The Saudi Business Council offers numerous Vision 2030 opportunities in the Kingdom of Saudi Arabia
The internationalization of startups and young Spanish entrepreneurs had an unavoidable appointment with the numerous possibilities of investment and financing for all productive sectors with innovation and sustainability projects that Kira Negron, the president of the Saudi Business Council, explained in her speech at the StartUp Olé in Marbella.
Responding to the title of the round table 'Meet the Saudi Arabian Ecosystem and Successful Cases of Collaboration with Spanish Companies', and specifically to the question of why it is important to collaborate with the Saudi Arabian ecosystem, the president of the Saudi Business Council stated that "the Saudi Arabian ecosystem has been transformed in recent years, driven by the government's Vision 2030 initiative, which seeks to diversify the country's economy and reduce its dependence on oil.
This ambitious plan has opened up a range of opportunities for foreign companies, including Spanish ones, in sectors such as renewable energies, tourism, technology, health and infrastructure, among others".
Negron described the characteristics of the Saudi business ecosystem:
- Vision 2030: The Vision 2030 plan is the main driver of Saudi economic transformation. It sets clear and ambitious goals to diversify the economy, encourage foreign investment and create a more attractive business environment.
- Openness to foreign investment: The Saudi government has implemented reforms to facilitate foreign investment, such as reducing bureaucratic barriers, improving investor protection and creating special economic zones: King Abdullah Economic City (KAEC), Jazan, Ras Al Khair and Cloud Computing,which offer 5% corporate tax rates for 20 years, 0% withholding tax on profit repatriation and VAT exemption for goods within the SEZs.
- Large-scale projects: Saudi Arabia is investing in large-scale projects in various sectors, such as NEOM (a futuristic city), The Red Sea Project (a luxury tourist destination) and Qiddiya (an entertainment center). These projects offer significant opportunities for foreign companies.
- Growing domestic demand: The young and growing Saudi population is increasingly demanding high quality products and services, creating an attractive market for foreign companies.
Negron explained the strict requirements of the new Saudi Arabian Transparency Law, Nazaha, Ministry of Investment, SDAIA, to avoid misguided intentions and assured whoever approached him after the table to explain their ideas and projects that all proposals will be met with useful and professional criteria.
On the success stories that have been recorded in recent times, he highlighted in the energy sector:
- Acciona: It has participated in the construction of several solar photovoltaic power plants in Saudi Arabia, such as the 300 MW Sakaka plant.
- Siemens Gamesa: Has supplied wind turbines for the Dumat Al Jandal wind farm, the largest in the Middle East.
Infrastructure:
- FCC: Has participated in the construction of the Riyadh metro line.
- OHL: Has built several sections of the Haramain high-speed line, which connects the cities of Medina and Mecca.
In Technology:
- Indra: Has implemented air traffic management systems at several Saudi airports.
- Telefónica: Has provided telecommunications services to Saudi companies.
He stated that "these are just a few examples of the growing number of Spanish companies that are taking advantage of the opportunities offered by the Saudi business ecosystem.
The collaboration between Spanish and Saudi companies is contributing to the economic development of both countries and to the strengthening of their bilateral relations".
The head of the Saudi Business Council highlighted the creation of a large investment fund for startups, located in Riyadh and called The Garage, with more resources than large funds such as the one in Paris. The Vision 2030 driven by the Saudi Arabian government also seeks talent, ideas and relevant projects related to important sectors for people and offers numerous opportunities for Spanish entrepreneurs.
The editor-director of the Atalayar platform, Javier Fernández Arribas, said that "the collaboration of entrepreneurs with the Saudi ecosystem is crucial for several reasons:
- Thriving technology scene: Saudi Arabia is making significant investments in technology and entrepreneurship, fostering an ideal environment for innovation and the development of new technologies.
- Strategic location: The country's geographic position provides unparalleled access to key markets in Asia, Europe and Africa, offering immense value for companies seeking global expansion.
Saudi Brand Media Hub
During her speech, SBC President Kira Negron announced the creation of the Saudi Brand Media Hub in partnership with the communication platform Atalayar between two shores. An innovative project, aimed at promoting,communicating and expanding the Saudi government's Vision 2030 strategy.
"Our "Saudi Brand Media Hub" is a demonstration of the potential of a collaboration that has been taking place since Saudi Arabia's National Day in 2023, with the promotion of Saudi Arabia's brand image through Atalayar's channels such as web pages in three languages, daily newsletters, social networks, videos, podcasts, radio and organization and participation in summits, seminars and international conferences and a notable increase in the Atalayar TV channel".
Javier Fernández Arribas emphasized Atalayar's reach in Spain, Europe, North Africa and America "we have an ambitious plan to expand our reach through videos, podcasts and participation in television programs, both on the Internet and traditional channels. We are already working on solutions in various sectors.
"The Saudi Brand Media Hub concept is based on the iTrust® Model, which emphasizes trust, image, reputation, satisfaction, engagement, dignity and loyalty as key pillars of brand success. This model is universally applicable, benefiting not only the Saudi brand but also other territories and companies worldwide.
Negron said, "In addition to our current efforts, we are pleased to announce our upcoming participation in the Saudi Arabia | Europe REM Summit in Palma de Mallorca on July 4-5, the World Hydrogen Forum Summit in Riyahd and the Mining Summit, LEAP, the World AI Summit, the Saudi Marueco Business Summit. We believe these events will provide further opportunities to showcase our expertise and contribute to the continued success of the Saudi Brand Media Hub."
