UAE's Chalhoub Group Unveils New Hub For Innovators & Entrepreneurs In Saudi Arabia

The Chalhoub Group's The Greenhouse in Riyadh, Saudi Arabia, marks a significant expansion of its dedication to innovation and entrepreneurship within the Kingdom's retail, beauty, and fashion sectors. This development underscores the Group's continued support for the burgeoning entrepreneurial ecosystem in Saudi Arabia.

The introduction of The Greenhouse to Riyadh comes at a time when Saudi Arabia is experiencing a stellar growth in venture capital funding, with a Compound Annual Growth Rate (CAGR) of 86% noted in 2023 since 2019. The Kingdom has also seen a significant surge in start-up funding in 2023, amassing $2.3 billion across 145 deals. This aligns with The Greenhouse's mission to foster long-term value and empower the forthcoming generation of Saudi talent and entrepreneurs. Established in Dubai in 2018, The Greenhouse is dedicated to promoting entrepreneurship and innovation across the MENA region through its Incubator, Startup Studio, and Accelerator pillars.

Michael Chalhoub, President of Strategy, Growth, Innovation & Investments, and Joint Ventures at Chalhoub Group, expressed his enthusiasm about the Riyadh launch, stating, "The Greenhouse in Riyadh symbolizes our commitment to nurturing the entrepreneurial ecosystem in Saudi Arabia and kindling innovation." He highlighted The Greenhouse's endeavors, such as the Beauty Lab and the Fashion Lab, which have supported local entrepreneurs since 2020 and 2021, respectively. The Riyadh venue is set to further enhance innovation opportunities, building upon the foundation established in KSA.

Omar Al Shaaban, CEO and Co-founder of The Space, KSA, also welcomed The Greenhouse's launch, emphasizing the opportunities for collaboration and innovation it introduces to the Saudi entrepreneurial scene. This initiative promises a distinctive platform for startups to network, innovate, and expand.

Through its accelerator programmes, The Greenhouse has introduced over 25 international retail-tech solutions to the Group and the wider region, including a collaboration with L'Occitane MENA. It has also nurtured 10 emerging beauty creators in the MENA region with its Beauty Lab incubator programme and accelerated the development of five local fashion designers in Saudi Arabia with the Fashion Lab. The Ibtikar initiative has promoted internal innovation and entrepreneurship among Chalhoub employees, encouraging them to explore their ideas with adequate support. Furthermore, The Greenhouse Startup Studio has successfully co-created 20 ventures with high potential, reinforcing its role as a significant catalyst for entrepreneurial success in the region.

The Greenhouse's expansion into Riyadh represents a pivotal moment in the evolution of the entrepreneurial and innovation landscape in Saudi Arabia. By fostering a vibrant ecosystem of creativity, collaboration, and growth, The Greenhouse is set to play a crucial role in propelling the Kingdom towards new horizons of economic diversification and global connectivity.