On its last day, the Qatar Economic Forum discussed the issue of entrepreneurs in the Gulf region, in the presence of a number of owners of start-up companies and owners of initiatives who called for support for these companies for their vital role in the Gulf region and their competitive potential for export abroad. They also called for expanding credit facilities on soft terms, and adopting new initiatives such as Business incubators support these companies locally and regionally.
In his intervention, Hamad Al-Hajri, founder and CEO of Sununu, confirms: “There has been a major change in recent times, as we have witnessed a great development in the nature and quality of start-up companies’ work, especially technological ones, and the term entrepreneurship has become new in the Gulf region, which is rich in energy / oil and gas. /, where everyone works in the government field.
He added: We have 5,000 graduates annually in Qatar, and today we are in dire need of a private sector and strong entrepreneurial businesses, in order to absorb them and provide suitable job opportunities for them. Assets and real estate development to stock companies and treasury bills.
Al-Hajri noted the pioneers’ ability to quickly adapt and adapt to the concept of “digitization”, as well as their ability to find effective solutions to various economic challenges, foremost of which are the risks of starting a project. In this context, he proposes expanding the provision of solutions to customers, attracting talent and technological expertise, and building giant multi-service applications. .
For his part, Mr. Omar Almajdouie, founding partner of Raed Ventures, confirms the development of Gulf entrepreneurial businesses, and the unprecedented growth witnessed by its emerging companies, since 2014 to the present day, as entrepreneurial skills and their adaptation to the digital age have reduced the risks. Bankruptcy and closure, especially with regard to the restaurant business.
He said: During the recent period, there have been rapid changes at the level of the markets of the Gulf countries, represented by the increasing rates of investment in professional talents and skills. A qualitative development in the nature of the work of these companies and their sustainability, despite the element of risk.
Almajdouie put forward two solutions to improve the performance of the Gulf entrepreneurial work, namely: opening markets for investors to export their products to, and working to attract new investors to revive emerging companies and provide them with new liquidity, and in this regard he praises the Qatari facilities and incentives for all investors.
As for Ahmed Al-Zaini, CEO and founding partner of Foodics, he focused in his speech during the session, which was moderated by Mr. Steve Mackie, partner in the Soutine Group, on the impact of digital transformation and adaptation, and its role in the success of the pioneers’ projects and programs. He opened the expansion Its tremendous technologies keep pace with the appetite of investors, motivating them to start their business, benefiting from the qualitative expansion in the digitization of infrastructure, and the accompanying preservation of the ecosystem, which also gave entrepreneurial work an additional value. Al-Zaini estimated the bankruptcy rate of startups and medium-sized companies, due to the Corona pandemic, at approximately 60 percent, and in some sectors it reached 80 percent, due to their inability to adapt digitally and its requirements, as he put it.
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