INCENTIVIZING SUCCESS
Monsha'at's mission is to provide the necessary support to young start-ups so that they can grow organically into businesses that provide the right type of services to the market.
BIOGRAPHY
Saleh Al-Rashidi was appointed Governor of Monsha’at in February 2018, after previously serving as CEO of Riyadh Airport Company for one year. Prior to that, he worked with MODON for nearly 10 years, most recently as the organization’s Director General. He holds a bachelor’s degree in computer sciences from King Saud University and an Executive MBA from IMD Business School.What role will digitization play in growing the SME segment's contribution to the Saudi economy?
Digitalization is an increasingly important aspect that has gained even greater relevance as a trend, acting as a disruptive force across different sectors of the economy. Take the retail segment, for example, where e-commerce has brought major changes, revolutionizing interactions with clients and, more generally, the way business is conducted. Even the concept of asset-ownership has witnessed a meaningful change. Uber is a successful example of a leader in the car-sharing logistics segment without owning transport vehicles; in a similar way, Airbnb has disrupted the hospitality segment without owning any property. These stories tell us digital is already there, impacting business models and setting new trends even in Saudi Arabia. As such, SMEs need to ensure they remain ahead of the innovation curve and fully exploit the various competitive advantages of the digital economy.
What are Monsha'at's strategic priorities and expectations for 2019, and what is the main driver behind them?
Looking at the SME ecosystem in Saudi Arabia, we are in the early stages, especially when looking at the development of entrepreneurship. Indeed, we recently started to set up the necessary infrastructure conducive to a sustainable environment and to meeting the goals set by Saudi Vision 2030. As such, we need to look at the broader spectrum and implement and support programs and projects aimed at developing and growing SMEs within their different stages and requirements. On the venture capital side, we launched a SAR2.8-billion government VC fund targeting start-ups, aiming at bridging the investment gap and spurring more SME investments. When it comes to business enablement, we have created and supported through official licenses, a series of hubs, and co-working spaces to nurture young companies and provide them with the right environment. Finally, we have announced many accelerators to ensure start-ups grow organically into businesses that provide the right type of services to the market.
How can the government increase the attractiveness of entrepreneurship in the eyes of young Saudi nationals?
Saudi Arabia's start-up environment is in its nascent phase, with many different young companies in their early phase being led by young entrepreneurs. As such, the whole country is heavily reliant on the success of these business propositions and young minds, which is why we need to provide all the necessary support to make them succeed. Naturally, this will also have to come through a certain proposition of incentives, which is why we recognize the best start-ups with appropriate awards. This initiative provides the entire ecosystem with positive, healthy competition and seeks to spur all players to progress in their endeavors despite the natural challenges that they will encounter along the way.
INCENTIVIZING SUCCESS
TABLE OF CONTENTS
Interview
Mohammed A. Al-Mowkley , Deputy Minister of Water Services, Ministry of Environment, Water, and Agriculture & CEO, National Water Company (NWC)
NWC leads the Kingdom's efforts to preserve water as a non-renewable national resource and drastically reduce the average per capita water consumption.
read articleInterview
Majed H. Al Saadi , Managing Director, Priority Projects Office (PPO), Local Content and Government Procurement Authority
PPO and ECA act as an accelerator for the realization of Vision 2030 by bridging the gap between the private and public sectors and helping the government diversify the economy in the long run.
read articleInterview
HRH Princess Hala bint Khaled bin Sultan Al-Saud C, Chairman, Saudi Law Conference (SLC) organizing committee & Founder,, Burhan Almarifa
Burhan Almarifa is focused on maturing the legal sector, encouraging innovation, and enabling research and development in KSA through knowledge transfer and consultancy.
read articleInterview
Sahel N. Abduljauwad, Rector, King Fahd University oF Petroleum & Minerals (KFUPM)
The King Fahd University of Petroleum & Minerals has long been the backbone of Saudi Arabia's formidable drilling expertise. Today, it is working to train the next generation of renewable energy and water management scientists.
read articleInterview
Dr. Abdullah Al-Rubaish, Rector, Imam Abdulrahman bin Faisal University (IAU)
Dr. Abdullah Al-Rubaish was appointed vice president of KFU in 2007 and president in 2010. He combined his executive experience from serving in various deanships at KFU with academic practices to become associate professor of medicine and work as a medical consultant at the Department of Internal Medicine. He graduated from KFU's College of Medicine and completed his medical internship at KFHU, where he also pursued a fellowship program. He became a member of the UK Royal College of Physicians and the Arab Board after he completed his sub-subspecialty in Pulmonary Medicine at the University of Alberta, Canada.
read articleInterview
Rajaa Moumena, Founder & President, Future Institute of Higher Education and Training
Saudi Arabia is allowing women more privileges, including driving and becoming ambassadors. The Future Institute of Higher Education and Training is trying to help by providing courses they need to adapt to this new world.
read article
