Riyadh 2024: Unveiling New Horizons in Entrepreneurship and Modern Business Practices
A Comprehensive Overview
In the heart of Riyadh, the Entrepreneurship and Modern Business Practices Forum 2024 unfolded as a vibrant tapestry of innovation, collaboration, and transformative ideas. Organized by the Social Development Bank (SDB) under the captivating slogan “DeveGo,” the event brought together a diverse assembly of government officials, industry experts, academic luminaries, consultants, and budding entrepreneurs, all united by a common aspiration to propel entrepreneurship forward and empower Saudi youth to embrace self-employment and groundbreaking ventures.
Eng. Ahmed Al-Rajhi’s Resounding Invocation
The forum commenced with an inspiring address by His Excellency Eng. Ahmed Al-Rajhi, Minister of Human Resources and Social Development, who eloquently conveyed the unwavering support of the Custodian of the Two Holy Mosques and His Highness the Crown Prince and Prime Minister for entrepreneurship as a cornerstone of the National Transformation Program. Eng. Al-Rajhi emphasized the crucial role of empowering Saudi youth to spearhead innovative projects, establish their enterprises, and contribute to job creation across diverse economic sectors.
SDB’s Unwavering Commitment to Entrepreneurship
In 2023, the SDB injected a staggering 11 billion SAR into the national economy, serving as a catalyst for the aspirations of young Saudi citizens. This remarkable initiative benefited more than 155,000 individuals, resulting in an exponential surge in small and medium enterprises (SMEs), growing from 429,000 in 2016 to an impressive 1.2 million at present. Eng. Al-Rajhi underscored the invaluable support provided by the visionary leadership to entrepreneurs, recognizing the vital contribution of SMEs and self-employment in bolstering economic resources and propelling GDP growth, in perfect alignment with the ambitious objectives of Saudi Vision 2030.
Mr. Ibrahim Al-Rashid’s Visionary Outlook
Mr. Ibrahim Al-Rashid, the visionary CEO of SDB, took to the stage to illuminate the profound significance of the forum as a catalyst for enriching local expertise, accumulating national knowledge, and unlocking new avenues for products to be exported to regional and global markets. He shed light on the forum’s embrace of emerging industries like e-sports and financial technology, showcasing successful agreements meticulously crafted to promote exports and bolster burgeoning sectors. Al-Rashid expressed immense pride in the forum’s resounding success, surpassing all expectations in terms of participation and groundbreaking outcomes.
Inaugural SDB Award: Recognizing Excellence
The forum served as a platform to introduce the inaugural SDB Award, a prestigious recognition honoring 20 outstanding entities, encompassing intermediaries and micro-enterprises, for their exceptional contributions and unwavering efforts in empowering the bank’s target demographics. This award stands as a testament to the bank’s commitment to incentivizing and commending the achievements of sectors vital to SDB’s mission, recognizing inspiring projects and initiatives that have left an indelible mark on the Kingdom’s entrepreneurial landscape.
Panel Session: Charting the Future of Entrepreneurship
The forum featured a thought-provoking panel session titled “The Future of Entrepreneurship in the Region and the Development Systems That Support It,” bringing together prominent figures such as His Excellency Mr. Mohammed Al-Tuwaijri, Vice Chairman of the Board of Directors of the National Development Fund, and His Excellency Eng. Saleh Al-Jasser, Minister of Transport and Logistics Services. Engaging discussions explored the evolving landscape of entrepreneurship in the region, emerging trends and challenges, and the pivotal role of government policies and initiatives in fostering entrepreneurial ecosystems.
A Tapestry of Achievements and Insights
The forum served as a vibrant showcase for the remarkable achievements and contributions of entrepreneurs and SMEs across diverse sectors, including retail, e-commerce, technology, and manufacturing. Interactive workshops and seminars provided practical insights and invaluable guidance to aspiring entrepreneurs, delving into essential topics such as business planning, innovative marketing strategies, and effective financial management. Networking opportunities were meticulously orchestrated, enabling entrepreneurs, investors, and business leaders to connect, share ideas, and explore potential collaborations, fostering a spirit of innovation and collective growth.
Conclusion: A Catalyst for Transformation
The Entrepreneurship and Modern Business Practices Forum 2024 drew to a close, leaving a legacy of inspiration and renewed commitment to fostering entrepreneurship and propelling the growth of SMEs in Saudi Arabia. The forum served as a catalyst for driving innovation, creating employment opportunities, and contributing to the country’s economic diversification and sustainable development, aligning perfectly with the transformative vision of Saudi Vision 2030.