SAUDI WINNERS OF ALLWORLD’S ARABIA FAST GROWTH 500 SHOW THE KINGDOM IS COMPETITIVE IN ENTREPRENEURSHIP

41 Saudi companies made the Arabia 500, growing 41% a year, 10x the rate of the private sector.

Saudi Arabia and Turkey claimed the top spots in the Arabia500

 for the largest and fastest growing companies.   

13 February 2112, Riyadh, KSA…Today, U.S. Ambassador to the Kingdom of Saudi Arabia, James B. Smith hosts the Saudi winners of AllWorld’s Arabia Fast Growth 500 (Arabia500).  The Arabia500 is a ranking of some of the fastest growing entrepreneurial companies from the Middle East, North Africa, Turkey and Pakistan.  Companies compete for a position based on their sales growth rates and must show audited statements to confirm their revenues.  Four hundred winners from 15 countries attended the Arabia500 announcement on December 5th at the Global Summit on Entrepreneurship in Istanbul. 

Joining the Ambassador in celebrating the Saudi winners is Anne Habiby, Co-CEO and Co-Founder of Allworld Network and key partners including Arcapita, Eastgate Capital, Monitor Group, Potential, RED Abraaj Capital, Zawya and well-known investor Dr. Ghassan Suliaman of Saudi Arabia.

“I salute these entrepreneurs for their enthusiasm and sheer determination to connect our world together through growth and success for all,” said Ambassador Smith. 

“The Arabia500 is not a ranking of the largest players on the stock exchange, but the new dynamic players bursting onto the scene and the Saudi winners are some of the best we have seen,” said Habiby.  “While most companies were hit hard by the global downturn, the Saudi businesses were defying economic gravity, growing 41% a year. These companies build new economic capacity, fill gaps in the market, and generate inward investment and productive local employment.”

AllWorld was co-founded by Deirdre Coyle, Anne Habiby and Harvard Business School Professor Michael Porter.  AllWorld systematically identifies private growth companies and ranks the fastest growing for the Arabia 500, Africa 500, Asia 500, Eurasia 500, and Latin America 500.  Being on an AllWorld ranking puts companies on the world map, drawing the market to them - what AllWorld calls Visibility Economics^TM.  Ranked companies “go public,” attracting new investors, customers, joint venture partners and talent to increase their odds of success.

Saudi Arabia along with Turkey shares a unique distinction on the AllWorld Arabia 500, having relatively large entrepreneurial companies growing rapidly.  Throughout the region there are fast growing companies, but only Saudi and Turkey had fast growing mid-sized companies.  “The very definition of entrepreneurial success is achieving scale, which is exactly what Saudi Arabia has been able to do,” added Habiby.  “The opportunity is to accelerate Saudi Arabia’s momentum and to become a regional leader in starting and scaling new companies.  This is the name of the game in economic development.” 

 A look at the Saudi winners of the Arabia500 sheds light on how the Kingdom is succeeding in entrepreneurship. 

• The number one and also largest Saudi company, Zonik is growing an astonishing 1,655% between 2008 and 2010.  In just a few years, Zonik has become a well-known brand throughout the Kingdom drawing its tech-focused youth to 110 stores where customers access the latest technologies and gaming in a colorful ambiance that has won interior design awards.
• The number two winner, Futurelab, illustrates another side of Saudi Arabia’s expanding economy.  Founded in 2008, Dr. Fayad Dandashi set out to create a state-of-the art medical laboratory services for the health care industry.  With one of the fastest growing populations in the world, health care in Saudi Arabia is poised to expand significantly in the years ahead. 
• In third position is Tejoury, founded by Salman AlSudeary to provide state-of-the art records management and storage to cater to Saudi Arabia’s growing businesses and government sectors. 

The future of Saudi Arabia can also be seen through its women entrepreneurs.  There is Enas Hashani of Rumman Company with their flagship publication Destination Jeddah, Nadia Al-Dosary of AlSale Eastern Company with operations all over Saudi Arabia and the Gulf in construction & engineering, Ala’a Hariri of Ala’a Hariri Architecture & Interiors, the first female architecture office in the Kingdom, and Rafah AlKhatib of Reach Holdings providing social media strategy for some of the best known corporate brands.  There is also the dynamic brother and sister team of Mohammed and Sara Al Ayed who founded Trans Arabian Creative Communications in 1997, now the region’s largest Arab PE/Media organization.

Ambassador Smith added, “The United States Mission in Saudi Arabia is committed to increasing opportunities for the entrepreneurs in the United States and Saudi Arabia to work together in taking these kitchen table dreams and making them a reality that can change my country and Saudi Arabia – and the world – into a better place for all.”

In partnership with Arcapita, in April AllWorld will announce the GCC100, with Saudi Arabia looking set to earn 40% of the 100 positions.  Companies can still apply at www.allworldlive.com. Winners are invited to join AllWorld and Ambassador Smith that the AllWorld Summit at Harvard July 9-11 in the United States.