Global Entrepreneurship Congress 2022 Secures US$13.8 Billion Of Investment To Promote Entrepreneurial Activity In Saudi Arabia The 2022 edition of the Global Entrepreneurship Congress (GEC 2022), which was held in Riyadh, Saudi Arabia from March 27-30, 2022, was able to secure a total of US$13.8 billion of investment to promote entrepreneurial activity in the Kingdom.
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The 2022 edition of the Global Entrepreneurship Congress (GEC 2022), which was held in Riyadh, Saudi Arabia from March 27-30, 2022, was able to secure a total of US$13.8 billion of investment to promote entrepreneurial activity in the Kingdom.
Co-hosted by Monsha'at, Saudi Arabia's General Authority for Small and Medium-Sized Enterprises, and the Global Entrepreneurship Network (GEN), GEC 2022 was staged under the slogan, "Rethink, Reboot, Regenerate."
The funds secured during the four-day event has been directed towards a variety of programs and projects, including everything from providing new financial products for entrepreneurs and mentorship schemes, to direct investments and loan guarantees.
"Finance is the lifeblood of the entrepreneurial ecosystems, and to move ahead, we need to make sure the right investors are connected to the right entrepreneurs," said H.E. Saleh Ibrahim Alrasheed, Governor of Monsha'at, in a statement. "GEC 2022 in Riyadh has helped fulfil that critical task, underlining the significant interest that the entrepreneurial ecosystem in Saudi Arabia is attracting."
Jonathan Ortmans, founder and President of GEN, added, "Saudi Arabia is leapfrogging economies around the world in becoming an influential entrepreneurship and innovation ecosystem. It's an exciting time to be starting a new business in Saudi Arabia, and we are excited to help in this journey with GEN's programs, knowledge, and networks earned from accelerating other ecosystems around the world."
GEC 2022 saw thousands of entrepreneurs, investors, ecosystem leaders, and policymakers visit Saudi Arabia to sign deals, make connections, and share expertise, with major players in the space also using the event to unveil their respective plans to expand into the Kingdom.
The event also hosted several noteworthy speakers from around the world, which included Apple co-founder Steve Wozniak, who offered details about his new space venture, Privateer, as well as Netflix co-founder Marc Randolph, who shared his insights on what it takes to become a successful entrepreneur.
Key announcements made at GEC 2022 include the $3.2 billion declared by Saudi Arabia's Small and Medium Enterprises Bank to finance new businesses, as well as investments estimated to be worth $1 billion declared by the Kingdom's Ministry of Investment, which also announced licensing for international companies to enter the country's domestic market.
The event's first day alone saw 34 agreements including those with companies expanding into the Saudi domestic market like Lenskart, GoDaddy, Kitopi, and Cars24. Meanwhile, the Social Development Bank also announced the launch of new products and initiatives to support and empower entrepreneurs with a value of almost $3 billion.
