Saudi Startup Ecosystem Poised To Drive Sustainable Growth, Says UNDP Expert

RIYADH: Saudi Arabia is showing the world how economic growth can be achieved without compromising sustainability, thanks to its Vision 2030 program and an emerging startup ecosystem, a UN official said.  

Speaking at COP16 in Riyadh, Vito Intini, regional chief economist at the UN Development Programme, said that startups in the Kingdom are evolving faster and are expected to contribute a lot to the country’s economic development in the future.  

A recent Wamda report revealed that funding for Saudi startups surged to $94 million in November, an 88 percent increase from October. 

“Saudi Vision 2030 demonstrates how sustainability and economic growth can go hand in hand,” Intini said. “The implementation of Saudi Vision 2030 is hopefully increasing a strong emphasis on supporting startups as drivers of innovation in the broader economic and social transformation.” 

Intini commended Saudi Arabia for building a robust entrepreneurial landscape that supports the growth of startups.

“By fostering an entrepreneurial ecosystem and investing in green innovation, the Kingdom can accelerate its sustainability agenda, including promoting the transition to clean energy, more efficient water use, and more sustainable land use,” he added. 

The official also emphasized the role of startups in the broader Middle East and North Africa region, particularly in tackling environmental challenges like land degradation. 

“According to studies that have tried to quantify the cost of land degradation, North Africa has greater losses to its ecosystem and income than other regions. On average, land degradation is estimated to cost about one percent of gross domestic product,” Intini said.  

Through innovative solutions and advanced technologies, he said, startups play a critical role in addressing and reversing the effects of land degradation. 

In the same panel discussion, Himanshu Mishra, associate professor at King Abdullah University of Science and Technology, highlighted Saudi Arabia’s proactive steps to secure a green future.  

“In Saudi Arabia, there is a perfect storm of opportunity in terms of getting rid of organic wastes, doing soil amendment, massive urban greening, and massive rehabilitation. There is a tremendous nationwide alignment on these goals,” Mishra added.