Entrepreneurship in the Kingdom of Saudi Arabia

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Indonesian entrepreneurs see potential in Saudi Arabia

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Posted: Sat, May 7 2016 | 09:53 am

Best known to Indonesia as the hajj destination, Saudi Arabia is now developing its status as an export target.

Ardhi Setyo Putranto, an entrepreneur from Yogyakarta, is seeking a new market for his organic banana chips. His eyes are set on Saudi Arabia, home to more than 30 million people.

The 24-year-old has already successfully promoted his Banana Queen chips in Malaysia, the Netherlands, Pakistan and the US.

At present, sales of Banana Queen stand at Rp 200 million per month ( US$14,980 ), spurring optimism for Ardhi that he can expand the business beyond its current markets.

“I am curious about expanding to Saudi Arabia. Up until now, I have only tried exporting my chips to one Middle Eastern country, Pakistan,” he said at the recent “Saudi Arabia buying mission”, held by the Trade Ministry.

The mission aims at facilitating business deals between foreign importers and local entrepreneurs. Importers looking to join in are required to submit an application to an Indonesian embassy, which then verifies their business and credibility.

As many as 34 Saudi Arabian businesses and 100 Indonesian companies participated in the latest buying mission, with coverage ranging from construction to food.

Arlina Imbang Jaya, an expert staff member at the Trade Ministry, said that Saudi Arabia was playing a more and more important role in Indonesia’s trade with the Middle East.

“Saudi Arabia is a very important trade partner for us and we are committed to maintaining bilateral relations with them,” she said.

Export value between Indonesia and Saudi Arabia rose by almost 50 percent over the past five years. Exports stood at $1.43 billion in 2011 and had climbed to $2.06 billion by the end of last year.

Arlina urged Indonesian entrepreneurs to increase the quality of their products as Saudi implemented strict criteria for imported products, including some put in place by the Saudi Standards, Quality and Metrology Organization ( SASO ).

Maher Saleh Jamal, chairman of the Makkah Chamber of Commerce delegation, said that it was committed to increasing trade value between the countries by at least 15 percent annually.

It is planning to cooperate with the Indonesian government to create an Arabic language website and take other steps to make it easier for Saudi businesspeople to understand details of products being offered by their Indonesian counterparts.

“We have agreed to create a user friendly website for the benefit of businesspeople from both countries,” he said.

He added that the Saudi government had also promised to make it easier for Indonesian businesspeople to travel to Saudi Arabia and to increase visits to Indonesia by their own entrepreneurs.

Meanwhile, Ardhi is not the only local entrepreneur upbeat about reaching out to the Saudi Arabia market. Renowned cosmetics maker Mustika Ratu and restaurant Pak Ndut are gearing up to expand there as well.

Mustika Ratu assistant export manager Maria Fryda claimed that its new peel-off masks would best meet the needs of women in Saudi Arabia.

“The weather is hot in Mecca and many women wear the hijab. That’s why we think they need our products,” she said.

On the other hand, Indo PD Mandiri — owner of the Pak Ndut brand — is certain that its halal certificate would garner it new customers in Saudi Arabia, in both locals and foreigners.

Source: http://www.thejakartapost.com/news/2016/05/07/indonesian-entrepreneurs-see-potential-saudi-arabia.html

الريادي المبدع أيمن جمال في جامعة الدمام غدا


إنشاء سوق أسهم «موازية» تستهدف الشركات الصغيرة والمتوسطة مطلع 2017

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“الاقتصادية” من الرياض

تعتزم شركة السوق المالية السعودية “تداول”، إنشاء سوق أسهم تستهدف شريحة الشركات الصغيرة والمتوسطة وذلك مطلع عام 2017.

وقالت في بيان نشر أمس إن هذه المبادرة تأتي نظراً لأهمية دور هذه الشريحة في دعم الاقتصاد الوطني ودفع عجلة التنمية، ولما تواجهه من تحديات تحد من قدرتها على التنافسية والحفاظ على النمو المستدام. وقالت إن الإدراج في هذه السوق سيوفر فوائد عدة للشركات، حيث إنها تعتبر وسيلة لتمويل مشاريعها، وإبراز أعمالها، إضافة إلى أنه يعد دافعاً لها لتحسين مستويات الحوكمة والإفصاح؛ مما يزيد فرص التوسع والنمو وتطور أعمالها. وأضافت “تداول” أنها حرصت على أن يكون لهذه السوق متطلبات ملائمة للشركات والمستثمرين لتشمل الفائدة أكبر شريحة من الشركات وتوفير بيئة استثمارية مناسبة. وأشارت إلى أنه سيسبق إطلاق هذه السوق حملة توعوية تستهدف الشركات الصغيرة والمتوسطة لتعريفهم بأهمية الإدراج، وأثر ذلك على استمراريتهم وتطوير أعمالهم، وتعريف المستثمرين بفرص الاستثمار المتاحة في هذه السوق.

من جهة أخرى، حققت شركة السوق المالية السعودي “تداول”، أرباحا صافية قدرها 107 ملايين ريال خلال عام 2015، مقارنة بنحو 265 مليون ريال تم تحقيقها خلال الفترة من عام 2014، وذلك بانخفاض قدره 59 في المائة. وشهدت الشركة انخفاضاً في الإيرادات التشغيلية بـ 17 في المائة، حيث بلغت 403 ملايين ريال مقارنة بـ 487 مليون ريال لعام 2014، وذلك بسبب انخفاض متوسط قيم التداول اليومية لعام 2015 بـ 22 في المائة عن عام 2014، حيث بلغت 6.7 مليار ريال مقارنة بـ 8.6 مليار ريال لعام 2014، مما أدى إلى انخفاض ملحوظ في الدخل من الأعمال الرئيسة بلغ 82 في المائة من 186 مليون ريال لعام 2014 إلى 33 مليون ريال لعام 2015.

Source: http://www.aleqt.com/2016/04/19/article_1048355.html

Six Saudi teams in the MIT competition finals

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Winners of last year's MIT Enterprise Forum Arab Startup Competition. — Courtesy photo
Winners of last year’s MIT Enterprise Forum Arab Startup Competition. — Courtesy photo

JEDDAH — Six teams from the Kingdom have qualified for the finals of the MIT Enterprise Forum Arab Startup Competition 2016. A total of 76 competing teams from 15 Arab countries reached the semi final stage. The competition’s finalists and ultimate winners will be revealed at a gala event at King Abdullah Economic City on Thursday.

The competition is organized in partnership with Community Jameel, the social enterprise arm of Abdul Latif Jameel, and Zain Group, a leading mobile telecom innovator across the Middle East and Africa. This year’s final ceremony and conference is supported by government partner the Economic Cities Authority of KSA and hosting partner the King Abdullah Economic City as well as global technology provider Huawei.

The Saudi Arabian semifinalists span two of the competition’s three tracks — Startup, Ideas and Social Entrepreneurship with total prize money on offer in excess of $150,000. Each of the three tracks will award the first three ranked winners with cash prizes in addition to many other benefits including top tier training, mentorship, coaching, media exposure and great networking opportunities.

Both Community Jameel and Zain Saudi Arabia possess a strong affinity for youth development, entrepreneurship, and innovation. As such their support for the competition is something both entities believe aligns perfectly with their respective core values.

Fady Jameel, president of Community Jameel International, commented: “At Community Jameel, we are committed to enabling the next generation of young entrepreneurs and we will remain focused on creating and enabling an environment in which young entrepreneurs can achieve their aspirations. We are proud of these six Saudi-based winners who were selected from a wealth of talents and promising entrepreneurs. It is with great pleasure that Community Jameel pledges its continuous support to the entrepreneurs in the MENA region.”

Hassan Kabbani, Zain Saudi Arabia CEO, said: “We at Zain are proud to foster the growth of this competition as we recognize that much of the region’s future development will be driven by innovative youth in technology, whose ideas and their constructive and sustainable projects have been and will continue to be the success story of modern society.”

The launch of the MITEF Saudi Chapter last year provided an extra opportunity for the Saudi-based entrepreneurs to apply for the Saudi Startup Competition. The six winners from the Saudi Arabia Competition vying to make it to the final, and be crowned winners in the Startup track include Artistia, a project to have a centralized destination that features the work of artists and designers where they can have the same features of a social media interface and e-commerce making it more interactive for both the buyers and sellers.

B8ak is a smartphone app-based home maintenance delivery company in Saudi Arabia, allowing users to order quality home maintenance services conveniently with only few clicks in a mobile app. Rola Badkook Establishment believes playfulness is our way back to ourselves, our beloved ones, and our education and passion thus focus on offering a unique playful experience through their products.

The three idea tracks applicants include Every Drop Counts (EDC), a real-time system which consists of a sensor device and an application to monitor and control the water usage within a single water consuming source. Kool snacks provides healthy, natural, wholesome, and easy to carry snacks being designed with no added sugar.

Source: http://saudigazette.com.sa/saudi-arabia/six-saudi-teams-mit-competition-finals/

Saudi Aramco innovating continuously in pipeline technologies

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 Saudi Aramco is implementing a diverse portfolio of innovative and pioneering technologies to transport hydrocarbons, water and other fluids, safely and reliably while at the same time maintaining its leadership in environmental stewardship, says Ahmad O Al Khowaiter, chief technology officer, Saudi Aramco. Read more….

Watch “أبدأ مشروعك بأقل التكاليف” on YouTube

Amazing book, every young leader and entrepreneur should have it! Organisational Anatomy: A Manager’s Guide to a Healthy Organisation


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Dr. Oleg Konovalov

I started reading a book titled “Organisational Anatomy: A Manager’s Guide to a Healthy Organisation” written by Dr. Oleg Konovalov. In my opinion, this book should be owned by every young leader and entrepreneur. While business schools focus on the ‘HOW’ in management and business, this book tells the recipe of the deep-down ‘WHY’.

For Entrepreneurs in Saudi Arabia, the book will be available in Jarir Stores soon. You may, too, get it via Amazon https://www.amazon.ca/Organisational-Anatomy-Managers-Healthy-Organisation/dp/1443888850