Saudi Tourism Development Fund launches program to support 10,000 SMEs
Program is divided into three subcategories covering key financial aspects of tourism establishments
It will run alongside the TDF Grow initiative, which assists startups
Updated 29 November 2022
Arab News
RIYADH: The Saudi Tourism Development Fund announced the launch of the Tourism Aid program to support 10,000 small and medium-sized enterprises in the Kingdom, Saudi Press Agency reported.
The program is divided into three subcategories that cover key financial aspects of establishments in the industry: conducting trials, innovation and hospitality.
Through the program, the TFD will provide both financial and non-financial assistance to SMEs with various goals, such as launching new commercial projects or expanding businesses through a tourism value chain approach. It will run alongside the TDF Grow initiative, which connects startup founders with leading local and international entities in the public and private sectors in order to drive economic impact and commercial opportunities.
TDF Grow offers a variety of non-financial services to assist startups and strengthen their businesses by providing direct market access. It is constructing an innovative collaboration workspace in Riyadh to help develop a tourism industry that values partnerships and collaboration.
TDF Grow’s pre-seed program also educates entrepreneurs on the most recent industry trends and enables them to conceptualize, navigate and validate the market relevance of their business.
“Micro, small and medium enterprises are the backbone of all economies around the world, and often due to the limited resources and experience with this business model, they face challenges in developing their business and realizing their visions,” TFD CEO Qusai Al-Fakhri said.
“The program, which we announced today, will help (enterprises) with opportunities for growth, whether through financing, exchanging expertise or offering consultations,” Al-Fakhri added.
Waste not, want not: Misk Global Forum touts benefits of recycling to businesses and environment
‘Waste is the gold of the 21st century,’ says founder of pioneering initiative that transforms fish and ocean waste into sustainable textiles
Meanwhile, another project has worked with more than 200 farmers to plant 200,000 trees and regenerate 370 acres of land
Updated 20 November 2024
Tamara Aboalsaud
RIYADH: The world’s economy is shifting towards a state in which sustainability and circularity will no longer be considered optional extras but the baseline for how we operate, experts said at the Misk Global Forum in Riyadh on Tuesday.
During a panel discussion titled “A Circular Revolution,” the participants explored ways in which waste materials can be reused or recycled to help achieve a circular economy that is beneficial to the environment while also generating profits.
“Waste is the gold of the 21st century,” said Moemen Sobh, the Egyptian founder and CEO of Visenleer, described as the first initiative of its kind in the Middle East and North Africa region, which transforms fish and ocean waste into sustainable textiles.
Noting that the fashion industry produces more greenhouse gas emissions than the oil and gas industries, he added: “By 2030, 50 percent of the gas emissions will be because of fashion.” Meanwhile, Egypt has a water deficit of 7 billion cubic meters a year and could run out of the vital resource as soon as 2025, UNICEF warned in 2021.
Sobh said his passion for finding sustainable solutions to these problem stems from his heritage as part of a northern Egyptian family descended from a long line of fishermen. So he decided to launch an initiative that buys fish waste that was being collected in plastic bags and dumped into freshwater sources, and instead use it to produce a more environmentally friendly alternative to animal and faux leather.
Through Visenleer, Sobh created the first sustainable fashion line in the region that uses only ocean waste to create its materials. He said the traditional tanning process for leather generates 90 percent of the greenhouse gas emissions produced by the fashion industry, so it was important for him to develop an alternative process that uses only glycerin, water and sunlight.
Electronic waste is another major environmental issue, and Alex Mativo, co-founder and CEO of Duck Analytics, spoke about the ways in which old devices can be transformed into products such as jewelry and fashion accessories.
He said he learned early on in his career that the circular economy means “turning something that is obsolete into something really beautiful.”
Mativo, who has been featured on the Forbes 30 Under 30 list, added that Duck Analytics uses data and artificial intelligence to help make the supply chains of global companies, such as Coca Cola and Red Bull, more efficient.
A circular economy, which is one based on the reuse and regeneration of materials or products, is beneficial both for businesses and the planet because it helps to reduce waste and generate profit, he said.
Louise Mabulo is the founder of the Cacao Project, an initiative that helps farmers build sustainable, resilient livelihoods through agroforestry, which involves the integration of trees and shrubs into crop and animal farming systems to create environmental, economic and social benefits for farmers and communities.
“Food systems account for 30 percent of global greenhouse gas emissions,” she said. The Cacao Project has worked with more than 200 farmers to plant almost 200,000 trees and regenerate more than 370 acres of land, she added. And that is not all.
“All of these farmers are being upskilled into businessmen and they are using agricultural waste; they are using cacao pods to make chocolate products and using that to create an income but also create economic benefits for themselves and for their communities, to protect them against storms and to provide better food,” Mabulo said.
As young innovators seek to develop sustainable solutions to environmental challenges, she said that “sometimes looking into the future requires looking back into the past.”
Rather than focusing only on new technologies, Mabulo added, knowledge of many solutions that can help solve the world’s problems already exists within communities.
“The key lies in unlocking them and finding innovative ways to marry ancestral knowledge or the resources we have with science, with facts, being able to communicate it well, and being able to talk to the communities in a language that they understand, and serve that gap.”
MoU signed to establish Saudi-Brazilian Coordination Council in Rio de Janeiro
Kingdom’s foreign minister visited Brazil to attend the G20 Summit that ended on Tuesday
Prince Faisal and Vieira reviewed relations between their countries and ways to develop them
Updated 19 November 2024
Arab News
RIYADH: A memorandum of understanding to establish the Saudi-Brazilian Coordination Council was signed by the foreign ministers of both countries in Rio de Janeiro on Tuesday, Saudi Press Agency reported.
The agreement was signed during a meeting between Brazilian Foreign Minister Mauro Vieira and Saudi Foreign Minister Prince Faisal bin Farhan.
It is a “continuation of what was agreed upon between the leaderships of the two countries during the visit of the President of Brazil Luiz Inacio Lula da Silva to the Kingdom on November 30, 2023,” SPA said.
The Kingdom’s foreign minister visited Brazil to attend the G20 Summit that ended on Tuesday.
Prince Faisal and Vieira reviewed relations between their countries and ways to develop them. They also discussed regional and international developments and efforts made in this regard.
Saudi entrepreneurs present expertise at Misk forum in Riyadh
Passion alone won’t build a business, says Prepline CEO Essa Behbehani
Updated 19 November 2024
Ghadi Joudah
RIYADH: “If you don’t channel your passion for executing a business, then you simply have a hobby,” Essa Behbehani said at the Misk Global Forum on Tuesday.
The CEO of Prepline, a food and beverage investment and development company, made the statement during the panel discussion “Dream, Do, Dare: The Entrepreneur’s Cookbook,” which discussed core business skills, provided guidance on overcoming common startup challenges, and offered essential advice on scaling enterprises through funding.
"In a business, the most important factors are the product, resistance, and community approval." (AN photo by Huda Bashatah)
“Passion is one of the main elements you need to build a business on, but it is not the main element,” Behbehani said.
He outlined the four key roles in business success, saying: “You are either an investor, manager, developer, or craftsman. Each one needs the other element to succeed.”
HIGHLIGHTS
• The eighth Misk Global Forum, designed to encourage dialogue and exchange of ideas, is showcasing Misk Foundation’s dedication to engaging young minds.
• On Tuesday, Essa Behbehani and Abdullah Al-Saleem discussed core business skills, provided guidance on overcoming common startup challenges, and offered essential advice on scaling enterprises through funding.
Reflecting on the evolution of business fundamentals over two decades, Behbehani noted a significant shift, and added: “Back then, (around) 2003 to 2004, the most important elements in a business were the product, resistance, and community approval.”
"In a business, the most important factors are the product, resistance, and community approval." (AN photo by Huda Bashatah)
Behbehani noted that at that time, entrepreneurs like himself lacked marketing knowledge and did not have modern tools like social media to promote their businesses.
However, today’s business landscape demands different priorities, and he said: “These skill sets that you have need to be transferred into three main elements: You need to have a mindset, speed, and quality of product.
"In a business, the most important factors are the product, resistance, and community approval." (AN photo by Huda Bashatah)
“Mindset nowadays is everything — without a mindset, you can never grow a business.”
He cautioned current entrepreneurs about the limitations of focusing solely on product excellence, asking: “What are you going to do with an amazing product without the right mindset and the right speed to execute it?”
"In a business, the most important factors are the product, resistance, and community approval." (AN photo by Huda Bashatah)
During the same session, Abdullah Al-Saleem, the CEO and co-founder of Mushtari, a platform for business acquisition, shared valuable insights on when and how entrepreneurs should seek guidance for their ventures.
“Every time is the right time to seek help,” Al-Saleem said, highlighting the importance of continuous learning and consultation in business development.
He advocated for a two-pronged approach to seeking advice, distinguishing between general business consultants and industry-specific experts.
He added: “There are two people you have to seek help from: People that know generally about the industry, and people that know specifically about the industry.”
Using the restaurant business as an example, Al-Saleem described how he would consult general business experts for fundamentals like “hiring, culture, (and) cash flow,” while seeking industry-specific guidance for specialized operations.
However, gathering advice, he said, was just the first step. He noted that it was crucial to ensure team involvement in implementing recommendations.
He said: “When I take all these ideas or all these bits of advice, I brainstorm it with the team.”
This collaborative approach ensured that potential solutions were thoroughly evaluated before implementation, he said.
Al-Saleem further emphasized the importance of practical application through trial and error, and he always involved his team in the process.
He added: “They are the engine of the business and without the team, there is no business.”
Saudi Arabia, China, Iran meet to advance Beijing Agreement
Efforts focus on regional stability, economic collaboration
Updated 19 November 2024
Arab News
RIYADH: The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday, the Saudi Press Agency reported.
Saudi Deputy Foreign Minister Waleed bin Abdulkarim Elkhereiji chaired the meeting, with Vice Foreign Minister of China Deng Li and Iran’s Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi present.
The Saudi and Iranian representatives reaffirmed their commitment to fully implementing the Beijing Agreement and strengthening neighborly relations through adherence to the UN Charter, the Charter of the Organization of Islamic Cooperation, and international law, emphasizing respect for sovereignty, independence, and security.
Saudi Arabia and Iran also welcomed China’s ongoing positive role and emphasized the importance of its support in following up on the Beijing Agreement’s implementation. China reiterated its readiness to encourage further steps by both nations to enhance their relationship in various fields.
The three countries praised the progress in Saudi-Iranian relations, highlighting the significance of direct communication at all levels and the opportunities for mutual cooperation amid regional tensions that threatened global and regional security.
They noted the progress in consular services, enabling over 87,000 Iranian pilgrims to perform Hajj and more than 52,000 to perform Umrah securely in 2024.
They also welcomed the first meeting of the Saudi-Iranian Joint Media Committee and the signing of a memorandum of understanding between the Prince Saud Al-Faisal Institute for Diplomatic Studies and Iran’s Institute for Political and International Studies.
Saudi Arabia and Iran expressed their readiness to sign a double taxation avoidance agreement and, along with China, looked forward to expanding economic and political cooperation.
The three nations called for an immediate end to Israeli aggression in Palestine and Lebanon, and condemned violations of Iran’s sovereignty and territorial integrity.
They stressed the need for uninterrupted humanitarian aid to Palestine and Lebanon and warned that continued violence posed serious threats to regional and global security, including maritime safety.
They also reaffirmed their support for a comprehensive political solution in Yemen, in line with internationally recognized principles under UN auspices.
Saudi Arabia foreign minister urges a balanced energy transition at G20 Summit session
Prince Faisal outlined three pillars for effective energy transition during a discussion at the G20 Summit
Updated 19 November 2024
Arab News
RIO DE JANEIRO: Saudi Arabia’s foreign minister highlighted the importance of a balanced, inclusive approach to energy transition while ensuring global energy security and sustainable development at a Group of 20 session on Tuesday, Saudi Press Agency reported.
Prince Faisal was leading the Kingdom’s delegation during a session titled “Sustainable Development and Energy Transition,” SPA added.
Energy security represented a global challenge and an obstacle to development and poverty eradication, the minister said, calling for energy plans that considered each country’s circumstances and development needs.
Prince Faisal outlined three pillars for effective energy transition: Ensuring energy security, maintaining access to affordable energy, and achieving environmental sustainability.
He said that the transition required significant investment and time to maintain market stability while ensuring fairness and inclusivity.
Prince Faisal also highlighted the role of technological innovation in managing emissions and environmental impacts.
He said that Saudi Arabia’s investments in innovative technologies had resulted in one of the world’s lowest emissions intensity rates in oil and gas operations, adding that the Kingdom was also advancing its renewable energy goals, aiming for 50 percent of electricity generation from renewables by 2030.
Prince Faisal added that the Kingdom was also expanding its clean hydrogen production and implementing the circular carbon economy framework to repurpose emissions into valuable products.
During his address, the prince also outlined Saudi Arabia’s commitment to global sustainability through its flagship initiatives, the Saudi Green and Middle East Green programs, which are tailored to the country’s development needs.
He called for enhanced international cooperation to ensure energy transitions were equitable, inclusive and supportive of global development goals.
Prince Faisal expressed Saudi Arabia’s appreciation for Brazil’s leadership of the G20 in 2024 and extended well wishes to South Africa as it assumes the presidency in 2025, SPA reported.
