For the past decade, we have been at the forefront of the monumental shift happening in the Kingdom by facilitating the expansion of 650+ global firms to Saudi Arabia. At this year’s Biban 2024, our on-ground team guided and fast-tracked the journey of 1000+ businesses eyeing market expansion to Saudi Arabia.
As we continue to lead the way in bringing in an influx of businesses with transformative impact, we were honored by the Minister of Commerce, Dr. Majid bin Abdullah Al Qasabi, and Sami Ibrahim Alhussaini, the Governor of Small and Medium Enterprises General Authority (Monsha’at) as the official expansion partner for Biban 24.
This recognition reaffirms our commitment to supporting businesses venturing into the Saudi market through its support toolkit that ensures continued growth and financial success while being in compliance. Global events like Biban provide an exceptional opportunity to gauge the economic pulse of a country where innovation fuels growth.
Integrating Innovative Companies into Saudi Arabia’s Economy at Biban
Businesses within our expansion network, such as, Inoovate Holding (Cash My Stock), Nybl Holding, Aquivio, Palm HR, MyAlice, 5dVR, Yabi, Consort World, and Speridian Technologies were provided stands, allowing them to gain valuable exposure to the Biban audience and perceptions that play into successful business strategies.
This opened up new opportunities for companies – allowing companies to build new synergies and discover market untapped demand, leading to the formation of game-changing technologies and solutions.
Our community of companies at Biban 24 got the opportunity to engage in conversations that can potentially result in joint projects and mutually beneficial partnerships that unlock opportunities for both parties involved.
This direct interaction creates a strong foundation for further growth and expansion in the Saudi market.
Decoding Right Market Strategies to Enter and Thrive in Saudi Arabia
To effectively tap into a high-growth market like Saudi Arabia, an ad-hoc playbook must be followed. During a panel discussion on “Leveraging Softlanding Programs for Global Expansion,” Our CEO, Roland Daher, reiterated the importance of adapting to local business nuances.
He was joined by Adwa AlDakheel, founder and CEO of Falak Investment Hub, and Omar Al-Shabaan, CEO and co-founder of The Space. The panel discussion addressed key market entry strategies that global companies can utilize to establish a presence early in the Saudi market, boasting a GDP of over $1 trillion.
During the panel, our CEO explained that there is a common misconception that the success of companies in other markets can be replicated in Saudi Arabia by adopting similar strategies.
“The playbook in any market where a business has already operated does not work in this new market. The hard way is figuring it out,” he added. “Success is growth. Our job is not just to know how to crack the market but to grow in it.”
Deciphering the market dynamics, from regulatory frameworks and shifting consumer behavior to local customs, is an indispensable part of a successful market entry strategy. In a nutshell, the role of soft landing partners, according to Daher, is to “eliminate uncertainty and the unknown,” equipping new-coming companies with practical, hands-on services to foster a sustainable path toward success and growth and ensure greater acceptance.
This impact doesn’t stop at business incorporation; it also encompasses the element of continuously being an anchor of growth by facilitating partnerships and strategic alliances, pinpointing key investment opportunities, and providing unique value that supports strategic decision-making.
Doubling down on the massive influx of international businesses coming to Saudi Arabia, this year’s participation at Biban also witnessed a strategic partnership with the Labour Fund (Tamkeen), aiming to empower 30 high-growth Bahraini firms to establish themselves in Saudi Arabia.
Going forward, Bahraini companies taking part in the program will be able to draw on the expertise and strengths of our on-ground team to develop effective market entry strategies as a means to trigger faster business expansion and seamless integration.
Our involvement in this year’s Biban highlights an ongoing dedication to building economic bridges by steering global companies toward growth opportunities presented by the local market across key strategic sectors of the economy.