How to Invest in Saudi Arabia: Gateway to the MENA Region for Startups

TICE News had the privilege of conducting an exclusive interview with Abdulmajeed Alanazi, the Business Development Manager for Innovation & Entrepreneurship at the Ministry of Investment of Saudi Arabia. The TICE team had an insightful conversation with Mr. Alanazi, discussing the key initiative of the Saudi Government called Invest Saudi, and his experience of the three-day G20 Young Entrepreneurship Alliance (YEA) event in India. Moreover, he explained how the Invest Saudi initiative can help promote entrepreneurship and collaboration in the global market.

A Strong Commitment to Entrepreneurship

The massive delegation from Saudi Arabia that descended upon India showcased the nation's commitment to entrepreneurship and supporting entrepreneurs at large. Abdulmajeed Alanazi emphasized that participating in events like the G20 YEA Summit demonstrates the unwavering dedication of the Saudi Government towards nurturing startups and innovative ventures.

"The huge delegation is to show people how committed the Saudi Government, and the Saudi people are to entrepreneurship and entrepreneurs in general. What we do is basically support entrepreneurs, and entrepreneurship with our colleagues from the G20. Participating in such an event is just to basically show the commitment of the Saudi government," he said. 

Embracing Startups: The Invest Saudi Initiative

The Invest Saudi initiative, spearheaded by the Ministry of Investment of Saudi Arabia, serves as the investment promotion agency of the country. This agency plays a crucial role in supporting startups, both domestic and international, to explore the vast potential of the Saudi market. By reaching out to the Invest Saudi team through their website or personally contacting Mr. Alanazi, startups can receive comprehensive support to establish and grow their ventures in Saudi Arabia.

"Invest Saudi is the brand or the investment promotion agency of Saudi Arabia, part of the Ministry of Investment. Basically, the right way is to reach out to us through our website or email me personally, to the whole team, the whole delegation to support you explore the Saudi Market, the opportunities there, to basically, you know, support you set up your company and startup in Saudi and to finally help you thrive within the kingdom, you know to utilize Saudi Arabia as a hub to serve GCC countries MENA region and the rest of the globe eventually," Mr Alanazi mentioned. 

Building Bridges: The Purpose of the Saudi Delegation in India

The purpose behind the Saudi delegation's presence at the G20 YEA Summit in India was threefold. Firstly, it aimed to showcase their commitment to supporting entrepreneurship, especially small and medium-sized enterprises, and foster collaboration with G20 countries. Secondly, the delegation sought to establish stronger ties between India and Saudi Arabia, encouraging the growth of young entrepreneurs in both nations. Lastly, the event provided a platform for exchanging knowledge and expertise among Saudi Arabia and the other represented G20 countries.

"First of all, is to tell people, tell G20 countries how committed we are to support entrepreneurship, small or medium enterprises that we will cooperate and collaborate with them and support entrepreneurs from all around the globe to utilize Saudi resources, you know. It's talent, the incentives there, the knowledge, and the Vision 2030, you know to utilize it and scale up their startups and entrepreneurs and make the world a better place. Secondly, we want to build the bridges between India and Saudi Arabia. Between all the G20 countries and Saudi Arabia in terms of you know, the Young Entrepreneurship Alliance to support young entrepreneurs, men and women, thrive within this ecosystem basically. Finally to exchange knowledge and expertise between Saudi and and the rest of the G20 countries, I've been told 30 countries were represented here over the past three days with exchange, expertise knowledge know-how. We networked, shared our vision, we shared our enthusiasm, we shared our commitment to support entrepreneurs from around the globe," the Saudi delegate remarked. 

The G20 YEA Summit in India witnessed a vibrant exchange of ideas and experiences among representatives from 30 countries, including Saudi Arabia. Entrepreneurs, visionaries, and government officials networked and shared their enthusiasm and commitment to supporting startups across the globe. This event allowed participants to learn from each other's experiences, utilizing knowledge and expertise to scale up startups and make a positive impact on the world.

A Memorable Experience: Mr. Alanazi's Reflections

When asked about his experience at the G20 YEA Summit, Mr. Alanazi expressed his genuine delight and gratitude. He hailed it as one of the best experiences he had ever encountered. The warmth and hospitality extended by India and its people left a lasting impression on him and the entire Saudi delegation. The knowledge gained and the networking opportunities presented during the summit left the delegation invigorated to further support and collaborate with startups from around the world.

"It was like the best experience. I'm not exaggerating. It was one of the best experiences I've ever had. Thank you India, thank you, Indians for hosting us for hosting such a successful, program such a successful Alliance. I'm sure there is a lot to learn from this experience. It was a great experience, they hosted us very well. We learned a lot from the Indian experience and from the G20 experience. We shared our vision and our experiences with everybody. So thank you and Namaste," Mr Alanazi concluded. 

The TICE News team's exclusive interview with Abdulmajeed Alanazi shed light on the commitment of the Saudi Government to support entrepreneurship and its dedication to the Invest Saudi initiative showcased its determination to create a conducive ecosystem for startups. Furthermore, the event provided a unique opportunity for global collaboration and knowledge exchange, building bridges between nations and fostering innovation worldwide.