Reigniting Saudi Arabia, the greatest success story of the 21st century
By Shane Shin, Founding Partner
In a recent exclusive interview with Fox News, HRH the Crown Prince Mohammed bin Salman provided an engaging glimpse into the heart of the Kingdom of Saudi Arabia. This conversation marked his first-ever full English interview, where HRH engaged in a candid exploration of critical political matters, from the Yemen conflict and the Palestinian-Israeli complexities to the US security guarantee.
Yet, the dialogue extended beyond the realm of geopolitics. The Crown Prince enthusiastically shared Saudi Arabia's exceptional economic journey, shedding light on the Kingdom's remarkable growth in recent years. Amidst these discussions, a recurring theme emerged - one of progress, development, and a resolute vision to forge a thriving economy, not just within Saudi borders but across the Middle East and the globe.
In a moment of personal revelation, Prince Mohammed shared his affinity for video games, a passion cultivated since childhood. He described how this passion serves as a tool for him to 'disconnect' from the world, offering a respite amidst the demands of leadership. His insights emphasized the explosive growth of E-sports, positioning it as one of the most burgeoning global industries, boasting about 50% growth every year. This perspective shed light on the rationale behind the Public Investment Fund’s (PIF) successful investments in E-sports, showcasing HRH's keen understanding of the evolving landscape of entertainment and technology, as well as the Kingdom’s adaptability in the digital age.
Amidst Saudi Arabia’s economic reform initiatives sweeping across diverse sectors, Shorooq Partners, too, has found its footing in this dynamic landscape. While we operate in several GCC markets, our investments in Saudi-based startups like Lendo, Lean, Mozn, Tamara, Retailo, TruKKer, Penny and Amwal have positioned us firmly within the heart of Saudi Arabia’s entrepreneurial scene. Whilst Shorooq Partners acknowledges Saudi Arabia as a pivotal market, we're not alone in this recognition. Global venture capitalists, startups, and corporations are converging on Saudi Arabia, seeing it as a fertile ground for innovation and growth. We see Saudi today as the “center of gravity.”
For us, our presence in Saudi represents more than an investment; it's a partnership with progress and commitment to be part of the hottest transformative wave of today. Supported by the PIF, Jada Fund of Funds (Jada) and Saudi Venture Capital Company (SVC), our expansion into Saudi operations echoes our faith in Saudi startups not just to drive change locally but to influence the global landscape.
The interview concluded with an exciting revelation – The Kingdom is working towards unveiling Vision 2040, to be shared with the public between 2027 and 2028. HRH also made a powerful declaration: "the greatest success story of the 21st century is Saudi Arabia." These words not only reflect his unwavering belief in the nation's potential but also echo his steadfast commitment to a future defined by innovation and prosperity – all of which resonate deeply at Shorooq Partners. This conviction, coupled with the new vision for the Kingdom’s future, will signal yet another critical chapter in Saudi Arabia’s and the broader Middle Eastern transformative journey.
We sincerely express our gratitude for the opportunities this vibrant nation has bestowed upon us. With each investment and every partnership forged, we have built a stronger presence in the country, nurturing the roots of innovation, together with the innovative spirit of Saudi entrepreneurs and the support of the government. Saudi Arabia is a vital chapter in our own journey, and we anticipate an exhilarating future ahead.
Let us all aim not just to shape the future, but to reignite it.
