Saudi Arabia Highlights SME Success At G20 YEA 2024 Summit In Brazil

Prince Fahd bin Mansour bin Nasser bin Abdulaziz led the Saudi delegation at the G20 Young Entrepreneurs' Alliance 2024 Summit (G20 YEA 2024 Summit), held from June 12 to 16 in Goiânia and Florianópolis, Brazil. The Kingdom of Saudi Arabia's pavilion featured entities from both public and private sectors, highlighting efforts and services provided to entrepreneurs and investments in startups and small and medium-sized enterprises (SMEs).

In his opening speech at the summit, Prince Fahd praised the Kingdom's significant achievements in creating a supportive regulatory environment for young entrepreneurs, aligning with Saudi Vision 2023. He pointed out the Kingdom's 108% growth in the number of SMEs since 2016 and its leading position in venture capital funding within the Middle East and North Africa region.

Prince Fahd also noted that Saudi Arabia holds a 50% market share in the region, with an annual growth rate of 33%. He emphasized that one of the primary goals of Saudi Vision 2023 is to support youth, who make up 70% of society, and highlighted the crucial role of Saudi women in achieving sustainable development goals (SDGs).

The Saudi delegation expressed pride in presenting several pioneering local projects that reflect Saudi identity. They stressed the importance of enhancing cooperation with other countries in entrepreneurship, exchanging ideas, and creating new investment opportunities. The delegation also participated in various public sessions and bilateral meetings focused on empowering entrepreneurs, exploring cooperation opportunities, and fostering fruitful partnerships.

The summit provided a platform for the Saudi delegation to showcase their efforts and achievements while engaging with international counterparts to discuss future collaborations. The event underscored the Kingdom's commitment to supporting its young entrepreneurs and advancing its economic development goals.

With inputs from SPA