Saudi Gazette report

RIYADH — The Small and Medium Enterprises General Authority of Saudi Arabia on Monday announced the establishment of HUB1006, an operating entity for a series of entrepreneurial hubs focused on growing the SME and entrepreneurship sectors across the Kingdom.

HUB1006 was launched during the Impact to Innovation (i2i) Roundtable organized as part of the US presidential visit in order to realize the goals of Vision 2030 and the National Transformation Program (NTP).

Currently, there are approximately two million SMEs in the Kingdom, which contribute 20% to the Kingdom’s GDP. The introduction of HUB1006 will help increase this to 35% by 2030, in line with Vision 2030 and NTP goals.

“We are launching HUB1006 to facilitate the growth of the entrepreneurship sector and to drive innovation across a wide range of industries. The new operating platform will adopt an inclusive approach, bringing together men and women from across the Kingdom and other parts of the world to grow the collective value proposition of the entrepreneurial community,” said Dr. Ghassan Al Sulaiman, Governor of the SME Authority.

“By establishing HUB1006 the government will boost employment and create a more sustainable economic model that allows all citizens to thrive,” he added.

HUB1006 will be established as an operating body with strategic relationships with CIC-Venture Café Global Institute, a public benefit corporation with an international network focused on promoting entrepreneurship, and Deloitte, the largest professional services firm in the world, well known for its leadership in digital economy.

MTA Holdings, an investment company, is a founder of the initiative. The partner organizations will provide their expertise and know-how to help ensure that the Hub offers the necessary resources to help SMEs and start-ups succeed.

The SME Authority will launch its first entrepreneurial Hub as a pilot project in King Abdullah Economic City in partnership with Emaar Economic City, Economic Cities Authority and Mohammed Bin Salman College.

The hub will actively encourage Saudi and international entrepreneurs & SME owners to locate their new ventures in HUB1006 by providing a creative ecosystem that offers a range of physical and digital solutions necessary to stimulate growth, remove bureaucratic barriers associated with growing a business in Saudi Arabia, drive innovation and overcome obstacles associated with starting a new business.

Designed to be a launch pad for SMEs and start-ups in the Middle East, HUB1006 will serve as the physical and virtual exchange between Saudi Arabia and the world, creating an environment that facilitates access to professional and legal services, affordable office space, venture capital, learning and development, as well as government services.

The SME Authority has plans to grow the Hub by establishing additional network offices in other parts of the Kingdom, such as Riyadh and Jeddah, with an ultimate goal to expand its reach and scalability across the whole of the Middle East.