Startup20 Gets Royal Backing: Saudi Prince 1st To Support $1 Tn Funds

Saudi Arabia has become the first country to support the call for investing $1 trillion in the global startup fund by 2030, as proposed during the Startup20 summit. The nation's commitment to fostering innovation and entrepreneurship aligns with its economic objectives outlined in Vision 2030, aimed at diversifying the economy and creating new jobs. Saudi Arabia's support sets an example for other countries and showcases its leadership in the startup landscape.

Saudi Arabia's Support for Startup20

HRH Prince Fahad bin Mansour Al-Saud, the chair of the board of directors of the Saudi Entrepreneurship Vision, represented Saudi Arabia at the Startup20 summit. As the only Middle Eastern member of the engagement group, Saudi Arabia showed a strong dedication to the cause. 

During the summit, Startup20 Chairperson Dr. Chintan Vaishnav presented a communique that urged G20 leaders to increase the joint annual investment in the global startup ecosystem to $1 trillion by 2030. HRH Prince Fahad was the first to respond to this call for action.

“I can already foresee the impact and outcome that can be achieved from this fund. We can imagine it being an empowering platform that will not only invest, but also build an operating body tailored to the needs of the G20 startups that will assure having quality and well-governed startups that can grow sustainably,” the HRH said in his summit speech.

“We are more than happy to open all the doors of the Kingdom of Saudi Arabia for Startup20 to present this opportunity to the top investors in Saudi and showcase the top Saudi startup opportunities. We are ready to work on it starting today and hopefully become the first to commit,” HRH Prince Fahad bin Mansour Al-Saud said. 

The Vision for Global Impact

HRH Prince Fahad expressed his optimism regarding the potential impact of the investment fund. He emphasized the importance of not only investing but also establishing an operating body that caters to the specific needs of G20 startups. This approach aims to ensure the growth and sustainability of high-quality, well-governed startups. Moreover, Saudi Arabia offered its full support to Startup20 by opening doors for top investors in the country, presenting opportunities for Saudi startups and showcasing their potential. 

The commitment demonstrated by HRH Prince Fahad was hailed by Dr. Chintan Vaishnav, who commended Saudi Arabia's dedication to fostering innovation and entrepreneurship on a global scale.

Saudi Arabia's Economic Objectives

Saudi Arabia's investment in new businesses aligns with the objectives of Vision 2030, a national initiative aimed at creating millions of new jobs and diversifying the economy beyond oil dependence. The government recognizes the importance of sectors such as tourism, economy, sports, and entertainment and has allocated significant funds to support their growth. 

HRH Prince Prince Fahad bin-Mansour emphasized that Saudi Arabia's startup ecosystem has experienced remarkable growth in recent years, with substantial funding pouring into the country.

Saudi Arabia's support for the $1 trillion funding milestone at the Startup20 summit sets a precedent for other nations to follow. This commitment not only drives a disruptive innovation ecosystem but also propels economic growth. With its initiatives to stimulate private sector growth and encourage investment, Saudi Arabia remains steadfast in achieving the objectives outlined in Vision 2030. 

The nation's dedication to fostering global innovation and entrepreneurship highlights its position as a leader in the startup landscape.