CHALHOUB GROUP UNVEILS THE GREENHOUSE IN RIYADH FOR INNOVATORS AND ENTREPRENEURS ACROSS THE KINGDOM

CHALHOUB GROUP UNVEILS THE GREENHOUSE IN RIYADH FOR INNOVATORS AND ENTREPRENEURS ACROSS THE KINGDOM

 

 Chalhoub Group officially announced the opening of The Greenhouse – the Group’s space for innovation and bold entrepreneurship, in Riyadh, Saudi Arabia. The expansion represents the Group’s ongoing contribution to Saudi Arabia’s retail, beauty, and fashion space while fostering innovation and entrepreneurship in the heart of the Kingdom. The official opening was attended by key Chalhoub Group executives as well as The Greenhouse team, with startups from its Startup Studio and leaders of Saudi’s entrepreneurship ecosystem.

With venture capital funding in the Kingdom exhibiting consistent growth since 2019 and showcasing a 5-year CAGR of 86% in 2023 , the Greenhouse’s expansion into Riyadh aligns with the dynamic landscape of entrepreneurial endeavours in Saudi Arabia. This growth is further underscored by Saudi Arabia recording a sharp increase in start-up funding in 2023, raising $2.3 billion from 145 deals .  In line with this trend, the Greenhouse aims to build long-term value while empowering the next generation of local Saudi talent, startups, and entrepreneurs. Launched in 2018 in Dubai, the space is dedicated to nurturing bold entrepreneurship and innovation within the MENA region through its three core pillars – The Greenhouse Incubator, The Greenhouse Startup Studio, and The Greenhouse Accelerator.

Michael Chalhoub, President of Strategy, Growth, Innovation & Investments and Joint Ventures,  at Chalhoub Group, commented: “”Amidst the vibrant landscape of innovation, we’re proud to open The Greenhouse in Riyadh, reaffirming our unwavering commitment to the Kingdom’s burgeoning potential. Serving as a vibrant hub of creativity and collaboration, The Greenhouse is more than a physical space; it embodies our relentless dedication to nurturing Saudi Arabia’s entrepreneurial ecosystem and igniting innovation. With initiatives like the Beauty Lab since 2020 and the Fashion Lab since 2021, which have supported local beauty and fashion entrepreneurs through our retail footprint in the Kingdom, The Greenhouse has already established a strong presence in KSA. The new Riyadh Greenhouse is now primed to further amplify opportunities to drive innovation with initiatives like Ibtikar – our in-house incubator for Chalhoub employees -, our Startup Studio and our retail technology accelerator. It epitomizes our strategic imperative to cultivate local talent, spur economic diversification, and forge global connections. As we embark on this transformative journey, we remain steadfast in our mission to propel Saudi Arabia to new heights nurturing the entrepreneurial spirit in the Kingdom.”

Omar Al Shaaban, CEO and Co-founder of The Space, KSA, added: “The launch of The Greenhouse by Chalhoub Group in Riyadh opens new avenues for collaboration and innovation in Saudi Arabia. This will provide a unique platform for startups to connect, innovate, and grow. We look forward to driving positive change and contributing to the Kingdom’s entrepreneurial landscape.”

The Greenhouse brought over 25 international retail-tech solutions to the Group and the region through its accelerator programmes including its collaboration with L’Occitane MENA. Additionally, it has empowered 10 emerging and disruptive beauty creators in the MENA region with ‘The Beauty Lab’ incubator programme and fast-tracked the growth of five local fashion designers in Saudi Arabia with ‘The Fashion Lab’. It’s Ibtikar initiative has also fostered entrepreneurship while generating innovation internally through encouraging team members to test their ideas and empowering them with the necessary resources. The Greenhouse Startup Studio has co-created 20 high-potential ventures with founders, further solidifying its role as a catalyst for entrepreneurial success in the region.

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