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Business and Entrepreneurship in Saudi Arabia: Opportunities for Partnering and Investing in Emerging Businesses

Business and Entrepreneurship in Saudi Arabia: Opportunities for Partnering and Investing in Emerging Businesses

Edward Burton

ISBN: 978-1-118-94914-6

Sep 2016

264 pages


An investor's crucial guide to the changing face of Saudi Arabian business

Business and Entrepreneurship in Saudi Arabia is an essential reference guide, informing investors on the key issues that define how business will be done as the nation's family-owned businesses change hands. Supported by the U.S.-Saudi Arabian Business Council, this book introduces the reader to the new Saudi entrepreneur and explains why Saudi Arabia's boom deserves more of the world's attention. As the heads of family-owned businesses age and corporate boards are reshaped, business practices will be influenced by the ascension of the country's young leaders. Interviews with young Saudi entrepreneurs describe the challenges, triumphs, failed attempts, and successful endeavors they experience every day as time-tested traditional models bump up against more modern, innovative ideas and methods. The book's companion website features a variety of useful tools and documents that help readers implement the concepts presented, and the firsthand information provides deep insight into the future of these companies.

Saudi Arabia is profoundly influencing the technological advances of multiple industries through increasing collaboration and in-country partnerships with communities around the world. The evolution of the Kingdom's family-owned businesses is becoming more important to investors as young Saudis claim their legacies, and this book provides an insightful understanding of the changing nature of Saudi business.

  • Meet the emerging entrepreneur class of Saudi Arabia
  • Learn how the Saudi boom affects global business
  • Discover what investors need to know about the Saudi economy
  • Examine how time and technology is reshaping the way business is done
  • Gain useful insight into the direction management of the Kingdom's growth will take over the next five years

The Saudi economy constitutes thirty percent of the Arab world's GDP, and sixty percent of the population is under the age of thirty. Business and Entrepreneurship in Saudi Arabia provides essential information investors need to navigate the changing tide of doing business in Saudi Arabia.

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Preface ix

Acknowledgments xxi

About the Author xxii

Introduction xxiii

CHAPTER 1 The Kingdom’s Modern Economy and Economic Might 1

The Modern Saudi Economy and the National Development Plans 1

The Private Sector’s Role in National Development and Non-Oil GDP 8

So, How Has It All Worked Out? 9

The Kingdom’s Path to Economic Diversification 17

Notes 29

CHAPTER 2 Innovation in Saudi Arabia: The Kingdom’s March Toward the Future 33

Evaluating Innovation in Saudi Arabia: The Global Innovation Index and the Importance of International Market Engagement 33

Innovation versus Invention 40

Technological and Scientific Discovery in Saudi Arabia 42

King Abdulaziz City for Science and Technology (KACST) 45

King Abdullah University for Science and Technology (KAUST) 56

Industrial Clusters Program (IC), SABIC, and Saudi Intellectual Property 62

Notes 67

CHAPTER 3 The Development of Family-Owned Businesses in Saudi Arabia 69

Defining the Family-Owned Business (FOB) 69

The Corporate versus Social Nature of the Saudi Family-Owned Business 74

Corporate Succession within Saudi Family-Owned Business and New Generation Integration 81

Management of Strategic Focus and the Importance of Corporate Governance 90

Illustrations of Saudi Family-Owned Businesses 98

Notes 116

CHAPTER 4 Entrepreneurship in Saudi Arabia Today 120

Defining "Entrepreneur" in Saudi Arabia 120

Saudi Entrepreneurs—The Decision to Go into Business 130

Mr. Saud Al-Suhaimi, CEO of Jawlah Tours 136

Mr. Abdulrahman Al-Olayan, Businessman, Lecturer, Doctoral Candidate 142

Bankruptcy in Saudi Arabia 150

Notes 157

CHAPTER 5 Exploring Saudi Entrepreneurism and Opportunities for Business 162

Entrepreneurship as a Catalyst for Economic Growth—Saudi Realities 162

Promotion and Support of Saudi Entrepreneurs and Small and Medium-Sized Businesses 168

Endeavor Global Incorporated (Endeavor) and Endeavor Saudi Arabia 169

The National Entrepreneurship Institute (RIYADAH) 178

The Centennial Fund (TCF) 186

Saudi Technology Development and Investment Company (TAQNIA) 192

Notes 198

CHAPTER 6 New Horizons for the Kingdom and for Its Domestic and Foreign Businesses 201

A New Era in U.S.–Saudi Commercial Relations 201

Saudi and American Goodwill and Right Intentions—A High-Level Discussion on U.S.–Saudi Bilateral Commercial

Relationships 206

New Fiscal Realities and Recurrent Development Themes 211

Closing Thoughts 218

Notes 220

Index 223