A top official at the National Entrepreneurship Institute (Riyadah) said on Monday that 84 percent of Saudi entrepreneurs have succeeded in their business ventures, while only 16 percent failed, a percentage considered very high compared to the international standard.
Sherif Elabdelwahab, CEO of the Riyadah, a government entity that promotes national entrepreneurship program for budding entrepreneurs, told a press conference on Monday that 4,720 young Saudi entrepreneurs have started their business enterprises in 181 categories.
Riyadah trained 9,447 out of 10,000 targeted trainees by December 2015 for entrepreneurial skills and business plans. According to the Riyadah CEO, 7,900 Saudis were approved for loans from among 10,000 who had completed their business plans and another 1,000 businesses are on the way for opening.
The official, who was speaking on the institute’s achievements in 2014, said that Riyadah operates with 25 male and 14 female branches. More than a million browsers of Riyadah's portal with seven million browsers to its pages have resulted in 71,000 making applications annually, which led to 551 training sessions for 9,447 future entrepreneurs.
Established in 2010, Riyadah works on six main objectives that moderate the prospective of operations. They include promoting one’s own business ideology and build positive beliefs toward small businesses (active).
Developing a national entrepreneurship program for fostering entrepreneurs under Erada program (active), developing needed manpower for Riyadah (active), enabling 10,000 entrepreneurs to start their own businesses (active), enabling entrepreneurs to current and new updates of starting own businesses (active), and promoting successful entrepreneurs annually with Best Entrepreneurs Award (BEA) (active) are among the positive results.
Referring to the creation of the institute, he said Riyadah was established as one of Technical and Vocational Training Corporation’s (TVTC) strategic partnerships with an annual contribution of SR30 million for Riyadah operation.
The testimonial success of the TVTC Small and Medium Business Development Center led the Ministry of Petroleum and Minerals' initiative to start the entrepreneurship program in Saudi Arabia.
He continued: "Japan Saudi Arabian Methanol Company led by SABIC supported Riyadah endowment fund to enable 10,000 Saudis as entrepreneurs. Six founders of this program, who are represented in the board, carry the responsibility to establish and oversee Riyadah."
Those founders are Saudi Basic Industries Corporation (SABIC), Saudi Aramco, Saudi Telecommunication Company, AlInma Bank, Saudi Credit and Saving Bank (SCSB) and TVTC. It took Riyadah less than a year start in mid-2010 and become fully operational in January 2011.
He said in 2012 and 2013, Riyadah created e-training and e-solutions for the current entrepreneurs choosing three courses out of 60 different training courses.
Since 2012, Riyadah has been a regular attendant to Saudi Cultural Mission at the US Graduation Ceremony for King Abdullah Scholarship Program graduates. Two years in a row, Riyadah offered Develop Your Business Idea (DYBI) training programs for its graduates.
The same year, Riyadah offered training for selected Ministry of Education summer camps across the country where more than 8,000 youngsters benefited from those training sessions in 2012. In addition, this year, Riyadah focused on supporting current entrepreneurs with needed care to excel in their businesses.
Finally, this year our entrepreneurs represented us in Aramco Wa'ed, Arabia 500, and G20 YEA events, and one of the entrepreneurs won the first start-up business in Arabia 500.
He added: To accomplish the objectives, several activities entail training, consultations, mentorship, incubation, financing attainment, and assist in official permits' acquisition assistance.
Riyadah translates those objectives into projects and programs.
Saudi entrepreneurs achieve high success rate, only 16% fail
Saudi entrepreneurs achieve high success rate, only 16% fail
Islamabad, Beijing sign agreement to boost Pakistan’s cotton production
- As per agreement, Chinese and Pakistani institutes will work on genetically improving cotton to increase its production
- Cotton is one of Pakistan’s most important crops, having a massive 51% share in country’s total foreign exchange earnings
ISLAMABAD: Two prominent institutes owned by the governments in China and Pakistan have signed a memorandum of understanding (MoU) to boost Pakistan’s cotton production through technological methods, state broadcaster reported on Sunday.
Cotton is one of Pakistan’s most important cash crops. At present, Pakistan is the fifth-largest producer of cotton and the third-largest producer of cotton yarn in the world, according to the Ayub Agricultural Institute.
Cotton has a 0.8% share in Pakistan’s GDP and a massive 51% share in the country’s total foreign exchange earnings. Cotton production in Pakistan has contributed to a vibrant textile industry with over 1,000 ginning factories and around 400 textile mills across the country.
“The MoU has been signed between the Ayub Agricultural Research Institute of Pakistan (AAIR) and the Institute of Cotton Research (ICR) of the Chinese Academy of Agricultural Sciences,” Radio Pakistan said in a report.
It said that as per the agreement, AAIR and ICR will work on genetically improving cotton to increase its production and promote Pakistan’s cotton industry globally.
ICR is China’s only state-level organization for professional cotton research. It focuses on basic and applied research, and organizes and presides over major national cotton research projects that address significant science and technology-related issues in cotton production.
Established in 1962, Punjab government’s AAIR describes itself as one of the country’s most prestigious research institutes that says its mission is to develop new varieties of crops and technologies for food safety.
The agreement takes place as Pakistan faces a surge in cotton imports this year due to low production. According to the Pakistan Central Cotton Committee, factories in Pakistan have received 5.51 million bales of cotton as of January this year, a significant decline of 34% compared to last year.
Pakistan’s eastern Punjab province, which produces the most cotton out of all provinces in the country, grew 2.7 million bales, a decline of more than 36% compared to last year.
Experts blame the low production of cotton due to irregular weather patterns brought about by climate change.
ACWA Power begins commercial operations at 2 major wind projects in Uzbekistan
RIYADH: Saudi utility giant ACWA Power has commenced commercial operations at two major wind power plants in Uzbekistan.
ACWA Power holds a 65 percent stake in both projects, having sold a 35 percent share to China Southern Power Grid International in July.
According to the company’s statement on Tadawul, both the 500-megawatt Dzhankeldy Wind Power Plant, which began commercial operations on April 1, and the 500-MW Bash Wind Power Plant, which started operations on April 6, are now fully operational.
Uzbekistan aims to generate 40 percent of its electricity from renewable sources by 2030, a critical milestone in its plan to achieve 20 gigawatts of clean energy capacity by the decade’s end. The nation is prioritizing the expansion of solar, wind, and hydroelectric energy, leveraging its natural resources to decrease reliance on fossil fuels, cut carbon emissions, and enhance energy security.
In December, Mohammad Abunayyan, chairman of ACWA Power’s board of directors and head of the Saudi-Uzbek Business Council, highlighted the progress in his firm’s partnership with the Uzbek government. He emphasized ACWA Power’s role as a major strategic investor in the nation’s rapidly growing clean energy sector.
Abunayyan said: “Today’s groundbreaking highlights the multitude of large-scale foreign direct investments and commendable efforts by Uzbekistan to strengthen the potential of the country’s energy system and capacity. It also paves the way for the commencement of ACWA Power projects that are expected to yield widespread benefits for Uzbekistan’s key regions and communities.”
During the December inauguration of the projects, Saudi Energy Minister Prince Abdulaziz bin Salman joined virtually and praised the strong relationship between the Kingdom and Uzbekistan.
He highlighted the collaborative efforts across various sectors, particularly energy, which have delivered mutual benefits to both nations, according to a statement from the company.
The Saudi minister also praised the economic cooperation between the two countries, particularly in the context of Saudi Vision 2030 and Uzbekistan Strategy 2030.
He stressed their shared goals of economic development, diversification, renewable energy, and sustainable growth, as well as Saudi Arabia’s growing investment in Uzbekistan’s electricity sector amid the country’s energy transition.
Uzbekistan is a key foreign market for ACWA Power, which has been significantly involved in the country’s renewable energy sector in recent years.
The company stated that the financial impact of both projects will be included in its statements starting in the second quarter of 2025.
Saudi Arabia launches April round of Sah savings bonds with 4.88% return
JEDDAH: Saudi Arabia has launched the fourth round of its Sah savings product for 2025, offering a 4.88 percent return for April under the Ijarah sukuk structure.
Issued by the Ministry of Finance and managed by the National Debt Management Center, Sah is the Kingdom’s first savings bond designed for individuals. It operates under the Ijarah format, a Shariah-compliant structure similar to leasing, where investors earn returns in exchange for the right to use an asset.
The offering, part of the local bond program and denominated in riyals, aligns with Saudi Vision 2030’s goal of increasing the national savings rate from 6 percent to 10 percent by the end of the decade.
In late February, the NDMC confirmed it would continue using the Ijarah format for future issuances to provide accessible, low-risk savings solutions. This initiative, a key component of the Financial Sector Development Program under Vision 2030, seeks to enhance personal savings by fostering regular financial habits, expanding product availability, and promoting financial literacy to support future goal planning.
The latest issuance opened at 10:00 a.m. Saudi time on April 6 and will close at 3:00 p.m. on April 8.
The allocation date is set for April 15, with the redemption period running from April 20 to 22, and redemption payments scheduled for April 30, according to the center.
The bonds, accessible via digital platforms of approved financial institutions, offer a one-year savings period with fixed returns upon maturity. The minimum subscription is SR1,000 ($266), with a maximum limit of SR200,000 per user across all issuances during the program period.
The product is fee-free and offers low-risk returns. Eligible Saudi nationals aged 18 and above can subscribe through Aljazira Capital, Alinma Investment, SAB Invest, Al-Rajhi Capital, and SNB Capital.
Under the same sukuk structure, the March round of this year’s program offered a 4.98 percent return and raised SR2.64 billion through sukuk issuances.
According to the NDMC, the March issuance was divided into four tranches. The first tranche, valued at SR364 million, will mature in 2027. The second, worth SR316 million, is set to mature in 2029, while the third, amounting to SR1.46 billion, will mature in 2032. The fourth and final tranche, worth SR500 million, will mature in 2039.
The Kingdom’s debt market has experienced substantial growth in recent years, drawing strong investor appeal amid a global environment of rising interest rates.
A March report by Kuwait Financial Center, known as Markaz, revealed that Saudi Arabia led the Gulf Cooperation Council in primary bond and sukuk issuances during 2024, raising $79.5 billion across 79 issuances.
Kuwait business activity strengthens; Qatar’s non-oil sector experiences growth: S&P Global
RIYADH: Kuwait’s non-oil private sector continued to gain traction in March, with business conditions improving at a faster pace, while growth in the UAE’s non-energy economy moderated slightly, an economy tracker showed.
According to the latest S&P Global Purchasing Managers’ Index surveys, Kuwait’s PMI rose to 52.3 in March from 51.6 a month earlier, signaling a solid monthly improvement in business activity driven by stronger demand, higher output, and a rebound in hiring.
In contrast, the UAE’s PMI slipped to 54 from 55 in February, indicating softer — though still robust — growth across its non-oil economy.
Any PMI reading above 50 signifies an expansion, while a reading below 50 indicates contraction, according to S&P.
The growth of Kuwait’s non-oil business sector reflects a broader trend across the Middle East, where countries including Saudi Arabia are actively pursuing economic diversification to reduce their reliance on crude revenues.
Kuwait’s non-oil private sector saw a sharper rise in output and new orders in March, while employment returned to growth after a dip in the previous month.
“The latest reading pointed to a solid monthly improvement in the health of the non-oil private sector, and one that was more pronounced than in the previous month,” said S&P Global.
The report noted a significant uptick in purchasing activity in Kuwait, driven by stronger demand, new product offerings, and competitive pricing.
New export orders also rose, marking the fastest pace so far this year. Surveyed firms said discounting was the main factor supporting the growth in business activity.
“The tried and tested formula of keeping prices low paid off for firms in Kuwait again in March. Although output prices rose, the pace of inflation was only marginal and clients responded accordingly by committing to new orders,” said Andrew Harker, economics director at S&P Global Market Intelligence.
“In fact, both new orders and output rose more quickly than in February,” he added.
Although companies raised their selling prices in March after a reduction in the previous month, the rate of inflation remained marginal as firms continued to price competitively to attract customers.
S&P Global also noted that staff costs were unchanged in the third month of 2025, following a slight decline in February.
“There were some reports of firms making conscious efforts to try to keep on top of workloads, with employment and inventories raised accordingly,” said Harker, adding: “But given the strength of new order growth, more capacity will likely be needed to try to prevent the sustained accumulation in backlogs of work continuing.”
Looking ahead, non-oil companies in Kuwait expressed increased optimism, with business confidence reaching a three-month high in March.
Over 34 percent of survey respondents expected activity to grow, citing the impact of new marketing strategies and the availability of quality products at competitive prices.
UAE growth eases
While the UAE continued to register strong non-oil growth, March marked the third consecutive monthly dip in PMI, with the headline reading falling to its lowest since September 2023.
S&P Global attributed the slowdown to milder demand growth and lingering capacity constraints.
“The UAE PMI signaled another month of robust growth in the non-oil economy in March, although there were some signs that momentum may be slowing. A third consecutive month-on-month softening of new order growth shows that some firms could be encountering challenges in meeting their sales targets,” said David Owen, senior economist at S&P Global Market Intelligence.
The UAE’s PMI had reached a nine-month high of 55.4 in December. The latest figure marks its lowest level since September.
Survey respondents reported gaining new customers in March, supported by improved demand conditions. However, strong competition and only modest growth in new export orders meant the upturn in sales was the weakest since October.
“The quest to overcome capacity hurdles ramped up in March, as firms purchased inputs in bulk to try and clear their backlogs. The surge in purchasing activity reached its fastest pace since mid-2019, while a decrease in inventories indicated that these new inputs were quickly integrated into operations,” said Owen.
He added that some non-oil firms in the UAE are still grappling with backlogs due to widespread delays in customer payments.
S&P Global noted that while business activity in the country’s non-oil private sector rose sharply in March, it was still at the slowest pace in four months. Around 27 percent of surveyed firms reported increased activity during the month, while 8 percent saw a decline.
Employment growth remained subdued, marking its weakest pace in nearly three years, with most firms keeping staff numbers unchanged.
“Given the elevated demand levels, this suggests that some firms could be struggling to locate suitable candidates,” said Owen.
The report also noted that Dubai’s non-oil business conditions improved at a softer rate for the third consecutive month in March. Dubai’s PMI dropped to a five-month low of 53.2, down from 54.3 in February and below the overall UAE reading of 54.
Qatar’s non-oil sector
In a separate report, S&P Global said that Qatar’s non-oil sector continued its growth in March, with the country’s PMI reaching 52, up from 51 in February.
The analysis added that the creation of new businesses increased in March while employment and wage growth remained strong.
“The employment component remained the dominant overall positive influence on the headline PMI in March, easing only slightly on February’s record high, while the upward movement in the PMI since February reflected the new orders and stocks of purchases sub-indices,” said Trevor Balchin, economics director at S&P Global Market Intelligence.
The report further said that the employment growth rate eased from February’s all-time peak but remained elevated in March, extending the current sequence of job creation to eight months.
Average wages and salaries increased at the slowest rate in four months in March but remained among the highest on record.
Balchin added: “Outstanding business continued to increase, wage growth remained strong and output expectations strengthened.”
However, Qatar’s average PMI reading of 51.1 for the first three months of 2025 was the lowest quarterly trend for one year and below the long-run survey average of 52.3.
Regarding the future outlook, non-oil firms in Qatar expressed confidence and optimism, among the highest registered over the past two years and above the long-run survey trend.
This positive outlook was driven by factors including growth in real estate and construction, government development, initiatives, population growth, and tourism.
Egypt’s net foreign assets climb in February
CAIRO: Egypt’s net foreign assets climbed by $1.48 billion in February, their second increase this year after having fallen in each of the last three months of last year, central bank data showed.
Net foreign assets climbed to the equivalent of $10.18 billion from $8.70 billion at the end of January, according to Reuters calculations based on official central bank currency exchange rates.
The increase appeared related to an increase in Egyptian treasury bill purchases by foreign investors, one banker said.
Foreign assets were boosted in January following the sale of $2 billion in international bonds on Jan. 29 in Egypt’s first dollar-denominated international bond sale in four years.
They are expected to rise again in March following the approval by the International Monetary Fund of its fourth review of an $8 billion financial support package signed in March 2024. Last month’s approval unlocked $1.2 billion in addition to making another $1.3 billion available under the IMF's resilience and sustainability facility.
Egypt had been using foreign assets, which include those assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021. Net foreign assets turned negative in February 2022 and only returned to positive territory in May last year.
Foreign assets increased in February at both the central bank and commercial banks, while foreign liabilities rose at the central bank but fell at commercial banks.
