Titled “Saudi Construction Boom: Building a Future of Growth and Prosperity,” this guidebook represents a significant milestone as it is the first of its kind to provide businesses with a comprehensive resource that outlines the Saudi market expansion roadmap.

Mapping a total of 30+ regulations, licenses, and stakeholders, it offers a complete overview of the key players shaping the sector and detailed guidance on acquiring essential permits and licenses for high-growth businesses to enter the construction sector in Saudi Arabia.

The guidebook was meticulously curated based on the extensive expertise of the AstroLabs team in expanding over 100 global & regional industry leaders to Saudi Arabia and its work with a wide array of public and private entities. Among these are CPG Corporation from Singapore, Waagner Biro Steel and Glass from Austria, and Grankraft from the UAE.

It comes within the framework of AstroLabs’ sector-building efforts to facilitate global companies’ access to information and necessary resources that support global companies in starting their ventures and exploring new horizons in the Saudi market.

The guide features an exclusive opportunity matchmaking blueprint tailored for businesses eager to explore the vast potential of the Red Sea project, spanning a wide array of sub-sectors under construction.

Across the country as many as 5,200 projects are currently underway across the Kingdom, with a total value of $819 billion. With a total pipeline of construction projects set to be $1.5 trillion, the sector has untapped significant potential for innovation and growth.

To date, the business expansion platform has facilitated the expansion of over 650 high-growth companies to Saudi Arabia across various industries, including construction. Click here to download the full guidebook. 

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The Mega Green Accelerator, launched in 2023 by PepsiCo, SABIC, AstroLabs, and eleven other strategic partners, received over 350 submissions. The eight selected startups participated in a six-month program of trainings and workshops, mentorship from business leaders, and opportunities to network, scale their businesses, and gain access to investors.

“PepsiCo has been a key partner in the region for 70 years, and we remain committed to supporting progress and empowering the next generation. Through MENA Innovates, we are focused on driving meaningful change by backing startups and advancing broader initiatives that promote innovation across the region. We look forward to seeing how the startups will contribute to a more sustainable future,” said Wael Ismail, Vice President of Corporate Affairs, PepsiCo AMESA (Africa, Middle East, and South Asia).

At the Demo Day, Egypt-based Viridia Tech was awarded the $100,000 grand prize for their artificial intelligence and data analytics platform, which provides real-time insights and recommendations to help farmers grow crops more efficiently and sustainably and forecast yields accurately. Saudi Arabia-based Mirai Solar, which produces an innovative solar-powered shade system, received the $30,000 second place prize.

“The success of this year’s Mega Green Accelerator program has created a blueprint for accelerating the growth of the sustainability sector in the region, particularly in the UAE and Saudi Arabia. Our collaboration with PepsiCo, SABIC and other strategic partners has unlocked unparalleled access to large-scale industry leaders for this cohort’s participants – plugging them directly into the sustainability value chain to unlock opportunities for rapidly scaling with the right support at the right time. We’re genuinely excited to see how Viridia Tech, as well as the other innovators in the program, will step up to address critical sustainability gaps and play a key role in pushing the region towards a greener, more sustainable future,” said Roland Daher, Chief Executive Officer, AstroLabs.

The Mega Green Accelerator is part of PepsiCo’s MENA Innovates programs, which champion entrepreneurship, innovation, and sustainability through a series of events and initiatives that celebrate groundbreaking ideas and inspire future leaders.

List of startups participating in the 2024 edition

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Participating in Scoutr’s fundraising are backers of Intrro, Neel Shah, co-founder of Scoutr.ai’s previous venture, as well as a group of key angel investors.

“We are excited about Scoutr’s entry into the UAE market, as it is poised to lead the next wave of AI-powered recruitment technology. With Scoutr.ai, organizations can bolster the growth of their businesses by placing candidates in the right roles suitable for their strengths and competencies in a faster and more efficient manner. We believe that Scoutr is well-positioned to transform how companies in our region source and secure passive talents by empowering them with the tools needed to stay ahead of the ever-evolving recruitment landscape,” commented Alex Nicholls, director of expansion at AstroLabs.

Scoutr offers two main products—referral automation and sourcing automation— integrated into a single platform to streamline hiring strategies for SMEs and mid-market companies across the UAE and the wider MENA region. By targeting passive talent, Scoutr enables recruiters and hiring managers to proactively identify candidates who aren’t actively seeking new opportunities, opening up a diverse pool of untapped and unrecognized talents.

The platform’s advanced AI and automation technology enables hiring managers to take full control of the recruitment process, building robust pipelines of pre-vetted candidates daily without relying on external staffing agencies. This approach helps businesses cut costs and time associated with recruitment, reduce drop-off rates, and enhance overall hiring efficiency while improving the quality of their hires.

“Our goal is simple,” said Neel Shah, co-founder and CEO of Scoutr.ai. “We want to help companies hire the best talent faster, cheaper, and more effectively than ever before. The UAE is just the start—our long-term vision is to scale Scoutr across multiple regions and industries.”

“Having spent over a decade in the talent space, I recognized the challenges of traditional recruitment methods, particularly in accessing passive talent. Scoutr.ai is designed to empower hiring managers by giving them full control over the recruitment process, allowing them to engage only with the best candidates,” Shah added.

The expansion by the company comes at an opportune time, considering the UAE’s status as a hotspot for global technology companies, particularly those that specialize in AI and automation solutions.

With its new Dubai office, Scoutr.ai will be able to support its next growth phase and international expansion, making AI recruitment technology more accessible to a broader clientele across the region.

Emphasizing the platform’s product capabilities to respond to region-specific demands, Craig Ambrose, co-founder and chief strategy officer (CSO) of Scoutr.ai, explained: “In my years of working in the UAE’s HR sector, I’ve seen how much time and money businesses spend on hiring. Scoutr.ai drastically reduces this by delivering profiles that meet hiring managers’ exact needs, enabling faster, more informed hiring decisions.”

The recent fundraising underscores the growing demand for Scoutr’s services, driven by an increasing shift toward data-driven decision-making as businesses across various sectors strive to enhance recruitment effectiveness and optimize operations.

With continued investment in product innovation and geographical expansion, Scoutr.ai is poised to revolutionize the global AI recruitment landscape, empowering businesses to harness a diverse and highly skilled workforce.

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With over 28 years of experience and a presence in more than 30 countries, TPS empowers banks, fintechs, corporates, government and financial institutions with secure, scalable, and innovative systems. TPS’s solutions include wallet management, card issuance, digital banking applications, instant payments, open banking, and merchant acquiring, bundled with various digital transformation services, serving 100+ clients globally.

Saudi Arabia now becomes the latest market for TPS’s direct on-the-ground presence. This expansion allows TPS to deliver localized, custom-tailored solutions, while enhancing its ability to serve a diverse client base across the Middle East, South Asia, Africa, and Europe.

Commenting on the launch of TPS Worldwide in Saudi Arabia, Alex Nicholls, AstroLabs’ head of expansion, said: “We are thrilled to join forces with TPS Worldwide to bring its unique services that are bound to unleash the new wave of banking and financial services nationwide, aligning perfectly with the goals of the Financial Sector Development Program (FSDP) and Vision 2030. It marks a key milestone in its continued growth and a commitment to empowering companies in Saudi Arabia with the right tools and technologies that help them mitigate risks, streamline payment processes, and stay ahead of the curve of digital advances.”

On his part, the Group CEO of TPS Worldwide, Shahzad Shahid, said: “TPS expansion of operations in Saudi Arabia reflects our commitment to the Kingdom, driven by the growing demand for information technology and professional services in alignment with Vision 2030.”

“As we expand our presence in the Kingdom, we are focused on delivering innovative solutions that empower government entities, financial institutions, corporates, fintechs, and SMEs. From digital transformation to specialized IT services, payments, and open banking to cybersecurity and AI, our goal is to drive growth, efficiency, and transformation across sectors,” Shahid added.

As part of its expansion strategy, TPS is focused on providing localized solutions that align with the nation’s Vision 2030 initiative. In addition to its core offerings, TPS is committed to introducing a suite of advanced services to further empower banks, fintechs, government entities, and SMEs in the region, including;

• Banking-as-a-Service (BaaS): Offering fully integrated digital banking services, from seamless onboarding to account management, payments, and lending.
• Digital Lending Solutions: Enabling SMEs to access capital more easily through efficient digital loan application and approval processes.
• Managed Services and Tech Operations: Providing comprehensive IT infrastructure management to ensure operational efficiency and system reliability for financial institutions and businesses.
• Skill Augmentation: Offering specialized talent in software development, cloud management, cybersecurity, AI and digital transformation, enabling organizations to scale their IT operations.
• Cybersecurity and Risk Management: Delivering end-to-end cybersecurity solutions to safeguard critical financial data, enhance compliance, and mitigate risks.
• AI Driven Digital Transformation Services: Helping organizations modernize their operations by integrating AI, cloud, and automation technologies to increase efficiency and improve customer experiences
• Supply Chain Digitization: Digitizing traditional supply chains, embedding digital payments and financial services within the value chain of corporations, manufacturers, distributors, and retailers. By leveraging ERP integration, workflow automation, and contextual data insights, TPS helps businesses streamline their operations, improve cash flow management, payment reconciliation, and drive greater efficiency across their supply chains.

As Saudi Arabia rapidly transitions towards a digital-first economy under Vision 2030, TPS is poised to play a pivotal role in supporting this transformation. By establishing a direct presence in the Kingdom, TPS aims to leverage its global expertise and innovative solutions to empower local businesses, fintechs, and financial institutions. The combination of Saudi Arabia’s robust financial infrastructure, coupled with TPS’s advanced technology stack and commitment to innovation, creates a strategic synergy that will drive payments innovation, enhance financial inclusion, and accelerate the country’s shift towards a cashless economy.

TPS is not only positioning itself as a key player in the Kingdom’s digital revolution but also as a long-term partner for sustainable growth and digital transformation across industries.

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Applicants are invited to submit entries to the School’s third, annual MENA Startup Competition by  September 14. The competition, which was founded and is driven by alumni and students from the London Business School Entrepreneurship Clubs, is sponsored by London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) and AstroLabs, the leading business expansion platform in the Gulf, which returns as the club’s partner for the second year. The competition will also be supported by the Center of Digital Entrepreneurship (CODE), an initiative of The Ministry of Communications and Information Technology of Saudi Arabia (MCIT).

Following the success of the previous two years, LBS is extending its reach beyond its London-based Incubator program to assist and elevate the burgeoning community of business innovators and trailblazers across the MENA region.

Jane Khedair, Executive Director of IEPC, views the MENA region as a dynamic hub of innovation, where a thriving ecosystem brims with talent and ambition. She notes, “Empowering innovation in MENA means unlocking limitless potential. Together, with the wealth of resource made available through this competition, we can help build a future driven by creativity, resilience, and opportunity.”

The competition, which offers winning startups access to education, training and mentoring, is one of the most notable startup competitions in the region. Now in its third year, it will connect aspiring entrepreneurs with local venture capitalists and investors, providing a platform to raise funds and gain exposure before a prestigious panel.

IEPC has a distinguished background in supporting in new ventures, and through its Incubator Programme more than 150 new ventures have been launched and more than £150 million (728 million AED) in seed capital has been raised. The LBS MENA Startup Competition aims to complement this expanding ecosystem of companies, government agencies, and financial services that contribute to nurturing the region’s talented entrepreneurs.

In addition to monetary rewards, the competition provides startups with the chance to gain traction, reach a broader audience, attract financial investment from venture capitalists, leverage the extensive LBS global network, and increase their media exposure.

Last year’s competition saw The Surpluss, the world’s first B2B platform for industrial asset exchange, emerge as the winner receiving a significant package of support valued at a total of $80,000 (294,000 AED). The Surpluss is an innovative enterprise offering cross industrial collaboration that aims to convert underutilised resources into value. With a growing customer base in the UK, Denmark, and the UAE, the company is set to assist 500 companies in the UAE alone within the next year to take transformative climate action to halve their emissions by 2030. Zeal, a Cairo based fintech company, and Hulexo, a UAE based retail ERP system provider followed close behind as runners-up.

Commenting on her experience, Rana Hajirasouli, Founder, The Surpluss, said, “Winning first place in the London business School MENA startup competition last year was a game changer for us. The mentorship and feedback we received helped us refine our strategy and our pitch, which played a crucial role in our success. And don’t forget, you get to meet other amazing startup founders and collaborate with them as well along the journey. The competition also connected us with industry leaders and experts, opening up new doors for opportunities both in MENA and abroad. So if you’re an entrepreneur in the MENA, I highly recommend participating. It’s an experience that can only elevate your startup. Best of luck and looking forward to seeing you in the finals.”

In the inaugural competition (2022), Turkish technology startup Ollang, specializing in end-to-end human-powered AI localisation, was the winning startup. The company received a cash prize of $15,000 (55,000 AED).

Khedair encourages aspiring competitors to submit their entries by September 14, 2024. To apply, click here or to know more information, visit the competition page. For any inquiries regarding the competition, please email MENAcompetition@london.edu.

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Incepted in 2016, the Cairo-based company specializes in the creation of immersive experiences and provides bespoke solutions to cater to the unique needs of its clients across a variety of sectors.

Since its founding, 5dVR has launched 100 immersive projects worldwide and received multiple awards and accolades for their achievements, impact and cutting-edge technologies.

Its successful track record encompasses strategic partnerships with leading companies, including UK-based Austella, Khora, based in Denmark and the USA’s Smart Media Tokens (SMT), as well as collaborations with global museums and cultural institutions on the creation of educational VR experiences.

Leveraging its extensive expertise in global markets, 5dVR works to bring a transformative impact to local sectors in the Kingdom by helping them with their digital transformation journey.

“We are excited to bring 5dVR’s groundbreaking immersive experiences to Saudi Arabia. Our expansion into the Kingdom underscores our commitment to leveraging technology to connect people with culture, education and entertainment in unprecedented ways,” said Maged Farrag, creative and managing director of 5dVR.

As part of its growth plans in the Kingdom, the company intends to build collaborations with local educational institutions to develop AR and VR content tailored to the Saudi curriculum. Besides education, the company looks to enable other industries, including healthcare, corporate training and cultural heritage, to leverage the full engine of immersive technology.

“Backed by a strong and experienced founding team and an innovative product, 5dVR is bound to usher in a new era for customer engagements and blaze the trail for more innovation in the business sector. As it establishes its mark in the Saudi market, the company will be able to cater to diverse industries and accelerate their digital transformation efforts as stipulated in the Kingdom’s Vision 2030. In doing so, 5dVR is uniquely positioned to scale to greater heights and make headway in its own right,” commented Alex Nicholls, director of expansion at AstroLabs.

The Saudi AR/VR sector is poised for further growth and innovation as the immersive technologies continue to permeate industries like retail, healthcare, education, tourism and entertainment. According to Statista, the sector is predicted to generate $107.6 million in revenues in 2024, with projections that the market volume will reach $168.8 million by 2029.

These figures point to the growing market potential of VR and AR in light of the Kingdom’s Vision 2030, which promotes innovation and the application of technology across key sectors of the economy.

This translates to a growing need for services provided by innovators such as 5dVR, which is well-equipped to be at the forefront of driving innovation and immersive technology in the region.

Beyond its commercial activities, 5dVR is committed to fostering a thriving ecosystem through strategic initiatives and partnerships with educational entities to empower Saudi youth through immersive technology training programs, contributing to the development of a vibrant extended reality (XR) industry.

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Since 2021, the company has been helping online businesses, especially e-commerce firms, deliver exceptional customer experiences across multiple channels, thereby gaining a better understanding of their customer’s unique needs and preferences.

Building on its success in international markets like South East Asia, UAE, Oman & Pakistan, the company aims to scale its presence in the Kingdom by empowering local brands to increase conversion rates, improve customer satisfaction and achieve deeper visibility.

“Saudi Arabia has become a hotbed of development and growth, and we are thrilled to support MyAlice as it continues to advance its mission to become a revolutionary force in the e-commerce omnichannel technology and customer engagement space in the Kingdom. There’s never been a better time to explore the opportunities this thriving sector has to offer,” said Alex Nicholls, director of expansion at AstroLabs.

Co-founders Shuvo Rahman & Daniyal Baig attested to the growing market opportunity owing to government support and the presence of key e-commerce players such as Zid and Salla. By launching integrations with Salla & Zid, the company is able to strengthen its presence in the Saudi market and tap into an active roster of 60,000+ Saudi-based online businesses.

“To complement the growth and help execute Saudi Arabia’s Vision 2030, MyAlice provides businesses with a single platform to grow revenue by providing best-in-class customer engagement driven by automation and co-piloting,” they continued.

With its advanced capabilities, support and large enterprise client base, the company is well-equipped to create strong competitive moats in the $13.6 billion e-commerce market by serving larger sets of Saudi-domiciled brands and merchants.

In conjunction with the company’s Saudi expansion, MyAlice has recently participated in the Techstars Founder Catalyst program, signifying a significant step for MyAlice in its commitment to integrate with the local ecosystem and gain a stronger foothold in one of the largest e-commerce markets worldwide.

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“supplai is more than just a logistics platform; it’s a catalyst for industry transformation. Our commitment to leveraging digital transformation and technology to unlock the full potential of every transporter’s cargo waste will set a revolutionary industry equilibrium, paving the way for a greener and more efficient future,” said Azmi Negro, CEO and founder of supplai.

“We’re excited to bring our innovative solutions to market and make a positive impact on Saudi Arabia’s logistics industry.”

As a key industry pillar of national economic prosperity, the logistics industry in Saudi Arabia has witnessed significant advancements in recent years as a result of growth catalysts such as continuous investments in logistics infrastructure, the introduction of special economic zones (SEZs), and the exponential rise of e-commerce. Currently, the Saudi logistics sector is projected to account for 10% of the country’s GDP by 2030, up from a current 6% by 2030, equating to around SAR 20.1 billion.

Commenting on supplai’s Saudi market expansion; Alex Nicholls, director of expansion at AstroLabs, said: “Supported by professional expertise and innovative technology, supplai will play a pivotal role in the formation of a strong, tech-enabled, integrated freight transport supply chain to drive economic growth and business competitiveness in the country. By expanding its profile and operations throughout the Kingdom, the logistics specialist is set to be part of transforming the country into a global logistics hub and leading industrial powerhouse in line with Vision 2030.”

As it gears up for launch in Q3 2024, the company is focused on forging new and strategic partnerships with key industry leaders to transform the country’s freight industry and propel it forward into the digital era. A prime example is its partnership with Nybl, another member of the AstroLabs expansion network, and AHOY, solidifying shared commitment to reshaping the future of the supply chain in Saudi Arabia.

supplai, along with its industry partners, is poised to leverage a full engine of innovation to accelerate the pace of digital transformation across the fast-moving sphere of freight logistics and shape a more sustainable, technologically advanced future for the Kingdom.

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What were the most significant insights or trends revealed in the AstroLabs 2023 Saudi Market Entry Report?
The report analysed and collected insight from 660 high-growth companies from a total of 50+ countries around the globe and across 37 sectors. In terms of participant profiles, respondents to the survey are categorised into two main groups: companies exploring the Saudi market and companies with an established presence in the country. The key insights included:

• Four-fold increase in the decision-making cycle for companies entering Saudi Arabia, decreasing the time taken from 8-12 months in 2018 to less than 2 months in 2024.
• The number of companies entering the Kingdom has doubled, and IT and software, construction, and business consultancy round up the top three sectors with the highest number of companies with a vested interest in growing their footprint in the Saudi market.
• Among those exploring their expansion to the Saudi market, 48% of prospective entrants plan to register their businesses within the next 3 to 6 months.
• Out of those businesses that are already operating, both from the survey and AstroLabs expansion companies, 91% have hired Saudi nationals within a timeframe of 2-4 months.
• Given Saudi Arabia’s rise as a global business capital, half of the respondents exploring their expansion to the Saudi market are based outside the MENA region, with Asia, Europe, and the US constituting 43% of this total share.

How does the report assess the overall potential of the Saudi market for new entrants in 2023?
The overall potential for high-growth businesses entering the Kingdom’s market is multifold. On the one hand, the Saudi government has been accelerating its support by rolling out initiatives for businesses to expand and grow under its Vision 2030 roadmap. The Saudi market presents a once-in-a-lifetime opportunity for companies to engage in transformative projects such as the Riyadh Metro, Riyadh Expo 2030, and the 2034 Saudi FIFA World Cup. These initiatives, alongside growing sectors like tourism, sustainability, and construction, are pivotal to the Kingdom’s future.

Advancing on the innovation front, Saudi Arabia’s digital-first approach is evident in the growing activity across sectors such as climate tech, proptech, e-commerce, and insurtech. This progress is steering the nation towards disrupting traditional business practices and supporting goals such as increasing non-cash transactions by 70% by 2030.

Can you provide an overview of the industries or sectors covered in the report? Which sectors show the most promise for growth?
The largest number of responses from the category of companies that are exploring their market entry to Saudi Arabia came from the technology sector (27.6%), followed by consultancy (15.4%) and construction (9.6%). Together, these three sectors made up half of the respondents.

The findings revealed a surging interest among both local and global companies in Saudi Arabia, particularly within the technology, consulting, construction & manufacturing sectors, to bridge crucial innovation gaps essential for fulfilling giga-projects and achieving Saudi Vision 2030 objectives. This surge also underscores the Kingdom’s emergence as a global testbed for innovation, supported by substantial investments and a strong commitment to fostering innovation and creativity.

Under the category of companies that have already established operations, the largest contribution came from the IT and Software sector, accounting for 30.4% of the participating companies. This was followed by the construction and manufacturing industry, at 12.8%, and the consulting industry, at 10.7%.

The growing influx of companies in these verticals signals untapped opportunities, given the government’s commitment to increasing the digital economy’s contribution to GDP to 19.2% by 2025.

How does the report address the regulatory environment in Saudi Arabia? Are there any recent changes that could impact market entry strategies?
Saudi Arabia has been increasingly doubling on building and fostering a favourable business environment. The recently launched special economic zones offer attractive incentives for companies considering a presence in the country. The establishment of these zones is tailored to specific industries, offering benefits such as reduced corporate tax rates and flexible Saudization quotas, further enhancing this environment.

Just five years ago, the allowance for 100% foreign ownership of companies was virtually unthinkable. These changes reflect the Kingdom’s commitment to creating a more open and flexible environment for global businesses.

The introduction of the RHQ scheme has been a game-changer for international companies, offering incentives that extend beyond the 30-year tax exemption, including strategic advantages like easier access to regional markets.

What are the primary opportunities identified for businesses looking to enter the Saudi market? Conversely, what are the main challenges they may face?
Companies looking at Saudi Arabia as their next leg of expansion are motivated by the sheer size of the market, a supportive business environment, and economic stability; more than half of respondents cite at least one of the three factors as their main reason behind their decision to enter the Saudi market.

Companies in Saudi Arabia face difficulties opening a bank account, clearly understanding the expansion steps, and finding residential real estate for the team. Enhancing banking guidance services for companies and facilitating access to real estate resources can further streamline the entry process for companies into the Kingdom.

Streamlining the family relocation process is crucial for attracting expanding businesses, with 65% requiring third-party assistance. Prioritising suitable living arrangements, especially residential real estate for teams, is key to unlocking business expansion in the Kingdom.

Based on the findings, what are the recommended strategies for companies planning to enter the Saudi market in 2023?
Based on the support factors analysed by the report, 78% identified finding a business setup partner as their top priority when expanding into the Saudi market. As the business landscape in Saudi expands and opens doors to a plethora of untapped opportunities, having a local market entry partner can help streamline the process of expansion and setup.

Companies in our expansion network have benefited from a local on-ground team to handle their pre-setup journey and beyond setting up, helping with their compliance needs, such as post-incorporation and HR services. Apart from this, businesses entering Saudi Arabia have highlighted the importance of joining a network, such as the AstroLabs Network, that bridges local & regional companies in the Kingdom with leaders and experts.

Expanding to an entirely new market might seem complex as it comes at the same time as starting your business in that geography – and the expansion journey might not be the simplest process to grasp fully. Therefore, the last thing business leaders would want is to worry about the technicalities – having an expansion business platform or a market entry partner enables them to completely focus on strengthening their business footprint while leaving the process of expansion with the local market experts.

What are the projections for the Saudi market based on the insights provided in the report? Are there any anticipated shifts or disruptions?
The upcoming growth leg in Saudi Arabia promises unparalleled transformation and development, on which international and regional companies should capitalise.

With the massive futuristic projects underway, construction, IT, and tourism have emerged as the top drivers of economic growth in the Kingdom.

The demand for innovative solutions is anticipated to increase as Saudi Arabia hosts mega events such as the 2030 Riyadh Expo and the FIFA World Cup 2034. Our report found that the speed at which companies are entering Saudi Arabia has increased by fourfold from 2018 to 2023. As the Kingdom nears the end of the decade, we can only anticipate an even higher rate of market entry for the upcoming years.

Tourism has shown rapid development in Saudi Arabia. The growth in this sector has led to the Kingdom reaching its initial target of welcoming 100 million visitors in 2030, seven years early, as 106 million tourists visited Saudi Arabia in 2023.

The companies that have expanded and settled into Saudi Arabia’s economy have witnessed tremendous growth opportunities, pushing them to become leaders in the Kingdom by capitalizing on their first-mover advantage. Businesses that are yet to enter need to make their move to one of the world’s leading economies to become pivotal drivers of growth in their sectors in Saudi Arabia.

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The Mega Green Accelerator will nurture the next generation of innovators as they develop solutions to address both regional and global sustainability challenges. For the next six months, the eight promising changemakers will receive funding, mentorship with industry experts, and market access to scale their innovative solutions.​ At the end of the program later this year, one winning company will be awarded $30,000 in funding to continue its expansion.

A total of 363 submissions were received from sustainable startups in the region during the applications phase. The eight shortlisted companies that will proceed in the program are:

• Mrüna, UAE: a consulting and distribution company dedicated to developing innovative urban solutions.
• The Surpluss, UAE: a climate technology start-up that helps SMEs reduce their greenhouse gas emissions profitably through resource sharing via a digital sustainability exchange.
• Mirai Solar, Saudi Arabia: a solar technology start-up that specializes in expanding solar energy use beyond conventional applications, improving the energy use efficiency of food production and smart buildings for a sustainable future.
• AHYA TECHNOLOGIES, Saudi Arabia: a climate software and AI start-up building a unified platform for scaling climate action across the Middle East North Africa & Pakistan.
• YY ReGen, Lebanon: provides innovative solutions through the promotion of renewable energy, sustainable water management, and regenerative farming.
• Viridia Tech, Egypt: offers a platform for crop analytics at scale for industrial agricultural companies, leading to significant improvements in yield, unit economics and sustainability metrics.
• P-VITA, Egypt: a biotechnology hub that specializes in producing natural raw materials for cosmetics, and food & beverage industries using AI and IoT technologies to reduce carbon footprint through automated processes.
• Kumulus, Tunisia: a water tech start-up that turns air into fresh drinking water through innovative AWG machines – aiming to make drinking water more accessible, sustainable, and economical for hotels and businesses across MENA and Southern European regions.

“With solutions spanning agriculture, water, and the energy sectors, this is an opportunity for us to accelerate the development of practical climate technologies crucial to address the MENA region’s challenges and strengthen our position as a testbed for climate innovation globally. Start-ups can act as epicenters of innovation, and reshape, disrupt, and define our future. The Mega Green Accelerator provides the incentive to bolster this through cross-sector collaboration and nurture the region’s next generation of entrepreneurs by providing the needed mentorship, funding, and market access,” said Eugene Willemsen, CEO, Africa, Middle East, and South Asia, PepsiCo and CEO of International Beverages.

“Over 300 fast-growing sustainability companies from all over the MENA region have applied to the program, showcasing a healthy influx of sustainable solutions and rapid growth in the sector. The selection of these eight companies underscores their readiness for scale, marking a pivotal time in the sector’s development. The Mega Green Accelerator is setting the stage for a robust sustainability infrastructure, bridging the gap between these companies, and the resources necessary for them to thrive, scale, and translate their innovative solutions into regional impact. We’re excited to witness the growth of these companies through the collaborative efforts between AstroLabs, PepsiCo, SABIC and the various strategic partners of the program,” said Roland Daher, Chief Executive Officer of AstroLabs.

Strategic investment partners like Dubai Future District Fund, Venture Souq and Shurooq Partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities throughout the term of the Mega Green Accelerator. They have also contributed to establishing the selection criteria and participated in the shortlist process.

Schneider Electric will support the Mega Green Accelerator as a prize partner and participate in the winner’s final selection.

Applications were generated through the networks of ecosystem partners London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, SOSV, Clyde & Co, Intersect Hub, SEE Institute, the Sharjah Research Technology and Innovation Park and the Mohammed VI Foundation for Environmental Protection as well as the program website.

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