Entrepreneurs and global investors visited AlUla and Riyadh for a three-day event organised by the Ministry of Investment’s (MISA’s) startup accelerator Catalyse Saudi to explore venture capital and private equity opportunities.

 

International participants included Eldridge, owners of the Chelsea Football Club, Dodgers and Lakers; New Theory Ventures; Fireside, an interactive Web3 streaming platform; actor and designer Fai Khadra; music producer Fernando Garibay; Nike’s RTFKT CTO Samuel Cardillo; Groot Hospitality’s David Grutman; and celebrity chef Todd English.

 

The programme started with a tour of AlUla, one of Saudi Arabia’s top tourism destinations and home to Hegra, a UNESCO World Heritage site, organised by the Royal Commission of AlUla and AlUla Development Company.

 

Entertainment, Web 3.0 and tourism

The Riyadh portion of the event kicked off in the Jax District with David Grutman and Rio Ferdinand discussing Saudi Arabia’s transformation and what the World Cup in Qatar meant for the wider region’s sports and hospitality sectors. Guests were hosted for lunch in Ahmed Mater’s studio and participated in roundtable discussions at Wasm Studio to discuss the future of entertainment, Web 3.0 and tourism. The programme closed with a tour in Diriyah, the birthplace of the first Saudi state.

 

Roundtable conversations centered on trends and investment opportunities in creative industries and featured fruitful conversations between international investors and Saudi Arabian entrepreneurs. Topics included the effect of technology and increased digitisation on consumers, the role of blockchain in gaming, and the future of tourism and travel.

 

“Through Catalyse, first-time guests to the Kingdom have had the opportunity to see Saudi through our eyes and to form their own opinions and narratives - to change the ideas of what they have read about Saudi and to help share ideas towards shaping its future,” said Louise Tabbiner, Advisor to the Minister of Investment.

 

Record-breaking year

According to MAGNiTT, a startup platform for emerging venture capital markets, last year was a record-breaking year for the Saudi venture capital ecosystem, which grew 270% year-over-year as startups accumulated $548 million in funding.

 

Speaking about Catalyse Saudi’s event, Dr Sara Althari, Managing Director of Biotech & Pharma and Advisor to the Minister of Investment, said: “The discussions over the last few days have allowed us to share insights into what it takes to create a successful startup ecosystem in Saudi Arabia and how the entertainment sector is evolving. I am very excited by the potential of Saudi companies emerging in this industry and look forward to seeing how they continue to grow – both domestically and internationally.”

 

Catalyse Saudi was launched in March 2022. Participants have included Miami Mayor Francis Suarez, OneFootball, Liberty City Ventures, Todd English, Animoca Brands, Silicon Valley Bank, Ginkgo Bioworks and Warner Music Group.-- TradeArabia News Service