Description
Book SynopsisAn investor''s crucial guide to the changing face of Saudi Arabian business Business and Entrepreneurship in Saudi Arabia is an essential reference guide, informing investors on the key issues that define how business will be done as the nation''s family-owned businesses change hands. Supported by the U.S.-Saudi Arabian Business Council, this book introduces the reader to the new Saudi entrepreneur and explains why Saudi Arabia''s boom deserves more of the world''s attention. As the heads of family-owned businesses age and corporate boards are reshaped, business practices will be influenced by the ascension of the country''s young leaders. Interviews with young Saudi entrepreneurs describe the challenges, triumphs, failed attempts, and successful endeavors they experience every day as time-tested traditional models bump up against more modern, innovative ideas and methods. The book''s companion website features a variety of useful tools and documents that help readers
Table of Contents
Preface ix
Acknowledgments xxi
About the Author xxii
Introduction xxiii
CHAPTER 1 The Kingdom’s Modern Economy and Economic Might 1
The Modern Saudi Economy and the National Development Plans 1
The Private Sector’s Role in National Development and Non-Oil GDP 8
So, How Has It All Worked Out? 9
The Kingdom’s Path to Economic Diversification 17
Notes 29
CHAPTER 2 Innovation in Saudi Arabia: The Kingdom’s March Toward the Future 33
Evaluating Innovation in Saudi Arabia: The Global Innovation Index and the Importance of International Market Engagement 33
Innovation versus Invention 40
Technological and Scientific Discovery in Saudi Arabia 42
King Abdulaziz City for Science and Technology (KACST) 45
King Abdullah University for Science and Technology (KAUST) 56
Industrial Clusters Program (IC), SABIC, and Saudi Intellectual Property 62
Notes 67
CHAPTER 3 The Development of Family-Owned Businesses in Saudi Arabia 69
Defining the Family-Owned Business (FOB) 69
The Corporate versus Social Nature of the Saudi Family-Owned Business 74
Corporate Succession within Saudi Family-Owned Business and New Generation Integration 81
Management of Strategic Focus and the Importance of Corporate Governance 90
Illustrations of Saudi Family-Owned Businesses 98
Notes 116
CHAPTER 4 Entrepreneurship in Saudi Arabia Today 120
Defining "Entrepreneur" in Saudi Arabia 120
Saudi Entrepreneurs—The Decision to Go into Business 130
Mr. Saud Al-Suhaimi, CEO of Jawlah Tours 136
Mr. Abdulrahman Al-Olayan, Businessman, Lecturer, Doctoral Candidate 142
Bankruptcy in Saudi Arabia 150
Notes 157
CHAPTER 5 Exploring Saudi Entrepreneurism and Opportunities for Business 162
Entrepreneurship as a Catalyst for Economic Growth—Saudi Realities 162
Promotion and Support of Saudi Entrepreneurs and Small and Medium-Sized Businesses 168
Endeavor Global Incorporated (Endeavor) and Endeavor Saudi Arabia 169
The National Entrepreneurship Institute (RIYADAH) 178
The Centennial Fund (TCF) 186
Saudi Technology Development and Investment Company (TAQNIA) 192
Notes 198
CHAPTER 6 New Horizons for the Kingdom and for Its Domestic and Foreign Businesses 201
A New Era in U.S.–Saudi Commercial Relations 201
Saudi and American Goodwill and Right Intentions—A High-Level Discussion on U.S.–Saudi Bilateral Commercial
Relationships 206
New Fiscal Realities and Recurrent Development Themes 211
Closing Thoughts 218
Notes 220
Index 223
