News

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: Totally mega

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In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

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Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

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Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

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Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.