The Kingdom of Saudi Arabia realizes the importance of entrepreneurship and its role in supporting and advancing the national economy. Therefore, Saudi Arabia has been focused, especially in recent years and after the launch of Vision 2030, to work on adopting entrepreneurship as a basic trend in the economic system there.
The universities of the Kingdom also pay great attention to entrepreneurship, and to everyone who lends a hand to this idea, to entrepreneurs, and owners of small and medium enterprises; It works on developing their expertise and refining their talents; This is due to the belief of the Kingdom and those in charge of it of the importance of entrepreneurship, and that small and medium enterprises are the lifeline; Not only for the economy – which suffers at the global level in general from major crises – but for society in general.
The Kingdom has adopted a clear approach to training entrepreneurs, refining their talents, and pushing them forward. From here came many ideas, such as entrepreneurship camps, business incubators and accelerators, funding initiatives, etc.
Saudi universities play an important role in supporting innovation and entrepreneurship activities; It provides facilities that enhance the emergence of creative ideas; There are many modern technologies that contribute to supporting new ideas; So it has practical use.
Entrepreneurship education in universities aims to impart knowledge, skills and experience to students; Through many training courses and entrepreneurial competitions; To develop creative thinking and entrepreneurship skills.
Encouraging student entrepreneurship is one of the components of the “entrepreneurial ecosystem” of Saudi universities, which also includes the commercialization of technology developed by university faculty members, business partnerships with academic programs, and university participation in a variety of economic and community development programs.
Universities in the Kingdom of Saudi Arabia seek to promote a culture of leadership in society and to spread organized scientific awareness of the importance of leadership for the growth of advanced societies.
The importance of entrepreneurship for the Saudi economy
The Kingdom has been able to achieve many successes in this regard; According to specialized international research and studies centers, the Kingdom ranked fourth globally in the Global Entrepreneurship Monitor Index, as the best suitable and stimulating environment for establishing and starting startups in 2021.
It ranked first globally in the “Knowing a person who started a new project” indicator, and second in the “Having the knowledge and skills to start a business” indicator; What made it an important center for entrepreneurship and innovation, and the most attractive center for capital; Motivated by investing in start-up companies.
This success is due to the great support of the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and the Crown Prince, His Royal Highness Prince Mohammed bin Salman and their belief in the importance of entrepreneurship.
The Kingdom has become one of the largest countries in terms of the size of its economy and GDP. During the first quarter of this year, it amounted to SAR 693 billion, with a growth rate of 9.9%, with the International Monetary Fund (IMF) expecting the Kingdom’s GDP to grow by 7.6% in 2022, and the non-oil sector to grow by 4.2%, and the current account surplus to increase to 17.2% from Gross domestic product, as well as containing headline inflation, averaged 2.8%.
In this regard, His ExcellencyAbdulrahman bin Abdulmohsen Al-Fadhli is the Saudi Minister of Environment, Water and Agriculture emphasized the importance of entrepreneurship and its contribution to the national economy. He added that the ministry places among its priorities the empowerment and support of innovation and modern technologies, the development and enhancement of human capabilities and the realization of its aspirations; To provide effective technical solutions in the Ministry’s sectors, in order to achieve the goals of sustainable development.
This came during the launch of three main entrepreneurship programs in the three “environment” sectors: “Sidra” for the environment sector, “Sahaba” for the water sector, and “Sunbula” for the agricultural sector, as part of the entrepreneurship ecosystem forum, which was held Finally, at the Ministry’s headquarters in Riyadh, in the presence of His Excellency the Deputy Minister, Eng. Mansour bin Hilal Al-Mushaiti.
For his part, Dr. Hamad bin Abdulaziz Al-Batshan explained; The Undersecretary for Research and Innovation said that the growing interest in the entrepreneurship system in the Kingdom by our wise leadership confirms the importance of entrepreneurship in supporting economic growth and diversification. He explained that it also plays an important role in meeting the aspirations of Saudi youth, and encouraging them to enter the field of entrepreneurship through the promising opportunities available to them.
He added that the promotion of entrepreneurship in the ministry is a continuation and extension of its continuous efforts to grow and excel in its various sectors, including the entrepreneurship system; By expanding the circle of benefits from enabling business innovation, supporting research and modern technologies, and creating a creative entrepreneurial movement; It is governed by a system that contributes to the sustainability of the knowledge economy, in the Kingdom in general, and in the environment, water and agriculture sectors in particular.