin Salman College of Business and Entrepreneurship, on the sidelines of Misk Global Forum, which is taking place in Four Seasons Riyadh.

"We launch today an important initiative on foreign entrepreneurs under the patronage of Minister of Commerce and Investment Dr. Majed Al Qasabi and Dr. Ghassann Alsulaiman, head of Small and Medium Businesses Authority, an initiative to attract more entrepreneurs. The initiative now includes 11 entrepreneurs that have got foreign investors and partners. The next phase of that initiative is to attract international entrepreneurs from the Red Sea area including Jordan and Egypt. They serve the Kingdom from outside, but we want them to come to the Kingdom to build their businesses on a much bigger platform. What we in KAEC are offering is the whole eco system that is going to encourage more entrepreneurs to step up. “This includes great entrepreneurial education at Prince Muhammad Bin Salman College for business and entrepreneurship, and a program by KAEC, created with SMEs Authority, that includes significant incentives such as: 5 years free office base, free transportation back and forth to Jeddah and subsidized housing. We also offer funding through a venture capital platform of $20 million, in collaboration with SMEs to fund entrepreneurs at different stages," Al-Rasheed said.

In KAEC, there is a target to host 301 entrepreneurs over the next three years, he said, adding, "It does not matter the size of the business, for, I think, the idea of hosting entrepreneurs is that the future for any economy, is the future of creative economy and knowledge economy. If we are to enter the fourth industrial revolution armed with the right capabilities to compete in the future, we definitely need entrepreneurs in creative economy and knowledge economy. Therefore, for us it is all about attracting entrepreneurs who provide innovation, scientific solutions as well as digital solutions.”

When asked about how to reinforce innovation among youth in the Kingdom, he commented: "We do not need to do anything. Entrepreneurs can handle themselves very well. All they need is for us to provide them with the right platform and get on their way. Give them all the resources that you can.

"Gibson Global conducted a global study in 66 countries, an found that the benchmark of the willingness of youth to become entrepreneurs in this Kingdom is high. Saudi Arabia is first globally in terms of ambition of Saudi youth, including women. However, there might be some challenges that they face such as: regulations, education, and finance and these are the areas we want to invest in.”

"We in KAEC we have worked over the past ten years on attracting big companies, developing impeccable logistics, and we built a port. The future for us is the youth and entrepreneurship. From what I have seen in the MBSC for business and entrepreneurship, I am really impressed. I’ve seen incredible Saudi mindsets. Saudis are world class when it comes to entrepreneurship, ambition, and the willingness," he said.