There is no better time to be an entrepreneur in Saudi Arabia. The number of support organisations, including incubators, accelerators, funds and co-working spaces, has tripled over the last few years, and entrepreneurs in the country now have a great opportunity to successfully launch and grow their startups.

To date, SMEs have contributed about 20 per cent of Saudi Arabia’s GDP, compared to 70 per cent in advanced economies, but the country’s Vision 2030 is focusing heavily on supporting SME entrepreneurship as part of the government’s plans to create more job opportunities.

“It is important to encourage entrepreneurship and diversify our economy,” said Mohanned Alnabulsi, Managing Director of Flat6Labs Jeddah. “To do this, we need to take care of our startups; they are our pipeline. Startups can become SMEs, which in turn can create more jobs and boost the economy.”

BIG OPPORTUNITIES FOR STARTUPS