As part of an initiative to bolster the entrepreneurial sector and innovation movement in Saudi Arabia, Riyadh has welcomed the launch of ‘The Greenhouse’, the first project of its kind by the Chalhoub Group designed to support targeted sectors by providing a dedicated space for innovation and business leadership.
The program in Riyadh reflects a commitment to the retail, beauty, and fashion industries in Saudi Arabia, while fostering innovation and entrepreneurship at the heart of the kingdom.
The official inauguration was attended by senior executives from the Chalhoub Group, the team behind ‘The Greenhouse’, as well as representatives from emerging companies from the Start-up Studio, and leaders of the Saudi entrepreneurship ecosystem.
This expansion is in line with the dynamic scene of entrepreneurial efforts in Saudi Arabia, which has seen a steady growth in venture capital funding since 2019, reaching a compound annual growth rate of 86% in 2023. The kingdom has witnessed a significant increase in funding for startups in 2023, with $2.3 billion raised across 145 deals.
In alignment with this trend, the program aims to deliver long-term value by empowering the next generation of Saudi talent, startups, and business professionals.
Originally launched in Dubai in 2018, ‘The Greenhouse’ spaces are dedicated to nurturing audacious entrepreneurship and innovation in the Middle East and North Africa through its three pillars: a startup incubator, a startup studio, and business accelerators.
Michael Chalhoub, the head of joint ventures, strategy, growth, innovation, and investment at the group, reiterated their unwavering commitment to enhancing the kingdom’s flourishing potential and stimulating innovation through initiatives.
He stated that the program embodies a strategic goal to develop local talent, stimulate economic diversification, and forge global partnerships. ‘As we embark on this transformative journey, we continue our mission to propel the Kingdom of Saudi Arabia into new horizons to enhance the entrepreneurial spirit in the kingdom,’ he added.
Omar Alshaaban, the CEO and co-founder, explained that the project opens new avenues for collaboration and innovation in Saudi Arabia, providing a unique platform for startups to connect, innovate, and grow. ‘We look forward to leading positive change and contributing to the entrepreneurship landscape in the kingdom,’ he said.
‘The Greenhouse’ program has introduced over 25 international retail technology solutions to the group and the region through its acceleration programs, including its collaboration with L’Occitane in the Middle East and North Africa.
The program has also enabled 10 emerging creators and innovators in the MENA region in the beauty products field through the ‘Beauty Lab’ incubator, and accelerated the growth of five local fashion designers in Saudi Arabia through the ‘Fashion Lab’ initiative. The program’s ‘Innovation’ initiative has promoted entrepreneurship with internal support by encouraging team members to test their ideas and equipping them with the necessary resources.
Furthermore, the Start-up Studio affiliated with ‘The Greenhouse’ program has contributed to the creation of 20 high-potential projects, cementing the program’s role as a catalyst for entrepreneurial success in the region.
