G20 Young Entrepreneur’s Alliance Summit discusses role of entrepreneurs in time of crisis

Nasser: Our theme for this year is entrepreneurship as a source of innovation and resilience as we reflect on the challenges facing the world. (Shutterstock)
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Updated 30 October 2020

G20 Young Entrepreneur’s Alliance Summit discusses role of entrepreneurs in time of crisis

  • Adopting an ‘entrepreneurial mindset is becoming more vital than ever’

JEDDAH: Thursday’s G20 Young Entrepreneur’s Alliance (YEA) Summit focused heavily on the way in which numerous small businesses and entrepreneurs have successfully pivoted to adapt to the ongoing COVID-19 pandemic and shown that they can be valuable partners in keeping economies afloat.
The virtual event, which continues Friday, brought together thousands of business leaders and talented young entrepreneurs from across the world.
G20 YEA Saudi chair, Prince Fahad bin Mansour bin Nasser, told the audience, ”Our theme for this year is entrepreneurship as a source of innovation and resilience as we reflect on the challenges facing the world in the wake of the COVID-19 pandemic. It is clear that adopting an entrepreneurial mindset is becoming more vital than ever.”
He added: “Here in Saudi Arabia, we are blessed with outstanding infrastructure and the government’s support to help entrepreneurs bring their idea to life.”
According to a recent report commissioned by Monsha’at, 50 percent of working-age Saudi women and 30 percent of men are launching or running businesses that are less than 42 months old.
“As significant contributors to employment, these emerging SMEs are set to drive economic growth in the Kingdom,” Prince Fahad said. “Around 75 percent of these businesses reported having six or more employees. Saudi Arabia’s commitment to assisting SMEs has been enshrined as part of Vision 2030, the Kingdom’s ambitious roadmap.”
He pointed out that Saudi Arabia aims to increase the contribution of SMEs to the national GDP from 20 to 35 percent over the coming decade.
“Saudi Arabia is enabling 100 Saudi companies to compete on the regional and global levels as a means to stimulate the entrepreneurship landscape and provide new opportunities for the sector,” he said.

HIGHLIGHT

The YEA is a group of organizations from across the jurisdiction of the G20 that promote youth entrepreneurship as a driver of economic renewal, job creation, innovation and social change.

The director of the innovation and entrepreneurship sector at the Ministry of Investment, Dr. Mazin Al-Zaidi, said that the most important thing for entrepreneurs is the number, and potential value of, opportunities.
“I believe we in Saudi Arabia have the largest opportunity for any entrepreneur. It is very easy to set up an opportunity in Saudi Arabia. Any foreign entrepreneur can obtain a license in less than three hours, with a 100 percent ownership, for only $500,” Al-Zaidi said.
For his part, Armen Ovanessof, principal director at Accenture Research, shed light on what the future might hold and what other uncertainties may lie ahead, stressing that the world will need “vision, agility and collaborative spirit” to build a better future.
Saudi Venture Capital Company CEO Dr. Nabil Koshak said: “Vision 2030 has highlighted the importance of entrepreneurship in economic and social transformation. We have seen innovative products and service solutions. The government and the local authorities have been working on updating and changing the regulatory environment to be more friendly to entrepreneurs, startups and investors.”
The vice governor of entrepreneurship advancement at the General Authority for Small and Medium Enterprises (Monsha’at), Esam Al-Thukair, explained why he believes that fostering entrepreneurship is important.
“It is important for two main reasons: It is the most job generating industry and it has become a more significant GDP contributor than ever,” he said.


On the go with Saudi Arabia’s first professionally trained cycling club

Doves Ride is Saudi Arabia’s first professional cycling team, licensed both locally and internationally. (Supplied)
Updated 30 November 2020

On the go with Saudi Arabia’s first professionally trained cycling club

  • Saudi Arabia’s female population is enjoying the new wave of opportunities to live a healthy lifestyle

RIYADH: As sports and other activities continue to gain popularity in Saudi Arabia, residents are seeking out exciting ways to get moving.
The Kingdom’s female population are enjoying the new wave of opportunities that have been made available to them in recent years to live a healthy lifestyle.
Hiking, outdoor yoga and football are all popular choices, but one less familiar pastime on the increase is cycling.
Events such as the annual Saudi Tour and the General Sports Authority’s highly successful all-women’s cycling race in Jeddah in 2018 have fostered a growing interest in the sport.
Studies have shown that cycling improves overall health, more specifically improving mental health, strengthening the immune system, promoting weight loss, reducing heart disease and cancer and more.
Riding a bike can be one of the easiest forms of returning to fitness when you are bouncing back from an injury or illness.

Doves Ride organizes rides for all levels, from the gentle trails suitable for beginners to the more challenging routes for hardened cyclists. The group offers lessons that can help any beginner ride a bike safely. (Supplied)

A group of bike enthusiasts from Riyadh intend to spread the word and make people more aware of the healthy advantages of cycling and the joy that can be had on the back of a bicycle.
Doves Ride is Saudi Arabia’s first professional cycling team, licensed both locally and internationally. Shahd Alturki, Doves Ride’s founder and a professional cycling trainer, spoke to Arab News about why she set up the team.

HIGHLIGHTS

• A group of bike enthusiasts from Riyadh intend to spread the word and make people more aware of the healthy advantages of cycling and the joy that can be had on the back of a bicycle.

• Doves Ride is Saudi Arabia’s first professional cycling team, licensed both locally and internationally.

• Riding a bike can be one of the easiest forms of returning to fitness when you are bouncing back from an injury or illness.

“I founded Doves Ride to create an environment for women and families where they could get into sports,” Alturki said.
Based in Riyadh, Doves Ride’s goal is to create an environment where Saudis can discover what biking is like and meet others with similar interests.
“The idea was to create a team that would motivate Saudi society to start biking, and to raise awareness in general about sport and movement. We also wanted to help teach Saudis to cycle by creating a program to teach people in all categories,” she said.
Doves Ride organizes rides for all levels, from the gentle trails suitable for beginners to the more challenging routes for hardened cyclists.
“We welcome participants at any level, whether they are looking for a long-term membership or just to try it out,” said Alturki.
She also spoke about the benefits of the sport and hopes to encourage people to try it out for themselves.
“Biking is more than just a fun sport; it raises your fitness levels and can also boost your mental health,” she said.
For the more hesitant, Alturki reassures them that she is well-equipped to train them and get them on the path to biking like a pro.
“We have bike-riding lessons for zero-experience learners, licensed by the British Cycling Federation. Children, men and women are all welcome to take them. These lessons can help any beginner ride a bike safely, and teaches them all the necessary skills and basics,” she said.
Doves Ride can be contacted via their Twitter or Instagram accounts, @dovesride.