Saudi Arabia’s aims to Become Startup Launchpad Hub in the Middle East
An innovation Ecosystem that can become a gateway for Canadian Startups.
In a session hosted by the Canada Startup Association, Abdulmajeed O. Alanazi, Business Development Manager at Saudi Arabia’s Ministry of Investment (MISA), unveiled the Kingdom’s thriving innovation and entrepreneurship landscape to an audience of 20 Canadian startups.
The event, held on Alanazi’s maiden visit to Canada, highlighted Saudi Arabia’s Vision 2030 ambitions and its commitment to fostering global partnerships.
A Vision for Transformation
Alanazi opened his presentation by underscoring Saudi Arabia’s economic momentum as the fastest-growing G20 economy in 2022, with a GDP exceeding SAR 1 trillion. Central to this growth is Vision 2030, a blueprint to diversify the economy beyond oil, with SMEs targeted to contribute 35% of GDP and private sector participation to reach 65%. “The Kingdom is not just a market; it’s a launchpad for regional and global scalability,” Alanazi remarked.
The presentation showcased key sectors ripe for innovation, including transport, healthcare, fintech, and smart cities, with disruptive technologies like AI, biotech, and IoT driving transformation. Alanazi emphasized Saudi Arabia’s strategic geographic location and world-class logistics infrastructure as competitive advantages for startups eyeing MENA expansion.
Ecosystem Support and Incentives
A highlight of the session was MISA’s “Entrepreneur License,” a streamlined digital process offering 100% foreign ownership, no minimum capital requirements, and access to local funding networks. Alanazi also detailed the Premium Residency Program, which grants five-year or permanent residency to entrepreneurs who secure investments of SAR 400,000 or SAR 15 million, respectively, and create jobs.
Canada’s startups representing multiple sectors such as edtech, fintech, healthtech, engineering and transportation etc were particularly intrigued by Saudi Arabia’s robust support infrastructure, including 100+ venture capital firms, 150+ accelerators, and state-backed initiatives like the “Fund of Funds” and CODE Program for digital transformation.
Bridging Canada and Saudi Arabia
Tehmina A. Chaudhry, President of the Canada Startup Association, welcomed Alanazi’s outreach, noting, “Canadian startups are increasingly looking beyond North America, and Saudi Arabia’s ecosystem offers unparalleled opportunities.” The two-hour dialogue explored synergies, with Alanazi inviting Canadian ventures to leverage Saudi Arabia as a hub for GCC and MENA markets.
The event concluded with a networking session, where startups discussed potential collaborations. Alanazi’s visit marks a pivotal step in strengthening ties between the two innovation ecosystems, aligning with Saudi Arabia’s goal to rank among the top 15 global economies by 2030.
