UN Trade and Development shores up capacity-building and knowledge-sharing to help more Saudi businesses scale and thrive.
© Shutterstock/Ole Dor | Jeddah Islamic Port, strategically located on the Red Sea, plays a vital role in connecting Saudi businesses to international markets.
Empretec, a UN Trade and Development (UNCTAD) capacity-building programme for entrepreneurs worldwide, has launched two new projects – FintechHub and LogiHub – to boost innovation in Saudi Arabia.
The projects aim to arm Saudi entrepreneurs with the skills, knowledge and tools needed to thrive in logistics and financial technology – or fintech – two booming sectors poised to drive diversification and transformation in the Middle East’s largest economy.
“Empretec Logihub and FintechHub excel at fostering sustainable and impactful business cultures,” says Arlette Verploegh, who leads entrepreneurship development work at UN Trade and Development.
“Entrepreneurs at Empretec learn to thrive in a world where creativity and innovation are essential.”
Supporting national development priorities
With 90% of start-ups failing globally, creating an enabling business ecosystem is more crucial than ever.
Empretec equips start-ups for success in an increasingly competitive world by helping them become more tech-driven, resilient and innovative. The new projects are part of ongoing efforts to expand its curriculum and impact.
They also align with Saudi Arabia’s national development plan, “Saudi Vision 2030”. This ambitious blueprint aims to diversify and transform the country’s economy by putting entrepreneurship and technology front and centre.
The nation is working to position itself as a global logistics hub, leveraging its strategic location at the crossroads of Africa, Asia and Europe. It also aspires to be a world-class player in fintech, with the target of 525 fintech companies established by 2030. Already, 213 fintech firms are up and running.
How Empretec’s new projects are helping
The FintechHub and LogiHub projects offer comprehensive learning opportunities for start-up founders at all growth stages across Saudi Arabia, blending essential entrepreneurial skills with practical insights.
Empretec certified trainers and experienced start-up founders lead the training workshops, fostering peer-to-peer knowledge exchange and providing one-on-one mentoring.
The projects also feature study tours and include automatic participation in Empretec’s Square for Global Goals, an initiative to catalyze learning and networking through mentoring from industry leaders.
“It [the experience] encouraged me to explore solutions to managing manpower effectively and leveraging technology to optimize resources,” says logistics start-up founder Monsour Alawhali, who participated in LogiHub training.
“It also taught me how to confront failure and transform it into a winning opportunity.”
900 entrepreneurs expected to benefit in five years
Empretec’s LogiHub and FintechHub are expected to benefit around 900 Saudi start-up founders by 2029, with 165 having already started their journey in 2024.
The development and launch of the two projects were supported in part by Saudi Arabia’s Social Development Bank, an Empretec partner since 2014.
Empretec also collaborates with local partners, including the National Industrial Development and Logistics Programme, the Saudi Logistics Academy, Fintech Saudi and the Center of Digital Entrepreneurship.
These partnerships help Empretec Saudi Arabia better access sector-specific networks and up-to-date insights into the country’s logistics and fintech sectors.
