The Kingdom of Saudi Arabia celebrates its 90th National Day on September 23rd, and despite restrictions following COVID-19, citizens and residents alike will be celebrating in style. The Kingdom has a superstar concert lined up and has even come out with its own logo to mark its big day, along with a motto translating to ‘mettle to the top’. It is said to be inspired by HRH Prince Mohammed bin Salman, Crown Prince, Deputy Prime Minister and Minister of Defense– who has likened Saudis’ stamina to the formidable Tuwaiq mountain.
Speaking of stamina, the country is making some progress in its ambitious reform plans to diversify its economy away from hydrocarbons, and there are some bright spots in the economic outlook despite some COVID-related bumps this year. Credit rating agency Moody’s cites the country’s low debt and strong balance sheet among key reasons for the country’s resilience, and long-term investments in health infrastructure are also paying off.
Another area giving gusto to the economy in Saudi is the rapid emergence of SMEs, not just in the Saudi market, but throughout the GCC in the wake of the COVID pandemic. Analysts are hailing 2020 the “era of start-up growth”. This is great news for the GCC economy and for young entrepreneurs in the region, but they need companies like Tradeling to give them a helping hand to streamline all their buying needs.
SMEs are proven to be a key pillar in any economy, as well as a solid creator of jobs, and as part of the Saudi Vision 2030, the government aims to raise the contribution of SMEs from the current 20 per cent to 35 per cent of GDP by 2030. One support mechanism will by facilitating access to much needed funds, solving one of the biggest pain points for these enterprises.
Saudi, the biggest economy in the Middle East, generates around $680 billion in GDP, and with a predominantly young population, where some 70 per cent of the 33 million people are under 30, there are big opportunities for youthful, energetic entrepreneurs to tap into. There are many signs of encouragement throughout the Kingdom, including Technology Incubators, which have been at the centre of start-up support for some time and carving Saudi a name for itself as being an entrepreneur hub. And with Saudi’s tech-savvy population boasting high purchasing power, it’s as good a time as any to get in on the action.
Ease of doing business
With a digital transformation underway and a willingness from the government to encourage innovation and entrepreneurship, it’s a win-win for all. The ease of starting a business is better than ever, and the ease of doing business can be just as simple providing business leaders pick their partners wisely to capitalise on the upside potential. Tradeling, a new and exciting B2B eMarketplace serving the MENA region, offers many solutions to businesses in the region, giving many new start-ups a leg up to get their business up and running by consolidating their buying needs, connecting them to key business partners and opening many doors to customers.
The company connects business buyers and sellers with ease. Customers can search for thousands of products from hundreds of sellers around the world or get discovered by a new business community of online buyers. The potential is endless. They can compare, choose and secure their transactions effortlessly. What’s more, Tradeling’s in-house industry experts can help buyers find the products they need and even sources them for them. Business – small, medium or large – just need to register their business on the Tradeling platform and they can start connecting to a global community of buyers and sellers. It’s a one-stop shop where companies can save time by streamlining their procurement needs all under one roof.
In an era of increased automation and digitisation, business owners have the ability to get more visibility about their products and services through platform like Tradeling, and they need to ensure that they are utilising resources available so that they can concentrate on growth, tap into the right markets to better serve their customers, while helping their local economies at the same time.
With Saudi government’s determination to fulfil its Vision 2030 on time, and with the mettle of its people to get to the top, there is no doubt that we will see more and more entrepreneurs put their business plans to action, and Tradeling will be there to help them.
Happy National Day!