Entrepreneurship embodies the spirit of innovation and renewal, fostering the realization of dreams and the transformation of ideas into reality. This dynamic field has become an attractive career choice for enterprisers who aspire to create a lasting impact in the business and economic sectors. The Kingdom’s Vision 2030 program, a blueprint for the modernization and economic diversification of Saudi Arabia, recognizes the pivotal role of entrepreneurship as a key driver of national economic growth and aims to increase the contribution of small enterprises to the Gross Domestic Product (GDP) from 20% to 35% by 2030.
To realize this ambitious goal, the Kingdom has implemented proactive measures to promote entrepreneurship across diverse business sectors, contributing to the rapid expansion of the startup ecosystem. According to a recent report by the Boston Consulting Group, Saudi Arabia’s fastest-growing sectors – technology, fintech, and e-commerce – are projected to surpass $13 billion by 2025. Supporting this cause, numerous national companies and researchers have designed meticulous programs and initiatives, playing a vital role in fostering the growth of the entrepreneurial ecosystem.
SEDCO Holding, a leading Saudi ethical and sustainable investor, is at the forefront of this effort. Aligned with Vision 2030, the organization aims to guide and empower entrepreneurs to become key pillars in strengthening the economy and achieving sustainable development. Recognizing the importance of developing and refining basic financial planning and management skills among entrepreneurs, the company launched its financial management literacy program, “Rowad.”
Crafted by industry experts, the “Rowad” program provides online training courses with advanced tools and simulations that enrich the learning experience. It also includes the Rowad Podcast, featuring a series of episodes that explore every aspect of entrepreneurship. This insightful and enlightening educational initiative aims to cultivate a new generation of entrepreneurs capable of confidently and efficiently seizing market opportunities. It also equips them with the necessary knowledge and tools for project success and achieving sustainable financial growth, in alignment with Vision 2030.
Built on the successes of SEDCO Holding’s consistent efforts to promote financial awareness since 2012, “Rowad” program educates participants on preparing feasibility studies, determining price structures, identifying financing opportunities, navigating Islamic banking and its options, and understanding financial indicators and reports.
Since its launch in 2017, “Rowad” has achieved tangible success in transforming the practices of entrepreneurs. Following the completion of training courses, 36% of participants adopted financial practices related to entrepreneurship, 53% embraced trade finance, and 56% opted for business finance. The program has also increased financial literacy by 45.05% and knowledge of financial management by 12%. It successfully met the goal of 75% of respondents, enhancing their ability to understand and effectively use various financial skills, including personal financial management, savings, investment, valuation, due diligence, the investment readiness process, and memoranda of conditions.
To further enhance the program’s role and contribution towards achieving goals outlined in the Vision 2030 framework, SEDCO Holding has signed agreements and partnerships with notable entities, such as the Ministry of Communications and Information Technology to conduct 20 workshops for entrepreneurs and startups, as well as providing comprehensive financial guidance and advisory services.
The “Rowad Bidaya” program focuses on cultivating the mindset entrepreneurs should adopt, essential skills they need to possess, and understanding customer and supplier behaviors and ways to navigate them. Meanwhile, the “Rowad Nomou” program aims to empower founders of innovative tech startups that have reached the growth stage by providing necessary knowledge on securing external financing to grow their businesses. Additionally, the program offers a comprehensive and integrated plan covering the basics of financial management, finance, financial resources, accounting, profit and loss accounts, balance sheets, cash flows, and Islamic banking.
Since its launch, “Rowad” has achieved significant milestones, benefiting 18,894 participants. It was honored with the Learning Technologies Award as the best learning technologies project in the public and non-profit sectors, highlighting its commitment to providing high-quality education and cutting-edge vocational training. The program actively promotes its purpose-driven initiatives by participating in key events, such as Global Entrepreneurship Week (GEW), the Biban Riyadh Forum organized by Monsha’at, and the DeveGo 2024 Forum on Entrepreneurship and Modern Work Styles, further solidifying its role in the entrepreneurship ecosystem.