PR95198

RIYADH, Saudi Arabia, March 28, 2022 /PRNewswire=KYODO JBN/ --

- The RCU model integrates economic, social and natural sustainability to

create powerful and lasting growth powered by a community of SMEs

- Amr AlMadani, the RCU CEO, discusses 'tourism at a tipping point' during a

fireside chat at Global Entrepreneurship Congress 2022

- Scene then shifts to AlUla to share insights with emerging entrepreneurs

As delegates from around the world gather for the Global Entrepreneurship

Congress 2022 in Riyadh, the Royal Commission for AlUla (RCU) is highlighting

its unique approach to SME growth which places an emphasis on integrated

sustainability.

RCU is active in this week's congress as the event's official knowledge and

programming partner. Further the RCU CEO, Amr AlMadani, led a fireside chat at

the congress this afternoon on 'Tourism at a tipping point'.

Next, RCU will localise insights from the congress with an event in AlUla on

Thursday, March 31 to discuss challenges and opportunities for the region's

SMEs on the path to sustainable and inclusive growth.

RCU is organising the AlUla event in conjunction with Monsha'at, the Small and

Medium Enterprises General Authority for KSA. The event will include panel

discussions on creating a sustainable, inclusive and entrepreneurship-powered

local economy; and on establishing future-proofed start-up ecosystems for

ambitious growth. The event will also feature case studies, and presentations

from AlUla entrepreneurs.

Mr. AlMadani noted: "SME development is central to Vision 2030. RCU is

committed to regenerating AlUla around the success of SMEs and MSMEs to create

a destination completely rooted in the local culture and community. We believe

our formula for integrating natural, economic and social sustainability in our

activities will create powerful and lasting growth for AlUla's SMEs. We are

nourishing the soil where the seeds of entrepreneurs' ideas can thrive. As this

garden grows it will create value for our community and visitors."

A strong example of the work being done in AlUla is Vibes AlUla, an

entrepreneurship platform created in partnership with the Royal Commission for

AlUla. The goal of the space is to activate and enable AlUla's entrepreneurial

ecosystem through the provision of shared mentorship, programmes, services and

office spaces. The SME hub has been used to train around 80 budding

entrepreneurs in a range of first-step business principles and a further 60

micro and small businesses.

Of these 60, 15 have undergone deep-dive support as they evolve into newly

strengthened businesses. In the past three months these businesses have created

15 new jobs, started receiving investment and developed more than 15

partnership agreements from event management services to honey production.

Throughout the coming 18 months the throughput of "initiation" individuals will

be around 700 people. A further 45 business will also be uplifted in terms of

business skills. The Hub represents a unique launch pad for new businesses into

an economy that will be both transformative and responsive to the demands of

other businesses directly supporting the tourist industry and locals alike.

The pillars of RCU's plan for the SME sector are:

1. Promote indigenous growth

- SMEs and MSMEs in AlUla harness local talent, natural resources and the

cultural landscape. Opportunities span moringa oil production; date and citrus

farming; handicrafts, arts and culture; culinary, hospitality and tourism

services; and history and heritage.  

- RCU is developing grassroots businesses to create broad economic change. By

leveraging natural assets and strengths, we create a self-sustaining economic

ecosystem.

2. Build capacity and capabilities

- RCU initiatives enable SMEs to upskill talent, broaden reach and diversify

offerings:

    - Vibes AlUla is a one-stop shop for SMEs to train, set up and develop.

    - Vibes kicked off the first cohort of the AlUla SME Enablement Programme

-- as of March 2022 it enabled creation of 14 SMEs.

    - The AlUla Languages Centre offers the opportunity to learn new languages

and reach new markets.

    - Scholarship and Hammayah programmes offer avenues for growth.

3. Open a gateway to opportunity

- By enriching the SME ecosystem, RCU encourages young people with energy and

ambition to set down roots in AlUla by launching SMEs and contributing to the

national agenda.

- Economic sustainability echoes RCU's goals of natural and social

sustainability. As sustainability requires monitoring, RCU will track SME

health as part of a new Destination Performance Index.

- Reflecting RCU's worldly outlook, this strategy is informed by SME success in

Jordan and India and ideas of economists such as Michael Porter on the value

chain.

Already the first shoots of SME growth at AlUla are emerging as a result of

RCU-led efforts. This rising community of new SMEs includes a tour-guide

service for stargazing, a family-owned farm planting trees and harvesting

fruits, a honey harvester, a marketplace for beauty products, a natural-soap

retailer, an events manager, a short-term apartment rental service and a home

bakery selling online.

Mr. AlMadani observed: "Integrated sustainability means not only integrating

the economy with nature and society but also integrating the past with the

present, the present with the future, and technology with culture. Our

ancestors were entrepreneurial. To survive in a harsh environment they made

clever use of the materials at hand. They wove and embroidered with silk and

metal thread, farmed dates and gathered hay, worked as metal smiths, and ran

coffee houses. Think of how much we can achieve today if we apply this heritage

of initiative and perseverance in a modern AlUla fully connected to the wider

world and all its possibilities."

Mr. AlMadani has a strong background in entrepreneurship, having been an

entrepreneur himself as co-founder of National TalentS Company. From 2007 to

2017 he helped guide the company as it nurtured grassroots social and economic

development by establishing STEM and giftedness projects and programmes,

including the first ‎International Science & Engineering Fair-affiliated

local science fair programme in Saudi Arabia.

About the Royal Commission for AlUla

The Royal Commission for AlUla (RCU) was established by royal decree in July

2017 to preserve and develop AlUla, a region of outstanding natural and

cultural significance in north-west Saudi Arabia. RCU's long-term plan outlines

a responsible, sustainable, and sensitive approach to urban and economic

development that preserves the area's natural and historic heritage while

establishing AlUla as a desirable location to live, work, and visit. This

encompasses a broad range of initiatives across archaeology, tourism, culture,

education, and the arts, reflecting a commitment to meeting the economic

diversification, local community empowerment, and heritage preservation

priorities of the Kingdom of Saudi Arabia's Vision 2030 programme.

Photo - https://mma.prnewswire.com/media/1775087/Amr_AlMadani.jpg

Contact: jinith.joy@hkstrategies.com, +971528527285

Source: The Royal Commission for AlUla