Gulf Countries

Saudi Arabia concludes its participation in the Young Entrepreneurs Union Summit in Brazil

The Kingdom of Saudi Arabia concluded its participation in the G20 Young Entrepreneurs Alliance (G20YEA) Summit 2024, held from June 12 to 16 in the cities of Goiânia and Florianópolis, Brazil.

The delegation was led by His Royal Highness Prince Fahd bin Mansour bin Nasser bin Abdulaziz.

The Saudi pavilion included several entities from both the public and private sectors, showcasing efforts and services provided to entrepreneurs and investment opportunities in startups and small and medium-sized enterprises (SMEs).

In his opening speech at the summit, Prince Fahd praised the significant achievements of the Kingdom in creating a regulatory environment that fosters young entrepreneurs, in line with Saudi Vision 2030.

He highlighted that the Kingdom has seen a 108% growth in the number of SMEs since 2016 and has secured the top position in venture capital funding in the Middle East and North Africa region, capturing 50% of the market share in the region with an annual growth rate of 33%.

Prince Fahd emphasized that one of the main goals of Vision 2030 is to support the youth, who constitute 70% of the population, and underscored the role of Saudi women in achieving sustainable development goals.

The Saudi delegation expressed pride in showcasing several pioneering local projects that reflect Saudi identity, emphasizing the importance of enhancing cooperation with other countries in the field of entrepreneurship, exchanging ideas, and creating new investment opportunities.

The delegation participated in several public sessions and bilateral meetings focused on empowering entrepreneurs, exploring cooperation opportunities, and fostering fruitful partnerships.

The Saudi delegation’s participation was marked by conducting workshops in collaboration with participating entities on the entrepreneurial environment in the Kingdom and investment opportunities.

These events provided the Saudi delegation with an opportunity to exchange experiences with global leaders within the G20, and to sign multiple partnership agreements. Notably, agreements were signed between the “Net Zero” platform and Brazilian companies and cities, such as the city of Jataí, in coordination with the Ministry of Environment, Water, and Agriculture.

The Saudi initiative in Brazil aims to confirm the quality of Saudi technological innovations and their potential for transfer to Brazil and other countries.

This partnership included planting the first tree in Brazil, which was technically registered for carbon emission accounting by the Saudi company “Net Zero” (a subsidiary of the Sidra Program) during the summit.

On the women’s education front, an agreement was signed between the Certified Innovation Training and Evaluation Center of the Global Innovation Center and the Brazilian company “EW” to develop the entrepreneurial environment for women by transferring knowledge from business accelerators.

An exceptional agreement was signed between the “ExpoNor” initiative and leaders of member organizations of the G20 to attract and engage entrepreneurs in the Expo, which will be held in Japan in 2025 and in Saudi Arabia in 2030.

At the conclusion of the summit, recommendations were signed to be submitted to the leaders of the G20 countries.

These recommendations focused on five main pillars: economic growth, facilitating international business, accelerating the transition to a global circular economy, educating and encouraging a new generation of entrepreneurs, and innovation, digitization, and the future of business.

His Royal Highness Prince Fahd bin Mansour bin Nasser expressed his gratitude to Brazil for organizing the G20 Young Entrepreneurs Alliance Summit, appreciating the cooperation reflected in the outcomes of the working groups that successfully integrated and coordinated the recommendations of member countries to enhance sustainable collaboration and open new horizons in various economic fields.

Related Articles

Back to top button