Saudi family businesses embrace innovation and sustainability at landmark forum in Riyadh
Organized in partnership with STEP Project Global Consortium (SPGC), The Garage, Monsha'at, the National Entrepreneurship Committee, KAUST, Babson Global, BGCEL, KPMG Saudi Arabia, the Federation of Saudi Chambers, and the National Center for Family Business, the forum addressed how family businesses can balance legacy with future-readiness through governance reform and digital transformation.
Key topics included the impact of Industry 4.0 technologies —such as AI, IoT, and automation—on business models, succession planning, and long-term sustainability. Through keynote speeches and roundtable discussions, the forum highlighted how innovation and sustainability are shaping the future of one of the Kingdom's most influential economic sectors.
In conjunction with the forum, Prince Mohammed Bin Salman College (MBSC) and The Garage Club signed a Memorandum of Understanding (MoU) to foster collaboration in entrepreneurship, innovation, and talent development. The agreement includes joint training programs, AI and emerging tech initiatives, startup mentoring, and research efforts, as well as co-organized events and discounted educational opportunities for The Garage Club employees and their families. This partnership aims to empower future leaders and accelerate the innovation ecosystem in line with Vision 2030.
Dr. Zeger Degraeve, Dean of MBSC, emphasized the strategic role of education and research in guiding family businesses toward sustainable innovation.
'At MBSC, we are committed to equipping the next generation of family business leaders with the mindset and tools to thrive in a rapidly changing world. Events like this forum are essential platforms for bridging academic insights with real-world solutions.'
Dr. Adnan Maalaoui, Professor of Entrepreneurship, noted the unique position of family enterprises in leading purposeful change.
'Family businesses carry a legacy, but they also have the agility to adapt and evolve. By embracing innovation and sustainability, they not only ensure their continuity but contribute meaningfully to national development goals.'
The event reinforces Saudi Arabia's ongoing efforts to empower family businesses as drivers of diversification, resilience, and growth under Vision 2030.
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