The private credit fund Ruya Private Capital I LP, run by Ruya Partners, has received a $10 million investment from Saudi Venture Capital (SVC).

Founded in 2020 by Omar Al Yawer, Mirza Beg and Rashid Siddiqi, Ruya Partners is an independent private credit firm that provides funding solutions to private sector companies in developing markets.

The fund will focus on providing capital solutions in the form of private debt instruments to SMEs, with a concentration on mid-market companies, including late-stage venture capital-backed businesses in Saudi Arabia and the region.

Press release:

Saudi Venture Capital (SVC) announced its investment of $10 million in "Ruya Private Capital I LP," a private credit fund managed by Ruya Partners.

The fund will focus on providing capital solutions in the form of private debt instruments to SMEs, with a concentration on mid-market companies, including late-stage venture capital-backed businesses, in Saudi Arabia and the region.

The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Omar Al Yawer, Partner at Ruya Partners.

The signing ceremony was also attended by Nora Alsarhan, Chief Investment Officer, and Haifa Bahaian, Chief Legal Officer at SVC, as well as Mirza Beg and Rashid Siddiqi, Founding Partners at Ruya Partners.

Dr. Koshak commented: "The investment in the private credit fund managed by Ruya Partners is part of SVC's Investment in Funds Program. The investment also comes as a result of the increasing demand for venture debt and private debt by Saudi startups and SMEs and to implement SVC's strategy related to the launch of the "Investment in Venture Debt Funds and Private Debt Funds" product to fill financing gaps in the ecosystem".

"We are honored to have received this commitment of capital and trust from SVC and look forward to a successful partnership together," stated Omar Al Yawer.

The Founding Partners Mirza Beg and Rashid Siddiqi added: "We firmly believe that offering private credit capital solutions to companies in a manner which is non-dilutive to shareholders will serve as a powerful catalyst for their future growth and should contribute towards the continued expansion and development of the SME ecosystem."

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one of the developmental banks affiliated with the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $2 billion through investment in funds and co-investment in startups. SVC invested in 43 funds that have invested in 700+ companies.

Source: Wamda

The 13^th World Chambers Congress (WCC) recently concluded at Palexpo in Geneva. This event brought together nearly 1,500 participants from 117 countries and featured 165 speakers, focusing on the theme of "Multilateralism in Service of Peace and Prosperity."

Organized by the International Chamber of Commerce (ICC), the World Chambers Federation (WCF), and the Geneva Chamber of Commerce, Industry and Services (CCIG), this event aimed to foster partnerships and global business opportunities. Held every two years, it provided chamber of commerce leaders and professionals with the opportunity to exchange ideas, share best practices, and expand their networks.

Renowned speakers such as Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), António Guterres, Secretary-General of the United Nations, and Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, attended to share their vision on diversity, its impact on growth, the role of innovation, and the importance of sustainability for the future.

"The Congress showcased the spirit of Geneva, the capital of multilateralism, in favour of peace and prosperity. This essence was enshrined in the adoption of the Geneva Manifesto. As the most significant event ever organized by the CCIG in its 158-year history, the World Congress also invigorated the Geneva economy, with significant economic benefits," said Vincent Subilia, Director-General of the CCIG.

Three intense days of debates on multilateralism, inclusion, and innovation

At the opening of the day dedicated to the theme "Demystifying Multilateralism," Ngozi Okonjo-Iweala, Director-General of the WTO, called for a rethink of globalization to make it beneficial for all and emphasized the need to strengthen international cooperation to address global economic challenges. "We must push back against pressures for global economic fragmentation, which would be costly and potentially weaken supply chain resilience," she stated. "A better way forward is what we call 're-globalization': deeper and more dispersed markets achieved by bringing more people and places from the margins of the global economy into the mainstream." She also urged business leaders to support "digital globalization."

Philippe Varin, President of ICC France, echoed these remarks by emphasizing the importance of multilateralism in fostering the technological innovation required to address major challenges such as climate change, while improving the prosperity of the global population as a whole.

The second day, dedicated to innovation for all, highlighted the significance of continuous innovation for businesses, especially micro-, small-, and medium-sized enterprises (MSMEs). Sustainability was at the heart of discussions on the third day. The reputation risk associated with environmental crimes in the supply chain was emphasized, and companies were encouraged to exercise due diligence to preventing them.

Multilateralism for a prosperous 21^st century

Multilateralism is more essential than ever, according to Tatiana Valovaya, Director-General of the United Nations Office at Geneva. However, she highlighted the need to include the voices of more member states and marginalized groups to ensure greater inclusivity. Panellists agreed that the private sector must play a key role in shaping global governance rules, particularly small and medium-sized enterprises (SMEs) that represent 90% of global trade. To promote global growth, it is crucial to connect SMEs to the benefits of international trade. However, as Mohammad Ali Rashed Lootah, President of Dubai Chambers, pointed out, there are obstacles that limit their access, such as the lack of a unified export system, information disparities, and high import duties. One potential solution is digitization.

Digital transformation, the key for SMEs to access the global market

During the session "Facilitating Trade: Building Partnerships for Global Growth," moderated by Barbara Ramos, Head of Research and Export Strategy at the International Trade Centre (ITC), the speakers Arancha González, Dean of the Paris School of International Affairs (PISA), Mohammad Ali Rashed Lootah, President of Dubai Chambers, and Eric Loeb, Executive Vice President of Salesforce, highlighted the benefits of digital trade: faster, cheaper, transparent, and accessible exchanges for all. This is particularly important for emerging markets where economic opportunities are often lost due to reliance on paper-based systems. Digitization can act as an equalizer for small-scale organizations, enabling them to access the same platforms as large companies. Artificial intelligence can play a crucial role in helping SMEs access information and expertise. However, as noted by Arancha González, the fragmentation of the digital space and the lack of technological skills can pose additional challenges. Promoting data sharing and interoperability is also essential.

The implementation of digital trade also requires the adoption of universal standards for the legal recognition of digital documents, for example, through the Model Law on Electronic Transferable Records. G20 countries are actively working on the necessary regulatory reforms and committing to trade agreements that promote digitization. As the speakers noted, while currently only 1% of global trade is digital, digitization will simply be inevitable in the not-so-distant future.

Effective protection of intellectual property for all

The protection of the value of innovative achievements was at the centre of the session titled "Innovation by All and for All." The access of SMEs to the knowledge and conditions necessary to protect their intellectual property rights is far from optimal. However, for these businesses, the financial consequences of not protecting their intellectual property rights can be fatal. Economist at the Organization for Economic Cooperation and Development (OECD), Piotr Stryszowski emphasizes regarding counterfeiting: "For large companies, it means less revenue, less profit. For an SME, it means a huge risk of bankruptcy."

According to Christina Wainikka, an expert at the Confederation of Swedish Enterprise, the vast majority of SMEs do not seek to register their intellectual property, "and in many ways, it is the fault of those who are supposed to facilitate this process. Because we often talk about intellectual property rights in very abstract terms instead of presenting them for what they are: a sales opportunity; a chance to provide additional concrete value."

The protection of intellectual property is of particular importance in the African context. Registration has increased by 10% in recent years, indicating a growing awareness of the economic value of intellectual property and its role in promoting innovation and economic growth on the continent. Rebecca Enonchong, a Cameroonian tech entrepreneur, notes that developing countries tend to be seen as beneficiaries of innovation rather than providers of innovation. "And that is obviously not true. It is about harnessing existing talent and preserving their achievements. This means, above all, developing policies and mechanisms to protect SMEs when they compete with large companies. Because the current reality is that these companies simply outpace them and outspend them," she said.

Daren Tang, Director-General of the World Intellectual Property Organization (WIPO), calls for "a more inclusive intellectual property ecosystem, especially for women, youth, startups, and SMEs, which represent 90% of businesses and provide 70% of jobs worldwide." Chambers of commerce also have a crucial role to play in raising awareness and providing training to SMEs on the effective protection of their rights, as well as supporting them with access to specialized resources and advice.

The role of the private sector and the adoption of best practices

The panellists agreed that the private sector must play a major role in adopting best practices and shaping global governance rules. As small and medium-sized enterprises (SMEs) account for 90% of global trade, it is important to amplify their voices, stated Pamela Coke-Hamilton, Executive Director of the ITC.

Corporate responsibility in the supply chain was seen as an opportunity to promote global prosperity by integrating responsible practices. Transparency, traceability, and the use of blockchain technology were highlighted as key elements for sustainable supply chains.

Exceptional achievements awarded, an opportunity for Turkey to shine

Outstanding achievements by Chambers of Commerce from around the world were recognized through the presentation of four awards. The Auckland Business Chamber of Commerce won the "Best Partnership Project" award for its project focusing on mental health and well-being of business leaders, while the Alexandria Chamber of Commerce was awarded in the category of "Best Unconventional Project" for its innovative project utilizing solar energy, creating jobs, and reducing CO2 emissions.

Turkey claimed the other two awards: the "Best Chamber Model Innovation Project" distinction was won by the Ankara Chamber of Commerce for its innovative project offering services tailored to the needs of its members, and the Gaziantep Chamber of Commerce received the "Best Gender Equality Project" award for its project promoting the autonomy of women entrepreneurs. These successes demonstrate the dynamism of Turkey and highlight the crucial role of Turkish Chambers of Commerce in the country's economic and social development.

It is worth noting that Chambers of Commerce from the Austrian Federal Economic Chamber (Austria) were among the finalists in the "Best Chamber Model Innovation Project" category for its project “Commercial Approach to Anti-Corruption”, Dubai Chambers (UAE), for its project Intelligent Certificate of Origin and Business NSW (Australia) for its project Business NSW Critical Response Business Hub.

A very Swiss closing ceremony

During the closing ceremony of the congress, Helene Budliger Artieda, State Secretary for Economic Affairs (SECO) of the Swiss Confederation, addressed an attentive audience. Her speech, filled with significance and support, aimed to demonstrate the Swiss government's commitment to the private sector, acknowledging its essential role in the country's economic prosperity

To mark the end of the congress, Barbara Klossner ignited the audience by performing songs in Swiss German, including the famous Swiss traditional chant called "yodel." She captivated the audience by inviting them to join her in an energetic dance, creating a friendly and lively atmosphere.

Recommendations for a better and more prosperous future for all

The congress provided an opportunity to formulate recommendations aimed at strengthening international cooperation, promoting equitable access to economic opportunities, combating inequalities, fostering digital transformation, and promoting responsible innovation. By signing the "Geneva Manifesto," the organizers of the Congress committed to redoubling efforts to make a difference in the real economy in favour of economic inclusion, global cooperation, and sustainable development.

These recommendations highlight the importance of innovation in ensuring a sustainable future. It is crucial to invest in research and development and foster forward-thinking. The use of artificial intelligence was emphasized as a means to find innovative solutions in various sectors, including nutrition, while considering long-term environmental and social consequences. Actively promoting the role of innovation through public-private partnerships and communication and awareness campaigns was suggested. By investing in sustainable solutions and embracing a culture of innovation, a better and more prosperous future for all can be shaped.

Next World Chambers Congress in two years in Melbourne

With gratitude to all participants, the CCIG officially handed over the reins to the co-organizer of the 14^th World Chambers Congress, which will take place in Melbourne, Australia, in September 2025. It promises to continue bringing together economic leaders and stakeholders from around the world and promoting international cooperation and economic innovation.

Le 13^ème Congrès mondial des chambres de commerce (WCG) s'est récemment clôturé à Palexpo à Genève, cet évènement a réuni du 21 au 23 juin 2023, près de 1 500 participants provenant de 117 pays et 165 orateurs sur le thème du « Multilatéralisme au service de la paix et de la prospérité ».

Organisé par la Chambre de commerce internationale (ICC), la Fédération mondiale des chambres de commerce (WCF) ainsi que la Chambre de commerce, d'industrie et des services de Genève (CCIG), cet événement vise à favoriser les partenariats et les opportunités d'affaires à l'échelle mondiale. Comme tous les deux ans, il a offert aux dirigeants et professionnels des chambres de commerce l'occasion d'échanger des idées, de partager leurs bonnes pratiques et de développer leur réseau.

Des conférencières et conférenciers renommés, tels que Ngozi Okonjo-Iweala, directrice générale de l'Organisation mondiale du commerce (OMC), António Guterres, secrétaire général des Nations Unies et Klaus Schwab, fondateur et directeur du Forum économique mondial, sont venus partager leur vision de la diversité, de son effet sur la croissance, du rôle de l’innovation et de l’importance de la durabilité pour l’avenir.

« Le Congrès a fait rayonner l’esprit de Genève, capitale du multilatéralisme, en faveur de la paix et de la prospérité. Cet ADN s’est vu consacré par l’adoption du Manifeste de Genève. Plus important événement jamais organisé par la CCIG en 158 ans d’histoire, le Congrès mondial a également fait battre le pouls de l’économie genevoise avec des retombées économiques importantes à la clef » a déclaré Vincent Subilia, directeur général de la CCIG.

Trois jours intenses de débats sur le multilatéralisme, l'inclusion et l'innovation

En ouverture de la journée consacrée au thème « Démystifier le multilatéralisme », Ngozi Okonjo-Iweala, directrice générale de l’OMC, a appelé à repenser la mondialisation pour la rendre bénéfique à tous et à renforcer la coopération internationale pour relever les défis économiques mondiaux. « Nous devons repousser les pressions en faveur de la fragmentation économique mondiale, qui sera coûteuse et pourrait bien affaiblir la résilience de la chaîne d’approvisionnement », a-t-elle déclaré. « Une meilleure voie à suivre est ce que nous appelons la remondialisation : des marchés plus profonds et déconcentrés obtenus en amenant plus de personnes et de lieux des marges de l’économie mondiale au grand public. ». Elle a également exhorté les chefs d’entreprise à soutenir la « mondialisation électronique ».

Philippe Varin, président de ICC France, a fait écho à ces propos en soulignant l'importance du multilatéralisme pour favoriser l'innovation technologique requise pour relever les défis majeurs tels que le changement climatique, tout en améliorant la prospérité de l'ensemble de la population mondiale.

Consacrée à l'innovation pour tous, la deuxième journée a mis en évidence l'importance de l'innovation continue pour les entreprises, en particulier les micro-, petites et moyennes entreprises (MPME). La durabilité a été au cœur des discussions de la troisième journée. Le risque de réputation associé aux crimes environnementaux dans la chaîne d'approvisionnement a été souligné, et les entreprises incitées à exercer une diligence raisonnable pour les prévenir.

Le multilatéralisme pour un XXI^e siècle prospère

Le multilatéralisme est plus essentiel que jamais, selon Tatiana Valovaya, directrice générale de l’Office des Nations Unies de Genève. Cependant, elle a relevé la nécessité de prendre en compte davantage de voix d'États membres et de groupes marginalisés pour garantir une plus grande inclusivité. Les panélistes ont convenu que le secteur privé doit jouer un rôle clé dans l'élaboration des règles de gouvernance mondiale, en particulier les petites et moyennes entreprises (PME) qui représentent 90% du commerce mondial. Pour favoriser la croissance mondiale, il est crucial de connecter les PME aux avantages du commerce international. Toutefois, ainsi que le relève Mohammad Ali Rashed Lootah, président de Dubai Chambers, des obstacles leur en limitent l’accès : absence d’un système unifié d'exportation, divergences d'informations et droits d'importation élevés. Une solution potentielle : la numérisation.

La transformation numérique, la clé des PME vers le marché mondial

Pendant la session « Faciliter le commerce : établir des partenariats pour la croissance mondiale », modéré par Barbara Ramos, cheffe Recherche et stratégies pour les exportations au Centre du commerce international (ITC), les intervenants Arancha González, doyenne de la Paris School of International Affairs (PISA), Mohammad Ali Rashed Lootah, président de Dubai Chambers, et Eric Loeb, vice-président exécutif de Salesforce, ont souligné les avantages du commerce numérique : échanges plus rapides, moins coûteux, transparents et accessibles à tous. Cela revêt une importance particulière pour les marchés émergents où des opportunités économiques sont souvent perdues en raison de la dépendance à des systèmes basés sur le papier. La numérisation peut agir comme un égalisateur pour les organisations de petite taille, en leur permettant d'accéder aux mêmes plateformes que les grandes entreprises. L'intelligence artificielle peut jouer un rôle essentiel pour aider les PME à accéder à l'information et à l'expertise. Cependant, ainsi que le note Arancha González, la fragmentation de l'espace numérique et le manque de compétences technologiques peuvent poser d'autres défis. Il faut aussi promouvoir le partage de données et l'interopérabilité.

La mise en œuvre du commerce numérique nécessite de plus l'adoption de normes universelles, pour une reconnaissance juridique des documents numériques, par exemple grâce à la Loi type sur les documents transférables électroniques. Les pays du G20 travaillent activement sur les réformes réglementaires nécessaires et s'engagent dans des accords commerciaux favorables à la numérisation. Les intervenants l’ont noté : alors qu’elle ne concerne actuellement que 1% du commerce mondial, la numérisation sera tout simplement inévitable dans un avenir pas si lointain.

Pour tous, une protection efficace de la propriété intellectuelle

La protection de la valeur des réalisations innovantes était au centre de la session intitulée «  L'innovation par tous et pour tous ». L’accès des MPME aux connaissances et aux conditions nécessaires pour protéger leurs droits de propriété intellectuelle est loin d’être optimum. Or, pour ces entreprises, les conséquences financières de la non-protection de leurs droits de propriété intellectuelle peuvent être fatidiques. Économiste auprès de l’Organisation de coopération et de développement économiques (OCDE), Piotr Stryszowski souligne, au sujet de la contrefaçon : « pour les grandes entreprises, cela signifie moins de revenus, moins de profits. Pour une MPME, cela signifie un risque énorme de faillite ».

Selon Christina Wainikka, experte à la Confédération des entreprises suédoises, la grande majorité des MPME ne cherchent pas à enregistrer leur propriété intellectuelle, « et, à bien des égards, c’est la faute de ceux qui sont censés faciliter ce processus. Parce que nous parlons souvent des droits de propriété intellectuelle en termes très abstraits au lieu de les présenter pour ce qu’ils sont : une opportunité de vente ; une chance d’apporter une valeur supplémentaire et concrète ».

La protection de la propriété intellectuelle revêt une importance particulière dans le contexte africain. L'enregistrement y a augmenté de 10% ces dernières années, ce qui témoigne de la prise de conscience croissante de la valeur économique de la propriété intellectuelle et de son rôle dans la promotion de l'innovation et la croissance économique du continent. Entrepreneure technologique camerounaise, Rebecca Enonchong constate que les pays en développement ont tendance à être considérés comme des bénéficiaires de l’innovation plutôt que comme des pourvoyeurs d’innovation. « Et ce n’est évidemment pas vrai. Il s’agit d’exploiter les talents existants et de préserver leurs réalisations. Cela signifie, plus que tout, développer les politiques et les mécanismes pour protéger les MPME lorsqu’elles sont en concurrence avec les grandes entreprises. Parce que la réalité actuelle est que ces entreprises finissent simplement par les dépasser et les dépenser », a-t-elle déclaré.

Daren Tang, directeur général de l’Organisation mondiale de la propriété intellectuelle (OMPI) en appelle à « un écosystème de propriété intellectuelle plus inclusif, en particulier pour les femmes, les jeunes, les start-up et les MPME, qui représentent 90% des entreprises et offrent 70% des emplois dans le monde ». Les chambres de commerce ont aussi un rôle crucial à jouer pour sensibiliser et former les PME à la protection efficace de leurs droits, et les soutenir par un accès à des ressources et à des conseils spécialisés.

Le rôle du secteur privé et l'adoption des meilleures pratiques

Les panélistes ont convenu que le secteur privé doit jouer un rôle majeur dans l’adoption des meilleures pratiques et l’élaboration des règles de gouvernance mondiale. Les petites et moyennes entreprises (MPME) étant responsables de 90% du commerce mondial, il est important d’amplifier leur voix, a déclaré Pamela Coke-Hamilton, directrice exécutive ITC.

La responsabilité des entreprises dans la chaîne d'approvisionnement a été considérée comme une opportunité de promouvoir la prospérité mondiale en intégrant des pratiques responsables. La transparence, la traçabilité et l'utilisation de la technologie blockchain ont été mises en avant pour des chaînes d'approvisionnement durables.

Des réalisations exceptionnelles primées, l’occasion pour la Turquie de briller

Les réalisations exceptionnelles des Chambres de commerce du monde entier ont été récompensées par la remise de quatre prix. Auckland Business Chamber of Commerce a ainsi remporté le prix « Best Partnership Project » pour son projet axé sur la santé mentale et le bien-être des chefs d'entreprise et Alexandria Chamber of Commerce a été primée dans la catégorie « Best Unconventional Project » pour son projet novateur utilisant de l'énergie solaire et créant des emplois tout en réduisant les émissions de CO₂.

La Turquie a raflé les deux autres prix : la distinction « Best Chamber Model Innovation Project » a été remportée par Ankara Chamber of Commerce pour son projet innovant d’offre de services adaptés aux besoins des membres et Gaziantep Chamber of Commerce a reçu la récompense « Best Gender Equality Project » pour son projet favorisant l'autonomie des femmes entrepreneures. Ces succès témoignent du dynamisme de la Turquie et soulignent le rôle essentiel des chambres de commerce turques dans le développement économique et social du pays.

Notons encore que les chambres de commerce de la Chambre économique fédérale autrichienne (Autriche) figuraient parmi les finalistes dans la catégorie "Best Chamber Model Innovation Project" pour son projet "Commercial Approach to Anti-Corruption", Dubai Chambers (UAE), pour son projet Intelligent Certificate of Origin et Business NSW (Australie) pour son projet Business NSW Critical Response Business Hub.

Une clôture très helvétique

Lors de la cérémonie de clôture de congrès, Helene Budliger Artieda, secrétaire d'État à l’économie (SECO) de la Confédération helvétique, a pris la parole devant un public attentif. Son discours, empreint d'importance et de soutien, visait à témoigner de l'engagement du gouvernement suisse envers le secteur privé, reconnaissant ainsi son rôle essentiel dans la prospérité économique du pays.

Pour marquer la fin du congrès, Barbara Klossner a enflammé la salle en interprétant des chansons en suisse allemand, y compris le célèbre chant traditionnel suisse appelé le « yodel ». Elle a captivé le public en l’invitant à se joindre à elle pour une danse endiablée, créant ainsi une ambiance conviviale et animée.

Des recommandations pour un avenir meilleur et plus prospère pour tous

Le congrès a été l’occasion de formuler des recommandations visant à renforcer la coopération internationale, promouvoir l'accès équitable aux opportunités économiques, lutter contre les inégalités, favoriser la transformation numérique et promouvoir l'innovation responsable. Par la signature du « Manifeste de Genève », les organisateurs du Congrès se sont engagés à redoubler d’efforts pour faire la différence dans l'économie réelle en faveur de l'inclusion économique, de la coopération mondiale et du développement durable.

Ces recommandations mettent en évidence l'importance de l'innovation pour assurer un avenir durable. Il est crucial d'investir dans la recherche et le développement et de favoriser une pensée avant-gardiste. L'utilisation de l'intelligence artificielle a été soulignée comme un moyen de trouver des solutions novatrices dans divers secteurs, y compris celui de la nutrition, tout en tenant compte des conséquences environnementales et sociales à long terme. Il a été suggéré de promouvoir activement le rôle de l'innovation par le biais de partenariats public-privé et de campagnes de communication et de sensibilisation. En investissant dans des solutions durables, en adoptant une culture de l'innovation, un avenir meilleur et plus prospère pour tous peut être façonné.

Rendez-vous pris dans deux ans à Melbourne

Après avoir remercié tous les participants, la CCIG a passé officiellement le relais au co-organisateur du 14^ème Congrès mondial des Chambres de commerce qui se tiendra à Melbourne en Australie en septembre 2025 : la promesse de continuer à rassembler les leaders économiques et les acteurs du monde entier et à promouvoir la coopération internationale et l'innovation économique.

The Arab Entrepreneurship Summit, the 1^st summit for Small and Medium Enterprises (SMEs) in the Arab world, were concluded in Amman under the auspices of Crown Prince Hussein bin Abdullah II and the presence of Jordanian Prime Minister Dr. Bishr Al-Khasawneh, representing the Crown Prince. The summit was organized by the United Nations Economic and Social Commission for Western Asia (ESCWA) in cooperation with the Jordan Enterprise Development Corporation (JEDCO). This summit was organized during from October 30 to November 1, under the title: Opportunities Beyond Borders.

This summit comes after ESCWA launched last April an e-Commerce Acceleration Programme (eCAP) to enable small and medium enterprises to take advantage of the opportunities offered by the digital economy, and to contribute to creating a vibrant environment for entrepreneurship in the Arab region. The program aimed to build the capacities of 100 small and medium enterprises from the Arab region to move to online selling, either by developing their own e-commerce websites, or by selling in the markets that already exist on internet.

The importance of the summit stems from the fact that it constitutes support for entrepreneurship for small and medium enterprises in the Arab region, at a time when entrepreneurship has become a global trend, especially in view of the enormous youth energy that the Arab world enjoys and the structural problems that the labor market suffers from. According to UNICEF figures, children and youth make up about half of the population of the Middle East and North Africa (the Arab region), which is home to one of the highest youth unemployment rates in the world.

Statistics of the International Labor Organization show that there are more than 14 million unemployed in the Arab countries, where the youth unemployment rate in the Arab region is almost double the global rate, and it has grown at a rate of 2.5 times, which is faster than the global average between 2010 and 2021. The region needs to create more than 33.3 million new jobs by 2030, to reduce the overall unemployment rate to 5 percent and to be able to absorb the large number of young people entering the labor market and stabilize youth unemployment rates (unicef).

Small and medium-sized enterprises are considered one of the most hiring projects for workers, and they help reduce unemployment rates, which have risen recently due to the prevailing political conditions in the Arab countries.

According to a study conducted by the Arab Youth Center, under the title “Priorities of Arab Youth”, on the eve of the International Youth Day, and reviewed the priorities of the young people surveyed in 21 Arab countries, strengthening sources of income and providing job opportunities was among the priorities of young people, as the youth’s suggestions included the need to provide financial incentives for those wishing to establish private projects and start-up companies, at a rate of 45 percent of the number of participants (arabyouthcenter).

With more than 135 million internet users in the Arab world, a new generation of tech-savvy entrepreneurs is emerging. This region is expected to record strong growth over the coming decades in terms of both population and GDP (refer to our previous article: Emerging Arab World and Business Opportunities in spite of the Political Turmoil SAE).

According to a report of the Economic and Social Commission for Western Asia (unescwa), the population size is growing rapidly in the Arab region. The total population of the region has more than tripled from 123.5 million in 1970 to 284.1 million in 2000 and 398.5 million in 2015. The Arab region is home to about 5.4 percent of the world's total population in 2015, compared to only 3.3 percent in 1970 and 4.6 percent in 2000. According to this report, these demographic trend is upward for the period 2015-2050, and population of the region is expected to exceed 520.7 million by 2030. At the same time, the real GDP is expected to grow during the coming period (on the basis of purchasing power parity) at amazing rates (we had talked about in a previous article, SAE).

Small and medium-sized companies constitute more than 90% of all companies in the Arab world, and they provide new job opportunities for young people, and they are considered an effective engine for change and development. However, despite the improvement witnessed by these companies in recent years, they still face great challenges that hinder their development.

The summit aimed to bring together the various official and private bodies in the Arab countries to help Arab small and medium enterprises to access regional and international markets, deal with various financing sources, benefit from regional and international networks, and increase their ability to expand in foreign markets.

This summit brought together about 650 participants, including entrepreneurs, owners of small and medium companies, representatives of financing organizations, as well as representatives of governments from across the Arab region, in addition to regional and international decision makers from the public and private sectors.

The summit was inaugurated by the Jordanian Prime Minister, Bisher Al-Khasawneh, who emphasized the interest that the Jordanian government attaches to supporting small and medium enterprises.

In his opening speech, Youssef Al-Shamali, Minister of Industry, Trade and Supply and Minister of Labor, Chairman of the Jordanian Corporation for the Development of Economic Enterprises, stressed the importance of small and medium-sized companies, and said that this summit is an attempt to use the most effective means to support small projects in the Arab region, pointing out the role of these projects in supplying the national economies in the Arab region.

Al-Shamali pointed out that these small companies constitute more than 70% of the available jobs in the region and that they face many challenges related to financing. For example, the percentage of banking facilities provided to small and medium enterprises is limited to 9% of the total banking facilities.

He also stressed the importance of the summit to facilitate dialogue on the most effective ways to enable small and medium enterprises to access regional and global markets, and benefit from the opportunities provided by international networks and build institutional capacities among Arab entrepreneurs.

The Under Secretary General of the United Nations and Executive Secretary of ESCWA, Rola Dashti, affirmed that the summit comes as a bridge between decision and policy makers and entrepreneurs looking to advance our societies to find ways to achieve the desired development goals.

She also confirmed that the contribution of small enterprises to the GDP in the Arab region is less than 10% and that most of these enterprises operate in the informal sector, stressing the role that small and medium enterprises can play in achieving higher economic growth and reducing unemployment among youth.

The main idea of the summit is cross-border opportunities. The organizers believe that ​​cross-border opportunities and connection of these projects and their products to global supply chains, will support these projects and their continuity and growth over longer periods of time.

Over the course of three days, the summit dealt with several topics, including environmentally friendly (green) entrepreneurship, facilitating the access of entrepreneurs to global markets, access to financing, and emerging technology trends. The means that can be used to strengthen partnerships and help Arab small and medium enterprises to access regional and international markets were discussed, in addition to mobilizing various financial resources, not to mention, discussions between governments and the private sector to develop frameworks for improved policies related to small and medium enterprises.

This summit constituted a regional platform for meeting local and international leaders from the private and public sectors, and a good opportunity to influence decision-makers in order to draw up the necessary policies and strategies to support small and medium enterprises.

During the summit, 20 main sessions and ten side activities were held, including an exhibition of many leading and emerging companies from the Arab world.

The first day witnessed series of specialized panel discussions on market access opportunities and global value chains. Examples of successful and inspiring projects were presented, such as Kuwait Flowered represented by Abdulaziz B. Al Loughani, Founder, and the Global Cargo, Travelers Services and subsequently Global Group, represented by Bahraini entrepreneur Huda Janahi. Which managed to become transboundary and expanded regionally and internationally, and it has received many praises and awards from regional and international organizations.

While Fabio Russo, Chief SME Development and Job Creation Unit, UNIDO, focused on the readiness of infrastructure for small and medium enterprises and the availability of electronic services.

On the other hand, Dana Al-Zoubi, Secretary General of the Jordanian Ministry of Industry, Trade and Supply, focused on the need to provide specialized programs for guidance and counseling for emerging projects to help them face the challenges and overcome the difficulties they encounter during the foundational stages.

The discussion touched on the importance of financing and stimulating entrepreneurial projects through the allocation of soft loans with easy terms, in a session attended by Nadia Al Saeed, CEO of Bank al Etihad, and Chair of Endeavor Jordan, and Abdullah Al-Awadi, Head of Change Management at Kuwait International Bank, and Amer Bukevik of the Islamic Development Bank. The sessions were also attended by Rafik Feki from Industrial Development Officer, Division of Digital Transformation and AI Strategies, UNIDO, and Rana Nawas, founder of the podcast 'When Women Win', Palestine. The sessions stressed the need to unify regulations in Arab countries, to facilitate trade and export operations, especially electronic payment operations and legislation regulating electronic commerce.

Abdullah Al-Awadi, from Kuwait International Bank, said that the bank found a gap in the Kuwaiti market in the early stages of small and medium enterprises, as the gap was bridged by establishing a center that supports entrepreneurs in the first stages of their projects to increase their chances of success, stressing that the importance of this conference in allowing the gathering all the pioneers and economic investors face to face to be able to communicate properly.

The second day included various workshops, starting with a session on opportunities for small and medium enterprises to adapt to the green environment, with the participation of international institutions from Switzerland (Johannes Heeb, Founder of Seecon International GmbH), Belgium (Lieve Fransen, Co-founder of Platform for Transformative Technologies), Germany (Aline Bussmann, Green Businesses Consultant, Germany) (Katja Muelheim, CEO of Prestel & Partner, Germany), Spain (Mohamed Wageih, PRIMA Secretariat Project Office), active in the environmental field. In another session, there were discussion about special programs to support small and medium enterprises, in which Fares Akkad, Regional Director for META in the Middle East, spoke. Mirna Sleiman, Chief Executive Officer of Fintech Galaxy, Lebanon, and Ramez El Serafy, CEO at Flat6Labs, Egypt, and Adi Ghuneim, Director of Governate Development Fund, from Jordan Enterprise Development Corporation.

In addition to the sessions and discussion panels, three specialized workshops were held on capacity building and exchange of experiences, in cooperation with specialized experts from the World Trade Center (ITC), the University of Cambridge and the Jordan Enterprise Development Corporation.

Al-Wessam International for Electronic Marketing was among the participants in the summit. It is a rising company working to promote Palestinian products in international markets through its brand “Ard Al-Khair” (https://ardalkhair.ch), with an office in Switzerland, it is looking forward to becoming a marketplace for Palestinian products and a gateway for doing business between Palestine, Switzerland and Europe, though helping Palestinian products to access global markets.

The summit included an exhibition for about 100 small and medium-sized companies to enable them to display their products and facilitate the exchange of experiences, networking, and strengthening partnerships. It was found that many of the participating projects are related to the environment, which indicates that Arab youth are aware of environmental issues and climate change, and that donors tend to support this type of project.

Donna Natural from Egypt was among the exhibiting companies. It seeks to enable women to feel good and express themselves by helping them take care of their skin and look decent, by creating a natural dry shampoo to clean hair and prevent damage due to frequent use of water (www.donnanatural.com). Another company, Sefpro, Egyptian, that specializes in textiles and clothing products made of Egyptian cotton. The company has branches in both the UAE and the United Kingdom. Its products are certified by Fairtrade and Gots. Another, Tia for Development and Management Consultancy Company, from Yemen, is specialized in developing humanitarian work and works on preparing humanitarian, social, economic and environmental studies and research, in addition to evaluating humanitarian projects (www.tiadsc.com).

It was noted that there are many companies, especially in the field of electronic commerce, educational technology and green technology. The Entrepreneurship Summit concluded with commitment to give financial support to SMEs by the partners and supporters of the summit and the United Nations Economic and Social Commission for Western Asia (ESCWA), a commitment of more than $130 million.

In conclusion, we believe that holding such conferences at the Arab level is important, and that the efforts being made to improve the business environment and support entrepreneurship in the Arab countries are exactly what the Arab world needs in light of these difficult times in the region.

In recent years, many Arab governments have already introduced regulatory reforms aimed at improving business environments, but there is more that can be done to reach the desired goals and create an environment that attracts entrepreneurship, especially in the digital field, such as removing barriers that prevent cross-border trade, improving the logistical environment between Arab countries, providing access to high-speed Internet services (broadband) for all residents, especially in rural areas, spreading digital payment systems, reforming electronic commerce regulations and consumer protection (look at the World Bank report on Middle East and North Africa[1]). There is also a need to accelerate the creation of a unified Arab market and supporting the competitiveness of small and medium enterprises to improve their chances of survival in light of the fierce competition they face on the international markets (read our article[2]).

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[1] World Bank, Middle East and North Africa Economic Update (read).

[2] For more information, please refer to our previous article: Emerging Arab world and business opportunities in spite of the political turmoil (read).

Saudi Arabia’s F&B and retail tech startup Foodics has launched Foodics Capital, its micro lending arm.

The company raised a $100m micro loan fund to support Saudi F&B merchants post Covid-19 through Shariah-compliant micro loans.

“With cash flow being a critical pain point for small business owners right now, we wanted to be able to offer them a one stop shop that also covers their finance needs and enables them to accelerate their growth rate,” said Ahmad Al-Zaini, co-founder and CEO.

Abdullah Tahboub, Foodics’ CFO, added: “This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region.

Our application process is indeed straight forward, as all is completed online on our platform, with the initial approval to be granted within as little as 24 hours and final approval in seven days.

Foodics Capital is able to extend loans from $5,000 (SAR18,750), up to $133,000 (SAR500,000) as and when needed by small businesses.”

In order to launch the fund, Foodics Capital partnered with Saudi Arabia-based Maalem Finance.

The first phase will primarily benefit the company’s existing customers, who are pre-qualified, and will then be rolled out more widely across the kingdom before the end of the year.

“A finance offering was always part of our vision, in order to offer a true one stop platform for owners to manage their business. Foodics is indeed very proud to now allow merchants to finance their working capital by giving them access to Shariah-compliant micro loans through Foodics Capital,” the CEO added.

The company has so far serviced over five thousand customers and processed over a billion orders through the Foodics platform, totaling about $200m (SAR750m) monthly in GMV transactions in 2020 and catering to over 10,000 F&B outlets.

Having already established a strong presence in the kingdom and the UAE since its inception in 2014, Foodics entered Egypt last month, whilst also in the process of closing its series B funding round.

source: gulfbusiness