Saudi Arabia Leading the Way in Sustainable Economic Growth
In a groundbreaking move, Saudi Arabia is showcasing to the world how economic growth can be achieved without compromising sustainability. Thanks to its Vision 2030 program and a rapidly growing startup ecosystem, the Kingdom is setting a new standard for sustainable development, according to a UN official.
Startups in Saudi Arabia on the Rise
Speaking at COP16 in Riyadh, Vito Intini, regional chief economist at the UN Development Programme, highlighted the rapid evolution of startups in the Kingdom. These startups are expected to play a significant role in driving the country’s economic development in the coming years.
A recent report by Wamda revealed that funding for Saudi startups soared to $94 million in November, marking an 88 percent increase from the previous month.
Saudi Vision 2030 Paving the Way
Intini praised Saudi Vision 2030 for demonstrating how sustainability and economic growth can work hand in hand. The initiative is placing a strong emphasis on supporting startups as key drivers of innovation in the broader economic and social transformation of the country.
Role of Startups in Sustainable Development
By fostering an entrepreneurial ecosystem and investing in green innovation, Saudi Arabia is accelerating its sustainability agenda. This includes promoting the transition to clean energy, more efficient water use, and sustainable land practices.
According to Intini, startups also play a crucial role in addressing environmental challenges in the broader Middle East and North Africa region, particularly in combating land degradation.
Proactive Steps Towards a Green Future
In the same panel discussion, Himanshu Mishra, associate professor at King Abdullah University of Science and Technology, highlighted Saudi Arabia’s proactive measures to secure a green future.
With a perfect storm of opportunities, including waste management, soil enhancement, urban greening, and rehabilitation initiatives, the Kingdom is aligned nationwide towards achieving these sustainable goals.