Saudi businessmen and bankers explore German startup models

Nearly 50 Saudi businessmen, bankers and students in attendance discussed ways and means of increasing the number of startups in the Kingdom during a recent discussion at the Germany Embassy. 
“Holding the symposium is also one way of ramping up bilateral relations between the two friendly countries,” said Ambassador Dieter W. Haller.
Johann Heitzmann, president of Heitech Consulting in Muenchen, Germany, made a presentation to share the German experience on startups. The German economy is dominated by SMEs which contribute to 83 percent of German gross domestic product (GDP) and responsible for even higher share in jobs, according to an embassy statement.
Michael Ohnmacht, deputy chief of mission, and other embassy officials were also present on the occasion which was held at the ambassador’s residence.
The forum was the first in a series of presentations in what’s called as “Forum at the Residence” that discusses important subjects with a link to the Kingdom and Germany. 
Heitzmann highlighted the importance of startups to the economy since they’re the foundation of the new big companies. 
He said that startups are not new in saudi Arabia but some German models could be adopted and implemented in the Kingdom. 
Khlood A. Aldukheil, a certified financial analyst and partner at the Mohammed & Khlood Aldukheil C. Ltd. (MKD), said that the seminar was meaningful and enlightening.
She said that sharing the German experience “is important to provide examples and guide to Saudi nationals who intend to embark on their own business.”
Aldukheil was also the deputy CEO at Aldukheil Financial Group (AFG), a closed joint stock company, which floated the largest number of companies on the Saudi Stock Exchange. She received her MBA degree in the US.
Abdulkarim A. Al-Aqeeli, business development manager at the Awal Muhimmah Projects Co. Ltd., said that the symposium was helpful.
“The ideas shared by the German startup expert were universal and feasible for implementation in Saudi Arabia,” he said.
Saad Alajlan, director of marketing at the Council of Saudi Chambers of Commerce and Industry (CSCCI), added that “the seminar was good and informative.”
“The Saudi German startup expert’s knowledge of the Kingdom made his presentation informative and interesting and appealed to the participants,” he said.
Although based in Muenchen, Germany, Heitzmann frequently travels to the Kingdom on business purposes.

Source: Arab News