The Saudi Arabian Monetary Agency (SAMA) recently released data indicating that domestic credit to the private sector in Saudi Arabia recorded one of their highest growth rates since the global fiscal crisis. That the Gulf Kingdom’s twelve (12) commercial banks are easing credit curbs is good news for entrepreneurship promoters in the country and leaders in the Kingdom seem ready to provide the fuel to ignite a new wave of startups.
On a visit to Jeddah last week, I witnessed a much deeper commitment to advancing a startup culture than I have seen so far in other Gulf Cooperation Council (GCC) countries I have visited. While I was there, not only was there a Startup Weekend happening in Riyadh, but in the lead up to Global Entrepreneurship Week, I spoke to a gathering of several thousand startups at the Jeddah Young Business Committee (JYBC) Expo held for new and young businesses. Walking around the booths, not only was I impressed at the number of technology and science-based entrepreneurs, but I was especially pleased to see a big section of the expo center dedicated to women entrepreneurs.
To read the full, original article click on this link: Saudi Spirit Serious About Startups - Entrepreneurship.org
Author:
