For the third consecutive year, EY will launch of the Entrepreneur of The Year (EOY) 2016 award in Jeddah on April 20.

“The program celebrates the success of entrepreneurs who build and lead successful, growing and dynamic businesses,” Ahmed Reda, office managing partner at EY in Jeddah, told Arab News about the event.

The event has been running globally for 29 years in 150 cities across 60 countries.

The previous award winners in the Kingdom included Lateefa Al-Waalan from Yatooq. Before that, it was Kaswara Al-Khatib, chairman and CEO of UTURN Entertainment. Both belonged to a new generation of trailblazers that represent the shift to technology and a new thinking in business.

“This is a milestone year for the EOY program. Globally, we are celebrating the 30th anniversary of the EOY program. We are thrilled to be holding the Saudi Arabia EOY program once again this year,” he said.

The winner of the EOY award will go on to represent Saudi Arabia at the globally renowned World EOY award ceremony in Monte Carlo in June, competing against fellow candidates from over 60 nations for the title of World EOY.

To be eligible for consideration, he said nominees must be Saudi owners/founders who are primarily responsible for the daily operations and recent performance of a privately held business (not a subsidiary or division), that is based or has chief operations in Saudi Arabia and has a minimum of 50 employees on its payroll and is at least three years old.

The award is given to entrepreneurs who have demonstrated excellence and extraordinary success in areas such as innovation, financial performance and personal commitment to their businesses and communities.

Saudi Arabia is one of the most competitive countries among the G20 group of nations in the average time it takes to start a business, Reda said.