RIYADH: Aiming to consolidate its position as an international supporter of small and medium enterprises, Saudi Arabia began its participation in the Global Entrepreneurship Congress on Tuesday.
The Kingdom is taking part in the four-day event, being held in Melbourne, under the umbrella of the Secretariat General of the Gulf Cooperation Council, according to the Saudi Press Agency.
The Saudi delegation to the congress is headed by the General Authority for Small and Medium Enterprises, also known as Monsha’at, represented by the Deputy Governor for Entrepreneurship Saud Al-Sabhan.
The panel comprises several government agencies, including the Ministry of Investment, the Ministry of Communications and Information Technology, the Ministry of Environment, Water and Agriculture, and the Ministry of Industry and Mineral Resources.
The primary objectives of the Saudi delegation include highlighting the Kingdom’s commitment to supporting SMEs, engaging in discussions about the most significant opportunities and facilitators for the sector, and fostering collaborative efforts to advance entrepreneurship.
As part of their visit, the group will tour the Melbourne Entrepreneurial Center and the Hatch Quarter business incubator, which actively supports SMEs and startups to facilitate their global expansion.
The Saudi delegation also features several national entrepreneurs presenting their projects in various sectors. Among them is RasMal, a subscription-based platform offering equity management tools for startups to efficiently manage their cap tables, make informed fundraising decisions. The platform saves time and costs on non-operational tasks, making it the first of its kind in the Middle East.
Another participating company is WakeCap, a prominent technology and construction firm with offices in Saudi Arabia, the UAE, and San Francisco, aiming to enhance its investment opportunities by expanding regionally and globally.
The GEC typically serves as a platform for actionable insights, collaboration, and collective endeavors, bringing together thousands of participants from over 200 countries. It fosters the creation of an inclusive global ecosystem through networking, knowledge sharing, and information exchange.
Since its inception in 2009, the congress has played a vital role in providing founders with opportunities to introduce innovative business models, connect with experienced mentors and investors, and achieve scalability.
The GEC has also attracted thought leaders, policymakers, and academics dedicated to promoting entrepreneurship and innovation.