RIYADH: The Arab region stands to benefit from significant growth opportunities, such as the 2034 FIFA World Cup in Saudi Arabia, according to a top official of a global network of young entrepreneurs.
While speaking at the Arab Entrepreneurship Summit held in Marrakesh on Dec. 12, Prince Fahd bin Mansour, the president of the Young Entrepreneurs Union in the G20, emphasized that the Arab region is facing growth opportunities that events such as the FIFA World Cup would be a boost of the entrepreneurial ecosystem in the region.
According to the Saudi Press Agency, Prince Fahd also emphasized the importance of startups in Arab countries as a mechanism to ensure their economic sustainability.
He also called for enhancing investment and mutual support to achieve the goal of prosperity in the Arab entrepreneurial system.
More than 1,000 participants from specialized economic sectors, investors, decision-makers, international organizations, and donor entities are expected to attend this summit until Dec. 14.
Facing intensified challenges due to recent regional and global crises affecting entrepreneurs in many Arab economies, the UN Economic and Social Commission for Western Asia has initiated the second edition of the Arab SMEs Summit on Dec. 12.
In collaboration with the Ministry of Economic Inclusion, Small Business, Employment, and Skills of Morocco and diverse national and regional partners, the summit seeks to establish partnerships and create enhanced policy frameworks for small and medium enterprises to foster inclusive and sustainable economic growth.
Younes Sekkouri, the minister of economic inclusion in Morocco, officially opened the summit, highlighting the significant impact of the COVID-19 pandemic on SMEs and emphasizing the need for these businesses to develop independent resilience strategies due to their lack of preparedness.
The minister stressed the importance of generating entrepreneurial opportunities, advocating for a balance between substantial investments to diversify the economy and guiding them toward high-quality and high-value sectors.
He said: “If we fail in creating an optimal investment environment for entrepreneurs, we must intensify our networking efforts and leverage leading institutions to open new horizons for the youth.”