A clear picture has emerged of a resilient entrepreneurial ecosystem that continues to attract young minds seeking a foothold in the Saudi and Gulf Cooperation Council markets. Much has been said about the ways in which the coronavirus disease (COVID-19) has led to a reckoning for youth whose employment has been disrupted by the pandemic. Many have viewed this challenging time as an opportunity to incubate their next big idea and explore ways to make an independent income.

Despite this year’s turmoil, the numbers tell an encouraging story: According to data released by the Saudi Ministry of Investment, 506 new licenses were granted to global companies during the first half of 2020, with entrepreneurship, education, finance, and housing sectors claiming the top spots.

Moreover, in the midst of the Misk-hosted Entrepreneurship World Cup KSA national finals hosted this week, over 150,000 entrepreneurs from 200 countries came together to pitch their ideas and, in turn, receive hands-on mentorship, highlighting an enthusiasm undeterred by COVID-19. Saudi Arabia has rightly positioned itself as the gateway into the Gulf region’s economic potential, and the private and public sectors have joined hands to ensure that small and medium enterprises are not left behind. Against the pandemic’s backdrop, the Kingdom’s Social Development Bank announced plans to offer 6,000 entrepreneurs up to SR 2 billion ($533 million) to help them get their projects off the ground.

Source Credit: Zawya