Catalysts for Change: Drivers of Entrepreneurship in Saudi Arabia

Businessmen Shaking Hands
Businessmen Shaking Hands

Saudi Arabia’s entrepreneurial scene has witnessed unprecedented growth in the past five years, fueled by access to talent, regulatory reforms, funding opportunities, and ecosystem enablers. As the country continues its journey towards Vision 2030 objectives, these fundamental drivers are set to solidify, contributing to a positive trajectory for the entrepreneurship ecosystem. Entrepreneurs in Saudi Arabia find themselves in an environment where challenges can be overcome with guidance, mentorship, and financial support, paving the way for a bright and innovative future.

Access to Talent:

  • Vision 2030 focuses on upskilling the workforce in data and AI skills.
  • Government-led initiatives aim to enhance digital skills, attracting top-tier talent globally.

Regulatory Reforms:

  • A progressive regulatory framework streamlines business registration and licensing.
  • The new Saudi Companies Law reduces statutory requirements, facilitating startup and VC operations.

Access to Funding:

  • VC funding in Saudi Arabia reached a record high of USD 987 million in 2022.
  • Government-backed initiatives like Jada and SVC contribute to market liquidity.

Establishment of Ecosystem Enablers:

  • Accelerator and incubator programs like TAQADAM and Misk Launchpad support startups at various stages.
  • International operators like Techstars and 500 Startups enhance the local entrepreneurial ecosystem.