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RIYADH: Young talents in �������� require a combination of digital and technical skills, including artificial intelligence and data analytics, to thrive in the Kingdom’s dynamic business environment, experts told Arab News. 

Strengthening entrepreneurship and bolstering the small and medium enterprises landscape is a crucial goal outlined in ��������’s Vision 2030 agenda, as the Kingdom is steadily diversifying its economy by reducing its reliance on oil-based revenues. 

Speaking to Arab News, Amr Kazimi, manager, public sector practice at Arthur D. Little Middle East, said that equipping young Saudis with the ability to innovate and build businesses could help the Kingdom reduce its dependence on oil and accelerate diversification into priority non-energy sectors such as technology, tourism, and renewable energy. 

“To thrive in ��������’s dynamic business environment and to catch up with global trends, young entrepreneurs need a mix of digital and technical skill; these include AI, data analytics, e-commerce,” said Kazimi. 

He added: “Strong financial literacy and business management skills are also essential to navigate funding opportunities and business operations. Similarly, innovation, problem-solving, leadership, adaptability, and cross-cultural communication are vital to support the Kingdom’s push toward a thriving economy.” 

In August, a report released by PwC Middle East echoed similar views and said that developing entrepreneurial capabilities in MENA must go far beyond traditional business training, with a focus on adaptability, creativity, problem-solving and fluency in emerging technologies.

Philipp Lemmerz, Middle East leader for economic competitiveness at PwC Middle East, told Arab News that technical fluency in finance, digital tools, and emerging technologies is now a basic requirement for young entrepreneurs in �������� to lead with confidence in the fast-changing business landscape. 

“Our survey found that 81 percent of CEOs in the Kingdom have adopted generative AI in the past year, which highlights the pace of change. For youth, this means entrepreneurial skills must go hand in hand with an openness to innovation and a readiness to compete on a global scale,” said Lemmerz. 

The vitality of soft skills

Shihab Elborai, partner, Strategy& Middle East, part of the PwC network, said that interpersonal abilities, such as adaptability, active listening, and risk awareness, play an outsized role in career progression for young Saudi entrepreneurs. 

Elborai added that these soft skills are as important as technical expertise, and in many cases, they will help propel young people into leadership roles faster. 

“On the practical side, entrepreneurs need sharp business acumen to make sound, timely decisions. But just as important are the softer skills — being adaptable, willing to take calculated risks, and able to challenge ideas without shutting down collaboration,” said Elborai. 

Vanina Torlo, head of Oliver Wyman’s India, Middle East, and Africa Education Practice, said that young Saudis need a blend of innovation and creativity, business sense and strong digital skills to tone their entrepreneurship skills. 

She added that the ability to think outside the box is crucial for innovating in the current economic landscape and expanding beyond the Kingdom’s traditional reliance on oil. 

“In such a dynamic landscape, young Saudi entrepreneurs will need to be prepared to face setbacks and challenges; a resilient mindset and the capacity to pivot strategies when necessary are critical for long-term success,” said Torlo. 

The long-lasting economic impact

Nirmal Chhabria, professor of the Practice and Director of the EMBA-Dubai Program, Georgetown University’s McDonough School of Business, told Arab News that developing entrepreneurial skills among Saudi youth creates economic impact through various interconnected mechanisms that go far beyond traditional job creation. 

“Developing entrepreneurial skills transforms the employment equation itself. Rather than producing graduates who compete for existing positions, entrepreneurial education creates individuals who generate new positions. When young Saudis learn to identify market gaps and build solutions, they become job creators rather than job seekers,” said Chhabria. 

He further said that strengthening these skills will organically accelerate technology adoption and innovation diffusion, allowing young entrepreneurs to gravitate toward emerging technologies and digital solutions. 

“As they build businesses around AI, fintech, e-commerce, and other high-growth sectors, they become vectors for modernizing traditional industries. This organic technology integration often proves more effective than top-down digitization initiatives because it’s driven by market demand rather than bureaucratic mandate,” said Chhabria. 

Lemmerz said that entrepreneurial capability is the cornerstone of Vision 2030, as it connects diversification with job creation by empowering young Saudis to establish ventures that broaden the economic base and generate sustainable employment. 

The PwC official added that developing entrepreneurial skills among youth in the Kingdom will help them seize growing opportunities and build a private sector that is resilient and competitive, something which is central to the future of ��������. 

“By instilling entrepreneurial confidence and capability across our youth, we ensure that Vision 2030 is not only achieved but anchored in a thriving, innovative private sector. In doing so, we create an economy that is more diverse, more competitive, and more inclusive for generations to come,” said Lemmerz. 

The crucial support system factor

According to Lemmerz, a thriving entrepreneurial ecosystem not only requires capital, but also needs access to mentorship, digital infrastructure, and a regulatory environment that enables innovation and rewards risk-taking channels. 

“Our CEO survey highlights how Saudi leaders are already investing in areas such as AI and sustainability, demonstrating confidence in the Kingdom’s future. To match this, youth must be supported with the right systems to turn ideas into scalable ventures,” said Lemmerz. 

He added that young business founders need structured incubation, simplified regulatory sandboxes, and corporate partnerships that open procurement. 

“When ambition is backed by the right infrastructure, the next generation of Saudi entrepreneurs can emerge as national champions. This ecosystem is what will transform today’s start-ups into tomorrow’s pillars of the Saudi economy,” said the PwC official. 

Kazimi said that a thriving entrepreneurial ecosystem in �������� can be built on streamlined regulations, robust financing channels, access to mentorship and networking, infrastructure, access to talent, and adequate enablers. 

The Arthur D. Little official further noted that more efficient regulations would include building on the existing momentum to simplify business set-up, reduce bureaucracy and operational impediments, and strengthen intellectual property. 

“Enhancing access to finance not only involves simplifying requirements for funding but also innovating in funding products available to small businesses. In addition, achieving access to mentorship, networks, and technical support can be achieved through specialized and sector-focused incubators and innovation hubs,” said Kazimi. 

He added: “Innovation hubs and incubators are also a great way to address infrastructure needs, through co-working spaces and other shared services. Finally, to address the issue of lack of specialized human capital, �������� could continue to invest in initiatives that would make it easier to attract foreign talent as well as invest in initiatives that would help retain them.” 

Torlo said that opportunities for entrepreneurship in �������� are unprecedented, driven by substantial government support for SMEs and startups. 

The Oliver Wyman official added that simplifying the entrepreneurial ecosystem and enhancing training support for entrepreneurs can significantly boost confidence in new ventures, attracting both local and foreign investment. 

“Investing in entrepreneurial skills is crucial to overcoming current barriers, equipping young entrepreneurs with the knowledge and tools necessary to navigate through the rapidly evolving landscape,” added Torlo. 

Measuring the success

Lemmerz said that the success of entrepreneurial initiatives should be measured by outcomes, not only outputs, which includes the number of youth-founded businesses, their survival and growth rates, and the jobs they generate. 

“Success for youth entrepreneurship will be reflected in similar patterns: ventures that attract investor confidence, adopt new technologies, and contribute meaningfully to sectors central to diversification. When we see this kind of progress, we know that entrepreneurial initiatives are building not just businesses, but the future of the Kingdom’s economy,” said Lemmerz. 

Kazimi said that success of youth entrepreneurship in �������� can be measured through various indicators such as SME contribution to the Kingdom’s gross domestic product, which is a core Vision 2030 goal. 

The Arthur D. Little official added that the growth can be also accessed by macro-economic indicators such as employment generation and reductions in youth unemployment, which directly reflects the impact of entrepreneurship on the labor market.

“Additional indicators include levels of venture capital attracted, patent registrations, and participation in accelerator or incubator programs such as those under Monsha’at and Misk,” said Kazimi.

RIYADH: �������� has granted the Syrian Arab Republic 1.65 million barrels of crude oil under the directives of King Salman and Crown Prince Mohammed bin Salman. 

The donation was formalized through a memorandum of understanding signed by Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and Mohammed Al-Bashir, Syria’s Minister of Energy, the Saudi Press Agency reported.  

The signing ceremony was attended by Saudi Ambassador to Syria Faisal Al-Majfel and Majid Al-Uteibi, deputy minister for Oil and Gas Technical and Regulatory Affairs. 

The move reflects ��������’s commitment to supporting the Syrian people and the strong ties between the two countries. 

“The grant will contribute to enhancing the operation of Syrian refineries and achieving operational and financial sustainability, supporting economic development and addressing economic challenges in Syria, ensuring the growth of vital sectors, and supporting national and international efforts to achieve sustainable development goals,” the SPA report said. 

Furthermore, the donation aligns with and supports broader national and international efforts aimed at achieving the UN Sustainable Development Goals in the region. 

�������� is now leading a concerted effort to bring Damascus back into the Arab fold after a decade of economic isolation, a crippled currency, and shattered infrastructure. 

Following the 2024 reopening of its embassy, ��������, alongside Qatar, settled Syria’s World Bank debt, unlocking access to vital international funding. 

This momentum continued with the recent Syrian-Saudi Investment Forum, where Saudi Investment Minister Khalid Al-Falih unveiled 47 agreements worth $6.4 billion, targeting key sectors of a modern economy. 

In addition to the oil grant, �������� earlier this week announced a new reconstruction project in Damascus to clear rubble and aid rebuilding efforts, further strengthening ties with the Syrian authorities.  

The King Salman Humanitarian Aid and Relief Centre said it would provide an aid package to remove an estimated 75,000 cubic metres of rubble from the capital and surrounding areas. 

The aid will also support the rebuilding of 34 schools in Aleppo, Idlib, and Homs, the reconstruction of dozens of bakeries, and the rehabilitation of sewage and water infrastructure in Damascus.