The Saudi Arabian government has made a substantial contribution to the development of entrepreneurship in the nation over the years. The Saudi government is dedicated to fostering the development of new businesses, as seen by programs like the Misk Foundation, which gives young Saudis access to mentors and finance, and the Vision 2030 plan, which intends to diversify the economy of the nation. From the Kingdom’s Prestige Projects to Oil Companies to fashion labels, here is a list of emerging brands in Saudi Arabia in the last few years:
Neom is Saudi Arabia’s flagship business and tourism development brand on the Red Sea coast, unveiled by His Highness Prince Mohammed in 2017. The project is central to the kingdom’s 2030 Vision for diversifying its economy. In this $500 billion development, intelligent towns and cities will be developed, as well as ports and enterprise areas, research centers, sports and entertainment venues, and tourist attractions.
As a State-owned mining brand, MA’ADEN based in Riyadh has established a top-notch, distinctive, and completely integrated mining value chain, helping to establish the mining sector in Saudi Arabia. Ma’aden is increasingly important in Saudi Arabia’s long-term economic diversification. Ma’aden operates on a solid basis of sustainable practices while adhering to the highest international standards of corporate governance. With its continued growth, it has taken the place of the other two pillars of the Saudi industry, oil, and petrochemicals, in the top twenty of global mining companies by market capitalization.
Saudi Telecom Company
Saudi Arabia and the UAE’s top brand STC, the telecom giant, has boosted its brand value by 66 percent to $16 billion. Kantar reports that the brand has benefited from both the rollout of 5G and the diversification of its offerings, which include digital payments and entertainment.
Hindamme, founded by designer Mohammed Khoja, is known for its forward-thinking, creative designs that combine Eastern and Western cultures. Because of so many reasons, Hindamme is definitely an emerging fashion brand in KSA. Hindamme is derived from an Arabic term meaning, “To possess perfect form in harmony in aesthetics.” With Hindamme, Khoja desires to create a narrative about Middle Eastern design that is universal and contemporary.
With offices in Riyadh, Dubai, and Vienna, XGUARD assists organizations and individuals in navigating Web3 and virtual spaces. The company has been actively holding seminars and instructional sessions in Riyadh to enable Saudis to acquire the knowledge and abilities necessary to enter Web3, create their own wallet, buy or sell NFTs, expand their enterprises, and participate in virtual experiences.
Jahez is a food delivery platform that offers complete delivery solutions with the help of freelance couriers. The company was founded in 2016 and is based in Riyadh, Saudi Arabia. Jahez Group has also established PIK, a direct commerce platform, which allows local merchants to reach more consumers. Earlier this year, Jahez was listed on the Saudi Stock Exchange, becoming the first start-up publicly traded in the Kingdom of Saudi Arabia.
BinDawood is a popular grocery brand in Saudi Arabia With 27 easy-to-access hypermarkets and supermarkets across Saudi Arabia. Having grown by 40% in brand value over the past five years to US$127 million, it plans to expand its domestic footprint by opening ten new branches in Riyadh over the next five years.
Tawuniya is the fastest-growing Saudi insurance brand with a significant increase in brand value last year. This jump puts it in line with reputable Saudi brands like Aramco, Riyad Bank, and Saudi National Bank. Based on Brand Finance’s market research, the brand improved customer consideration, reputation, and various perceptions related to innovation and customer service.
Tamara is a Saudi-based fintech company focused on financial inclusion by providing unbanked users with options to split payments. Tamara being a pay-later service takes zero interest and no additional fees. Among its many partners are leading global and regional brands like IKEA, SHEIN, Adidas, Namshi, and Jarir, as well as local SMEs. Tamara has over 5 million customers and over 5,000 merchants, comprising leading global and regional brands as well as local companies.
Zid is a Riyadh-based start-up that offers e-commerce solutions like building up virtual stores to enable retailers to have a presence online. By 2023, the company hopes to capture 5% of the small and medium enterprise market in the Gulf by expanding to other Gulf nations.
Based in Riyadh, Gathern is a peer-to-peer vacation rental marketplace. Founded as a self-service platform for chalet rentals, Gathern has now expanded to offer rooms and villas as well. The women-led startup has the capacity to host over 1.2 million guests per month.
Red Sea Global
Red Sea Global is one of the leading tourist development projects of Saudi Arabia, specializing in the Red Sea Project. Red Sea Global is owned by Saudi Arabia’s Public Investment Fund (PIF). By 2030, The Red Sea Project will include some 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties spread across 22 island resorts, mountain retreats, and desert hideaways.
These new brands stand out as the best as they offer high-quality goods and services while also showcasing the region’s rich cultural heritage. The future is promising for Saudi Arabia’s new brands, thanks to the assistance of the government and a thriving entrepreneurial scene.