Saudi tries to tempt start-ups with entrepreneur licences

JeddahSaudi Arabia says it will issue licences for foreign entrepreneurs to set up businesses in a new city north of Jeddah. The King Abdullah Economic City, which is under construction by Dubai-listed Emaar Properties, is expected to be larger than Washington DC and to provide a million jobs. “Preference will be given to applicants holding patents, providing innovative services, representing a business activity new to Saudi Arabia, and who support one of the kingdom’s strategic sectors,” said a statement from Monsha'at, an authority for small and medium enterprises. Saudi Arabia is hoping to promote entrepreneurial activity to help diversify its economy away from petrochemicals – part of an ambitious development plan known as Vision 2030. Monsha'at said licensees would benefit from a range of supporting services including fee exemptions and discounts to stimulate growth in the new city. ©2017 funds global mena

Executive Interviews

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Mar 08, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.


ROUNDTABLE: Charting the pace of reform

Nov 23, 2017

Saudi Arabian index inclusion, the onset of taxes and the Dana Gas controversy were among the issues discussed by our cross-industry panel. Chaired by George Mitton in Dubai.


Mar 08, 2017

The move to a three-day settlement cycle, the appearance of new stock exchanges, and recent rules on hedge funds were discussed by our panel in Cape Town. Chaired by George Mitton.