Entrepreneurship in Saudi Arabia is reshaping the Kingdom's economy and enhancing its global competitiveness. The country's commitment to economic diversification and fostering an entrepreneurial ecosystem has led to a surge in entrepreneurial activity, with 42% of adults planning to launch their businesses within the next three years. Saudi Arabia aims to increase the private sector's contribution to GDP from 40% to 65% by 2030, with small and medium enterprises set to play a key role. The government's regulatory reforms, investment initiatives, and incentives have made Saudi Arabia an attractive market for startups and foreign investment. Strategic initiatives, including regulatory reforms, increased venture capital, accelerators, and ecosystem enablers, have fueled the growth of Saudi Arabia's startup ecosystem. The impact of the startup boom goes beyond economic expansion, contributing to the Kingdom's sustainability goals and creating opportunities for job creation and productivity enhancement.
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Original article source: https://www.arabnews.com/node/2584923/business-economy
Source Id: 2025-01-590683468