هذا المقال هو قراءات في كتاب سايكولوجية المال، استكشاف تأثير السلوكيات النفسية على القرارات المالية.

يعتبر كتاب "سيكولوجية المال"(The Psychology of Money) لمورغان هاوسل من الكتب المشهورة حول سيكولوجيا المال. وهو يتعرض للطريقة التي يتفاعل بها الإنسان مع المال، مسلطًا الضوء على أن النجاح المالي ليس مجرد مسألة معادلات اقتصادية أو معلومات نظرية، بل هو انعكاس للسلوكيات والعواطف التي تحكم تعاملنا مع المال. يعرض الكتاب فكرة أن المال مرتبط بشكل وثيق بالسلوك البشري، وأن قراراتنا المالية تتأثر بعوامل نفسية عميقة، مما يجعل النجاح المالي يعتمد أكثر على التحكم بالعواطف والتصرفات الصحيحة.

أهمية السلوكيات المالية

يشير الكتاب إلى أن السلوك المالي هو العامل الأساسي الذي يحدد مدى نجاح الشخص في تحقيق أهدافه المالية. فالقرارات الاقتصادية الفردية لا تستند فقط إلى المعرفة النظرية، بل تتشكل من خلال الانضباط والصبر والتحكم في العواطف. قد يمتلك الشخص معرفة واسعة في مجالات الاقتصاد أو الاستثمار، لكنه إذا لم يستطع السيطرة على سلوكياته العاطفية، مثل الطمع أو الخوف، فلن يستطيع تحقيق النجاح المالي المرجو.

تأثير التجارب الشخصية على نظرتنا للمال

إحدى الأفكار المحورية التي يتناولها الكتاب هي أن تجاربنا الشخصية مع المال تشكل جزءًا كبيرًا من فهمنا لكيفية عمل المال والاقتصاد. فعلى سبيل المثال، الشخص الذي نشأ في بيئة اقتصادية غير مستقرة أو شهد أزمات مالية قد يتبنى نظرة حذرة تجاه الاستثمار أو المخاطرة المالية. على العكس، الشخص الذي نشأ في بيئة اقتصادية مزدهرة قد ينظر إلى المخاطر المالية كفرص للنمو.

هذا يعني أن تجارب الفرد المالية قد تشكل فهمه لأهمية المال وكيفية التعامل معه، مما يجعل سلوكيات الأشخاص تجاه المال تختلف بشكل كبير بناءً على تجاربهم السابقة.

لا أحد مجنون: السلوكيات التي تبدو غير منطقية

من الأفكار المثيرة في الكتاب أن "لا أحد مجنون" في اتخاذ القرارات المالية، حتى لو بدت تلك القرارات غير منطقية للآخرين. يعود السبب في ذلك إلى أن قراراتنا المالية مبنية على التجارب والمعتقدات الفردية التي مررنا بها. فما قد يبدو لك قرارًا غير عقلاني، مثل إنفاق الأموال على كماليات بينما الشخص مديون، قد يكون قرارًا معقولًا للشخص نفسه بناءً على تجربته وظروفه.

يفسر الكتاب أن الاختلاف في التجارب يجعلنا نتعامل مع المال بطرق مختلفة. فالقرارات المالية التي نتخذها اليوم هي نتيجة لمجموعة من العوامل النفسية والتجارب السابقة التي مررنا بها. هذا يعني أن ما هو منطقي لشخص ما قد يكون غير مفهوم لشخص آخر.

الحظ والمخاطرة في القرارات المالية

الحظ يلعب دورًا كبيرًا في النجاح المالي، ولكن المخاطرة كذلك لا تقل أهمية. يشدد الكتاب على أن الحظ والمخاطرة هما عنصران متلازمان في كل قرار مالي. فكلما ظهرت فرصة لتحقيق مكاسب مالية، تكون تلك الفرصة محملة بمخاطر محتملة. وهذا يفسر لماذا لا يمكن الاعتماد على الحظ وحده للوصول إلى الثروة، إذ إن إدارة المخاطر بشكل جيد هو العامل الحاسم.

على سبيل المثال، يقدم الكتاب قصة بيل غيتس الذي كان محظوظًا لالتحاقه بمدرسة امتلكت حاسوبًا في الستينات، وهي فرصة نادرة في ذلك الوقت. لكن الحظ وحده لم يكن كافيًا لنجاح غيتس؛ فكان عليه أن يتعلم ويجتهد ويستغل تلك الفرصة بشكل صحيح. في المقابل، هناك أشخاص آخرون شاركوا غيتس نفس الحظ لكنهم لم يحققوا نفس النجاح بسبب اتخاذهم قرارات مختلفة أو تعرضهم لمخاطر أكبر. فعلى سبيل المثال فان كنت إيفانز، صديق غيتس، قد توفي أثناء ممارسته لرياضة تسلق الجبال، ما يوضح أن المخاطرة دائمًا ما تكون حاضرة في كل قرار. في النهاية، الحظ والمخاطرة مرتبطان بشكل وثيق؛ قد يصيبك الحظ في فرصة مالية، لكن عليك أن تكون على استعداد لتحمل المخاطر المرتبطة بها.

العلاقة بين المعرفة والسلوك

من الدروس المهمة في الكتاب أن المعرفة الاقتصادية وحدها ليست كافية لتحقيق النجاح المالي. يمكن لأي شخص أن يتعلم نظريًا كيف يستثمر أو يدير أمواله، لكن بدون التحكم في السلوكيات وتطبيق تلك المعرفة بحكمة، تصبح تلك المعرفة غير ذات قيمة. على سبيل المثال، معرفة أهمية الاستثمار طويل الأجل لا تفيد إذا لم يكن الشخص قادرًا على الالتزام بهذا النوع من الاستثمار بسبب التأثر بالعواطف أو اتخاذ قرارات متهورة.

الخلاصة: سلوكياتك أهم من معرفتك

الرسالة الأساسية التي يقدمها الكتاب هي أن السلوكيات المالية هي العامل الأهم في تحقيق النجاح المالي. لا يكفي أن نمتلك معرفة واسعة في الاقتصاد أو الاستثمار، بل يجب أن نتحكم في تصرفاتنا وعواطفنا ونطور سلوكيات مالية صحية. السيطرة على النفس، والصبر، والقدرة على اتخاذ قرارات مستدامة هي ما يؤدي في النهاية إلى النجاح المالي.

من خلال فهم هذه الدروس، يصبح من الممكن إعادة تقييم علاقتنا مع المال وتحسين سلوكياتنا لتحقيق أهدافنا المالية بشكل أكثر استدامة ونجاحًا. المال ليس مجرد أرقام، بل هو مرآة لسلوكياتنا وتصرفاتنا اليومية، وفهمنا لهذه السلوكيات هو مفتاح النجاح المالي.

This article contains reflections on The Psychology of Money, a book exploring the impact of psychological behaviours on financial decisions.

The book The Psychology of Money by Morgan Housel is widely recognized as one of the most influential works on the psychology of money. It delves into how humans interact with money, emphasizing that financial success is not simply a matter of economic equations or theoretical knowledge, but rather a reflection of behaviours and emotions that shape how we manage money. The book highlights how closely money is tied to human behaviour, with financial decisions deeply influenced by psychological factors, making success more dependent on emotional control and sound decision-making.

The Importance of Financial Behaviours

Housel argues that financial behaviour is the key factor determining whether a person achieves their financial goals. Economic decisions are not purely based on theoretical knowledge but are shaped by discipline, patience, and emotional control. Even if a person possesses extensive knowledge in economics or investment, if they cannot manage emotional behaviours like greed or fear, they will struggle to achieve their financial objectives.

How Personal Experiences Shape Our Perception of Money

One of the central ideas in the book is that personal experiences with money significantly shape our understanding of how money and the economy work. For instance, someone who grew up in an unstable financial environment or witnessed financial crises may adopt a cautious approach to investing or taking financial risks. On the other hand, someone raised in a prosperous economic environment might view financial risks as opportunities for growth.

This suggests that an individual's financial experiences influence their understanding of money's importance and how they handle it, leading to considerable variations in people’s behaviours toward money based on their past experiences.

No One Is Crazy: Seemingly Irrational Behaviours

An intriguing concept in the book is that “no one is crazy” when making financial decisions, even if those decisions appear irrational to others. This is because financial decisions are based on the unique experiences and beliefs we each hold. What might seem like an irrational choice to one person, such as spending money on luxuries while being in debt, could be a logical decision for someone else given their experiences and circumstances.

The book explains that differences in experiences lead us to interact with money in different ways. The financial decisions we make today are shaped by a variety of psychological factors and past experiences, meaning what is logical to one person may not make sense to another.

Luck and Risk in Financial Decisions

Luck plays a significant role in financial success, but risk is equally important. Housel emphasizes that luck and risk are intertwined in every financial decision. Whenever an opportunity for financial gain arises, it is also accompanied by potential risks. This explains why relying solely on luck is not a dependable way to achieve wealth — managing risk is crucial.

For example, the book tells the story of Bill Gates, who was fortunate to attend a school with a computer in the 1960s, a rare opportunity at that time. However, luck alone was not enough for Gates’ success; he needed to learn, work hard, and seize the opportunity correctly. In contrast, others who shared similar luck did not achieve the same success, often due to different choices or higher exposure to risk. An example of this is Gates' friend, Kent Evans, who died in a mountain climbing accident, illustrating that risk is always present in every decision. Ultimately, luck and risk are closely connected—you may encounter luck in a financial opportunity, but you must also be prepared to handle the associated risks.

The Relationship Between Knowledge and Behaviour

One of the book's key lessons is that economic knowledge alone is not enough to achieve financial success. While anyone can theoretically learn how to invest or manage money, without the ability to control behaviour and apply that knowledge wisely, it becomes meaningless. For instance, knowing the importance of long-term investment is useless if a person cannot commit to it due to emotional influences or impulsive decision-making.

Conclusion: Behaviour Is More Important Than Knowledge

The core message of the book is that financial behaviour is the most critical factor in achieving financial success. It is not enough to have extensive knowledge of economics or investing; one must also control their emotions, develop healthy financial habits, and make sustainable decisions. Self-discipline, patience, and the ability to make sound financial decisions are what ultimately lead to financial success.

By understanding these lessons, we can reassess our relationship with money and improve our behaviours to achieve more sustainable and successful financial outcomes. Money is not just numbers — it is a reflection of our behaviours and daily decisions, and understanding these behaviours is the key to financial success.

Every ambitious business owner grapples with the question: Expand or stagnate? The answer is clear: Growth fuels success! Business expansion unlocks a treasure trove of benefits, from soaring market share and a loyal customer base to streamlined operations and cost reductions.

However, venturing into uncharted territory can be intimidating, especially without the right tools and strategies. A poorly managed expansion can spell disaster, especially for a struggling business.

This article equips you with the knowledge and strategies to navigate expansion successfully. Let's explore some of the most effective growth strategies and unlock the true potential of your business!

1. Market Penetration: Cultivating a Loyal Customer Base at Home

Market penetration focuses on maximizing sales of your existing products or services within your current market. Think of it as cultivating a thriving garden before planting new seeds in unexplored territories. Here are some key tactics to employ:

• Targeted Promotions: Dangle irresistible deals and loyalty programs to entice new customers. Limited-time offers or referral programs create a sense of urgency and drive first-time purchases.
• Marketing Blitz: Amp up brand awareness through strategic marketing campaigns. Utilize social media, search engines, or even traditional methods like billboards to reach a wider audience.
• Distribution Expansion: Make your offerings more accessible by partnering with new stores, online platforms, or delivery services. This broadens your reach and unlocks new sales potential.
• Product/Service Enhancements: Keep your existing customers engaged by continuously improving your products or services. This could involve offering new features, loyalty programs, or improved quality.

Benefits: Market penetration is a cost-effective strategy that leverages existing resources. It allows you to refine your offerings based on customer feedback and build a solid foundation for future growth. This approach is ideal for both new businesses establishing a market foothold and established businesses aiming to increase profitability.

2. Marketing & Promotion: Building Brand Advocates

A robust marketing and promotion strategy is the lifeblood of sustainable business growth. Here's how to cultivate a community of loyal brand advocates:

• Rewarding Loyalty Programs: Incentivize repeat business and foster a sense of community by offering points programs with exclusive rewards.
• Social Media Engagement: Become a social media powerhouse! Share engaging content, respond promptly to comments and messages, and run interactive contests to directly connect with your target audience.
• Compelling Content Creation: Position yourself as a thought leader by creating valuable content that educates, entertains, or inspires your target audience. This could consist of blog posts, informative videos, or insightful social media updates. Position yourself as a trusted resource and attract potential customers actively seeking solutions.

Benefits: A well-executed marketing and promotion strategy fosters brand loyalty, a key driver of sales growth. Loyal customers become unpaid advocates, spreading positive word-of-mouth and attracting new customers. This not only increases sales but also builds a strong brand image.

3. Expansion Into A New Market: Exploring New Horizons

Market expansion involves entering new markets or expanding your reach in existing ones. This strategy is ideal for businesses that have reached a plateau in their current market and are looking for new opportunities for growth. Here are some key considerations:

• Market Saturation: When your existing market becomes saturated, it's time to explore new territories.
• Expanding Products/Services: Market expansion often involves expanding your product or service offerings to cater to the new market's needs.
• Strong Foundation: Businesses with a strong customer base and brand identity are well-positioned to take advantage of new market opportunities.

4. Going Global with EOR Solutions

As your business matures, your domestic market might feel saturated. Expanding abroad unlocks a wealth of new potential customers, but navigating international HR and regulations can be daunting. This is where Employer of Record (EOR) solutions come in!

• Reduced Risk & Streamlined Operations: EORs handle HR and payroll in foreign countries, ensuring compliance with local labor laws. This eliminates the risk of legal infractions associated with overseas hiring and lets you focus on growing your business.
• Building Your Global Team: Hiring remote talent allows you to access a wider pool of skilled workers. EORs can simplify the process, helping you find, hire, and manage a qualified international workforce.

5. Franchise Your Business Model

Franchising offers a powerful tool for rapid expansion with minimal financial risk for you, the franchisor. Here's how it works:

• Faster Market Penetration: Franchisees finance and operate their own locations under your brand, accelerating your reach into new markets.
• Enhanced Brand Awareness: Franchisees invest in local marketing, boosting overall brand recognition and attracting customers to your business and all franchise locations.
• Standardized Operations & Quality Control: As the franchisor, you provide training and support to ensure consistent branding and quality standards across all franchises, leading to a positive customer experience and increased loyalty.

6. Strategic Partnerships: Joint Ventures & Acquisitions

Partnering with established businesses can unlock significant resources and accelerate your global expansion. Here are two common partnership models:

• Joint Ventures: Multiple businesses collaborate on a specific project or venture, combining their unique strengths and expertise. For example, a tech startup and a larger corporation could co-develop a new software product, leveraging the startup's technical skills and the corporation's market reach.
• Acquisitions: One business acquires another, gaining immediate access to the acquired company's customer base, brand reputation, industry expertise, and assets. This can be a fast-track approach to entering new markets or expanding your product and service offerings.

By implementing these strategies, you can overcome the challenges of international expansion and unlock the vast potential of the global marketplace. So, set your sights on the world and prepare to take your business to the next level!

Call for Applications: The Ye! Youth Ecopreneurs Programme (YECO) 2024 for young Green Entrepreneurs ($10,000 prize & All-Expenses-Paid Trip to International Conference).

Application Deadline: March 22nd 2024, midnight CET

Applications are now open for the Ye! Youth Ecopreneur Programme. The Ye! Youth Ecopreneurs Programme (YECO) 2024, a transformative journey hosted by the International Trade Centre and the G20 Global Land Initiative in Geneva. YECO 2024 is designed for visionary young entrepreneurs who are committed to pioneering sustainable solutions for our planet.

Requirements

The YECO 2024 program is designed for young ecopreneurs looking to elevate their initiatives to new heights. Ideal candidates are innovators with a clear understanding of the environmental challenges they address, offering scalable solutions ready for acceleration. This program serves as a launchpad for those ready to make a substantial impact in environmental innovation.

YECO seek candidates that meet the following profile:

Applicant

• Must be under the age of 35 (by 22 March 2024)
• Must be a member of the Ye! Community (Register here)
• Must be Founder, Co-Founder or CEO

The Business

• Must be majority run by a young person
• Must be legally registered
• The bootcamp is open globally, the accelerator is reserved for eligible countries – see the list (in the table hereafter)
• Must promote land restoration, sustainability, circularity, and/or the green economy

Programme Details: Specific program components include:

1. Global Bootcamp*

• Training and masterclasses on investment readiness among other crucial topics, facilitated by business development, legal, and IP experts
• A unified platform for global exchange and networking within the young entrepreneur cohort, complemented by mentoring from the Ye! Community

2. Accelerator

• A bespoke 360 degrees Business Assessment, followed by tailored trainings and coaching for your business
• Seed Funding and access to investment networks for Land Restoration category
• Preferential access to Pro-Bono Legal Services from Sidley Austin**
• Preferential access to the Google StartUp for Sustainable Development Programme

3. Awards

• All-Expenses-Paid Trip to International Conference
• In-person capacity building
• Personalized pitch training and coaching
• Visibility with stakeholders and investors
• Special prizes from partners
• Win Youth Ecopreneur Award and get $10,000 USD prize money

*Ecopreneurs from Developed Countries can only participate in the Bootcamp

**Subject to due diligence requirements

Application Procedure:

• The YECO 2024 welcomes young entrepreneurs to submit their green business initiatives.
• Applicants have until March 22nd to present their proposals that reflect innovation, sustainability, and potential for impact.

For More Information: Apply Now!

List of eligible countries

Imagine a sales interaction that feels less like a high-pressure negotiation and more like a lively brainstorming session with a trusted friend. This is the magic of the "Yes, And" approach, a game-changer in the dynamic world of sales. Forget about the pressure to close deals at any cost. Instead, enter a realm where building genuine relationships, fostering trust, and creating value for both the customer and the business are paramount.

The "Yes, And" philosophy isn't just a catchy phrase; it's rooted in the collaborative spirit of improvisation. Like actors building on each other's ideas to craft a captivating story, sales professionals who embrace "Yes, And" become active listeners.

They attentively listen to their customers, acknowledging their needs and concerns. Then, they add value by offering solutions and insights that directly resonate with the customer's unique goals and aspirations.

This shift from a transactional to a relational approach is the power of positive affirmation. Instead of solely pushing products or services, "Yes, And" practitioners engage in meaningful dialogues. They validate the customer's perspective, demonstrating a sincere interest in their success. This fosters trust far beyond a simple "yes" to a product or service. It lays the foundation for long-term partnerships built on mutual respect and a deep understanding of each other's needs.

Picture this: A salesperson is meeting with a client from a growing tech startup. The client expresses concerns about the scalability of their current marketing automation software as their company expands. Instead of launching into a pre-prepared sales pitch for a specific product, the salesperson adopts the "Yes, And" approach.

They acknowledge the client's concerns, and then "And" add value by offering insights into their company's experience with similar situations. They share success stories of how they helped other clients with similar scaling challenges, showcasing their expertise and genuine desire to support the client's growth. This collaborative approach fosters a sense of trust and partnership, making the client feel confident in exploring potential solutions together.

Collaboration, not dictation, is the cornerstone of the "Yes, And" philosophy. Forget the outdated image of a salesperson dictating terms. This approach encourages a co-creative process where both parties actively participate in value creation. By involving customers in the decision-making process and seeking their input on potential solutions, sales professionals foster a sense of ownership and investment in the final outcome. This approach extends beyond simply selling a product; it's about empowering customers to achieve their goals through a collaborative partnership.

At the heart of "Yes, And" lies the powerful duo of empathy and emotional intelligence. By stepping into the customer's shoes and understanding their individual challenges and aspirations, sales professionals can tailor their approach to resonate on a deeper level. This empathetic connection goes beyond the transaction, paving the way for genuine relationships built on trust and authenticity. Imagine a salesperson who, instead of pushing a specific product, helps a customer navigate a complex decision by offering personalized insights and support.

They actively listen to the customer's concerns, understand their unique context, and then suggest solutions that genuinely address their needs. This approach not only enhances the customer experience but also fosters long-term loyalty.

The business landscape is a constantly evolving ecosystem, and adaptability is the key to thriving. The "Yes, And" approach is an ode to innovation, encouraging sales professionals to think outside the box and explore new ways to add value.

By embracing change and continuously seeking opportunities to improve, they position themselves not just as salespeople, but as trusted advisors and thought leaders within their industries. They become experts in their field, constantly researching and developing new solutions to meet the evolving needs of their customers.

In conclusion, redefining sales success through the lens of "Yes, And" is more than a strategy; it's a mindset shift. It's about fostering positive interactions, working collaboratively, leveraging empathy, and embracing innovation. By embracing these principles, sales professionals can elevate their performance, build lasting relationships, and set themselves apart in a competitive marketplace. So, take a deep breath, step onto the dance floor of possibility, and say "Yes, And" to a new era of sales success, where collaboration, trust, and shared value are the driving forces behind every interaction.

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).

The United Nations Economic and Social Commission for Western Asia (ESCWA) announced that it will hold an Entrepreneurship Summit under the title “The Arab Entrepreneurship Summit: Opportunities Across Borders” from October 30 to November 1, 2022, in the Jordanian capital, Amman.

The Summit aims to help Arab SMEs access regional and international markets, mobilize diverse financial resources, benefit from regional and international networks, and increase their ability to scale up. The Summit is a regional platform for national and international leaders from the public and private sectors to advocate inclusive policies and strategies required to support Arab SMEs.

The Summit brings together some 600 selected participants, including entrepreneurs, investors, business influencers, political leaders, economists, journalists, intergovernmental organizations, non-governmental organizations and donors for 20 main sessions and 10 side events.

Source: the official website of the United Nations Economic and Social Commission for Western Asia (ESCWA) on link.

Jordan-based Hello World Kids, an online coding tutoring platform, has raised an undisclosed pre-Series A funding round to accelerate its expansion into the Saudi market. The round was led by Daam Almonsha'at Holding, Oman Technology Fund (OTF) and saw participation from Vision Ventures.

Founded in 2015 by Hanan Khader, Hello World Kids offers courses in programming, coding courses and science, technology, engineering and mathematics (STEM) for children.

In 2020, the company launched HelloCode, an online interactive platform that offers a coding curriculum for schools.

Beyond Saudi Arabia, the startup will use the newly raised funds to expand into Egypt and Pakistan.

Press release

The Jordanian EdTech company Hello World Kids closes their latest funding round of undisclosed amount. The Pre-Series A round was led by Daam Almonsha'at Holding, Oman Technology Fund, and with participation from Vision Ventures.

Founded in 2015, Hello World Kids aims to develop unique and fun coding education for kids, at home or in class. In 2020, the company launched HelloCode, an online interactive platform that offers coding curricula for schools to arm new generations with crucial skills like problem-solving, analytical thinking, and data analysis, obtained by teaching them text-based coding science in simplified and interesting methods. HelloCode platform is recognized as the biggest Arab community to teach programming for kids.

The Edtech sector is slowly becoming one of the most growing industries within the MENA VC ecosystem. The sector also grabbed the attention of both consumers and investors with the onset of the pandemic. Following a consecutive 4-year growth in funding for the sector, funding in MENA-based EdTech startups has grown by 525% since 2018, raising stellar rounds in 2021 YTD across geographies. One of the top EdTech players this year has been Jordan-based Abwaab, raising $20M by the likes of BECO Capital following its acquisition of Pakistan-based counterpart Edmatrix.

Hanan Khader, founder, and CEO of Hello World Kids started the company out of a strong belief in children's capabilities to accomplish amazing work if they were given the right tools. She decided to help in providing such tools and teach kids programming through HelloCode. She added, "Our mission is to simplify the coding education for kids, that's why we have created a new programming language, which we called SmoothY; a unique programming language specifically designed for children to serve as a transitional bridge to the command-based programming languages. Once children learn SmoothY, they will be capable of reading and writing code using Python, Java, JavaScript, or any other professional programming languages in the world."

Today, Hello World Kids has over 350,000 projects submitted by kids younger than 12 years old, and over 4 million lines of code recorded by children using SmoothY on the platform. Commenting on their investment, Ahmed Diab, The CEO of Yazeed Al-Rajhi & Brothers Holding and Authorized Manager at Da’am Al-Monsha’at Limited Holding said, “We truly believe in the importance of EduTech ventures, and the unique importance of providing the coming generations with the right tools to build their future skill-set. We could see clearly the big ambition to grow the business, in addition to the true passion for making the learning process of programming a joyful journey for our kids. These factors were the main determinants to invest in Hello World Kids, and lead the investment round.”

Maha AlBalushi, Managing Director at Oman Technology Fund added, “In OTF Wadi we are eager to invest in the Ed-tech sector which aligns with Oman 2040 vision and have a myriad of untapped opportunities that are worth exploration and investment. Especially after the Covid-19 pandemic, the EdTech solution grabbed the attention of both the consumers and the investors significantly. Therefore, we are proud to co-lead this round in HWK as we see the right dynamics of the team and a huge potential for expansion and growth.”

Hello World Kids has launched a big awareness campaign targeting the Saudi market with the tagline (Barmej-min-Badri) or (Start-Coding-Early) to emphasize the skills gained by children when they learn coding early, such as creativity, problem-solving, critical thinking, and the positive reflection on the kids' personalities. Kais Al-Essa, Founding Partner and CEO of Vision Ventures commented: “I learned programming relatively early, which have highly improved my problem-solving abilities, creativity and confidence. Investing into Hello World Kids empowers Hanan and her team to build the best tools possible for our kids to learn coding in a simple and fun way so they can improve their lives and their chances at participating actively in building the future.”

Hanan concluded by adding that Hello World Company would also be finalizing a new investment round soon to continue their expansion into the Saudi, Egyptian, and Pakistani markets. The purpose of the current round is to kick off the expansion activities in the Saudi market.

source: Wamda

Wa’ed, the entrepreneurship arm of Aramco, tripled the amount of money it loaned to Kingdom-based start-ups during 2020, and injected significantly more money into new businesses through venture capital (VC) investments, as it began a multi-year effort to raise support for Saudi entrepreneurs.

The Dhahran-based venture, a wholly-owned subsidiary of Aramco, increased loan disbursements to small and medium-sized enterprises (SMEs) in Saudi Arabia to SR31 million in 2020, from SR10 million in 2019. In venture capital investments, Wa’ed deployed  SR43 million, up 34 percent from SR32 million in the previous year.

The number of loans financed rose to 12 in 2020 from four in 2019, and venture capital deals executed increased from seven to nine over the same period.

Since its inception in 2011, Wa’ed has deployed more than SR375 million to enable the growth of hundreds of innovative, disruptive digital businesses in Saudi Arabia through a unique end-to-end combination of loans, VC investment and incubation services.

Under its mandate to help diversify the Saudi economy and support entrepreneurs, Wa’ed targets game-changing SMEs across all sectors whose technologies are unique, innovative, ready for market, and address a gap in the country.

Diversifying the Saudi economy beyond oil and gas by investing in other sectors is one goal of the Kingdom’s Vision 2030 initiative, a bold, ambitious blueprint to ensure sustainable economic growth into the future.

By supporting first-mover companies whose products measurably raise the quality of life in Saudi Arabia, Wa’ed has helped grow the Kingdom’s nascent start-up ecosystem into one of the fastest-growing hotbeds of entrepreneurship in the world.

In 2020, Wa’ed responded to the challenges of COVID-19 by going virtual and redesigning workflows to streamline procedures and manage new realities, creating efficiencies that generated higher loan and VC investment volumes. Wa’ed believes the workflow enhancements it introduced will continue to boost operating performance long after the pandemic ends.

“I am very grateful for the confidence and support we receive from Aramco and the Kingdom, which enables Wa’ed to fulfil its unique pioneering role as an advocate for innovative new businesses that localize technologies and services which are needed in Saudi Arabia and can help improve quality of life,” said Wassim Basrawi, Wa’ed’s Managing Director.

“In a very challenging year, I am proud of the Wa’ed family, which includes my team and our resilient entrepreneurs, for rising to the challenges and keeping us on track to deliver an even greater impact in 2021.”

Through its mentoring and start-up incubation activities, Wa’ed is a thought leader in Saudi Arabia, offering a wide range of cutting-edge professional certification, patent development and incubation support services, as well as a range of entrepreneur networking events that attracted more than 3,000 people during 2020.

Wa’ed’s Innovation Ecosystem team is a Gulf leader in creating new incubation techniques.

In 2020, personnel from the efactory, a prototyping development lab at Wa’ed, were named inventors on three patents from the U.S. Patent & Trademark Office. The team incubated 10 new tech start-ups during the year, and three were awarded national contracts after receiving funding, interest and scouting from Aramco.

Following the onset of COVID-19, Wa’ed adopted virtual training of entrepreneurs by developing an online platform that attracted 60 new mentors, who reviewed over 130 applications from entrepreneurs with “minimum viable products” ready for market.

Social distancing also did not hinder Wa’ed from expanding the Innovation Ecosystem Society (IES), a Wa’ed-sponsored network of more than 1,600 entrepreneurs who meet in virtual events called Google Grind, which is co-sponsored with the U.S. technology giant.

As it prepares to close out its first decade, Wa’ed plans to increase its impact as the largest and most active institutional venture capital investor for Saudi-based start-ups and the only SME-sized lender in the Kingdom offering non-collateralized loans.

Wa’ed currently supports 66 Saudi SMEs through loan financing and, with its venture capital investment arm Wa’ed Ventures, a portfolio of more than 30 companies, including tech platforms Golden Scent, an e-commerce merchant for beauty products; Wahed, a global Shariah-compliant fintech robo-advisory platform licensed by the Saudi Capital Market Authority; and FalconViz, a provider of unmanned aerial drone systems.

In December, Wa’ed announced five new venture capital deals, including Ynmo, which develops Arabic-language instructional software for children with learning disabilities, and Postage, a last-mile logistics provider and rapid courier service for businesses.

Through bridge rounds, Wa’ed raised venture capital investments in Averos, a developer of real-time location-based monitoring systems, Hazen.ai, a developer of intelligent road safety systems, and GetMuv, a platform to access more than 100 health clubs and centers in the Kingdom.

Looking ahead to 2021, Wa’ed is planning a series of new initiatives to support development of Saudi’s venture capital ecosystem, which is increasingly attracting foreign innovators who are interested in localizing their technologies in the Saudi market.

The newest innovation in 2021 is expected to be Wa’ed’s new Venture Builder, a one-of-a-kind breeding ground for promising start-ups in Saudi Arabia, which provides entrepreneurs and start-ups with essential back-office services such as marketing, new business development and networking, allowing innovators to get their companies off the ground.

The Venture Builder will allow Wa’ed to specifically nurture start-up businesses that target existing market needs and gaps in Saudi Arabia, which are critical to the Kingdom’s economic future and diversification.

Overall, Mr. Basrawi said Wa’ed plans to double the number of loan and venture capital deals in next three years by entering new collaborations, better leveraging Saudi Aramco’s own business ecosystems, and actively reaching out to investors.

In its first decade, Wa’ed benefited from co-investment and innovation collaborations with King Abdullah University of Science and Technology (KAUST) and King Fahd University of Petroleum & Minerals (KFUPM).

In December, Wa’ed signed a Memorandum of Understanding (MoU) to collaborate with OQAL, the largest network of angel investors in Saudi Arabia and Bahrain, with the goal of creating a new pipeline of potential deals.

Also during the month, Wa’ed signed an MoU with Namaa Almunawarah, the business development agency for the city of Medina, to support local SMEs there.

Medina is one of the fastest-growing Saudi hubs for start-up investment, based in part on well-developed research universities that have spearheaded the development of new technologies.

Wa’ed is also in advanced discussions to execute an MoU with the Royal Commission of Jubail and Yanbu, to promote entrepreneurial opportunities in the industrial sector.

source: zawya

Maya Kurbaytaeva was born in the Republic of Dagestan, in the Russian Federation, and moved with her family to live in Estonia when she was 5 years old, and since then Maya lives in both countries, after she graduated from "Pyatigorsk Linguistic State University" in Russia in 2008, Maya worked as a teacher For the English language between 2008-2014, but Maya saw in herself a tendency to work in the field of sales, so she decided to join the position of a sales officer in the "Kubachi Silver" store for silver in Dagestan in 2015, and in 2018 she decided to start her own business in the field of selling silverware, sculptures and business Handmade and souvenir products for foreign market, launched its project "Caucasus Craft Company".

Swiss-Arab Entrepreneur Platform: After you worked in the field of teaching for six years, you moved to the field of sales, which are completely different fields. Can you describe your experience in the radical change of your career path?

My desire and interest in sales led me to change my career. It was very difficult and unusual.

I had to study a lot, attend various courses and get into the process. I wanted people all over the world to see all the beauty and originality of our products, and that the masters didn’t forget this skill and passed it on generation to generation.

Swiss-Arab Entrepreneur Platform: You work through your project on exporting locally made handmade products, from silverware, woodwork and other handicrafts, to foreign markets. In your opinion, how can this type of project contribute to preserving peoples’ heritage?

Thanks to my project, an increasing number of craftsmen are involved in the process of making handmade silver products. There is a development of creativity of masters who pass on their skills to the younger generation.

Swiss-Arab Entrepreneur Platform: Through your work you communicate with people from different cultures, languages and regions around the world, how would you describe this experience?

Because of the difference in cultures, we often have to communicate more, discuss details with clients. For example, Americans need specificity, punctuality, politeness. At the same time residents of Turkey tend to have communication, and only then get down to business.

Swiss-Arab Entrepreneur Platform: Given your experience in the handcraft trade, what kind of products are most in demand?

Based on orders, people are most interested in silverware, gift cutlery with unique ornaments, tea and coffee sets.

Swiss-Arab Entrepreneur Platform: we know that you are willing to discover enter new markets in the Arab World, what attracts you to these markets? what is special in this region, in your opinion?

The market of the Arab region attracts me with its potential and opportunities for business development, convenient tax, administrative policies and interesting positions for e-commerce.

But most importantly, I would like to bring a new product (trend) to this region.

To my mind, a special feature of the Arab world is the interesting and diverse culture that differs in each state of the Arab region. In addition, as a Muslim, I'm close to the religious and cultural features of life in the Arab World.

Swiss-Arab Entrepreneur Platform: How do you plan on growing your business?

My future plans are to expand the product geography and search for new business partners in different countries.