Saudi Arabia along with Turkey shared a unique distinction on the AllWorld Arabia 500 – a ranking of some of the fastest growing entrepreneurial companies from the Middle East, North Africa, Turkey and Pakistan – having relatively large entrepreneurial companies growing rapidly. Throughout the region there are fast growing companies, but only the Kingdom and Turkey have fast growing mid-sized companies. US Ambassador to Saudi Arabia James B. Smith hosted on Feb. 13 the Saudi winners of the AllWorld Arabia 500. Companies compete for a position based on their sales growth rates and must show audited statements to confirm their revenues. Joining the ambassador in celebrating the Saudi winners is Anne Habiby, co-CEO and co-founder of Allworld Network and key partners including Arcapita, Eastgate Capital, Monitor Group, Potential, RED Abraaj Capital, Zawya and Dr. Ghassan Sulaiman of Saudi Arabia. "I salute these entrepreneurs for their enthusiasm and sheer determination to connect our world together through growth and success for all," said the ambassador. "The Arabia 500 is not a ranking of the largest players on the stock exchange, but the new dynamic players bursting onto the scene, and the Saudi winners are some of the best we have seen," said Habiby. "While most companies were hit hard by the global downturn, the Saudi businesses were defying economic gravity, growing 41 percent a year. These companies build new economic capacity, fill gaps in the market, and generate inward investment and productive local employment," he added. "The very definition of entrepreneurial success is achieving scale, which is exactly what Saudi Arabia has been able to do," added Habiby. "The opportunity is to accelerate Saudi Arabia's momentum and to become a regional leader in starting and scaling new companies. This is the name of the game in economic development." The number one Saudi winner and also largest Saudi company, Zonik is growing an astonishing 1,655 percent between 2008 and 2010. In just a few years, Zonik has become a well-known brand throughout the Kingdom drawing its tech-focused youth to 110 stores where customers access the latest technologies and gaming in a colorful ambiance that has won interior design awards. The number two winner, Futurelab, illustrates another side of Saudi Arabia's expanding economy. Founded in 2008, Dr. Fayad Dandashi set out to create a state-of-the art medical laboratory services for the health care industry. With one of the fastest growing populations in the world, health care in Saudi Arabia is poised to expand significantly in the years ahead. In third position is Tejoury, founded by Salman AlSudeary to provide state-of-the art records management and storage to cater to Saudi Arabia's growing businesses and government sectors.
