National Commercial Bank unveils winner of 2010 Saudi Fast Growth Start-Up Award

The announcement was made during a celebration event held in Riyadh on the sidelines of the Global Competitiveness Forum which was attended by more than 600 local and international business leaders, academicians and government officials.

The Rumman Company, headed by a Saudi Businesswoman CEO Enas Hashani, has shown a great promise that earned the company a place on the promising companies watch list in the 2009 Saudi Fast Growth 100 and thereof rose to the top of the Start Up list to win the award this year by achieving the fastest rate of revenue growth between 2007 and 2008, reaching 596%.

The Chief Executive Officer of NCB, Abdulkareem Abu Alnasr, pointed out that the bank presents the Award of the fastest growing start-up company for the purpose of supporting promising emerging companies and providing young start-ups with an incentive to leverage on creativity and innovative capabilities in bringing and implementing entrepreneurial initiatives. The contest, he said, highlights the achievements of emerging companies, the sustainable growth they demonstrated in previous years and their success in creating job opportunities on a national level.

Abu Alnasr asserted that the list of the fastest growing 100 companies in Saudi Arabia had shed light on a promising generation of Saudi companies with a fresh spirit for innovation and a serious vision for growth and development of human competencies. He indicated that the proliferation of such companies heralds a new era of self driven entrepreneurs who can actively contribute to shaping the Saudi business scene and building the country's competitiveness in the future.

Abu Alnasr stated that "NCB's participation in supporting and encouraging entrepreneurial activities in the Kingdom goes in line with the bank's responsibility towards the society and the national economy. We see a growing role for emerging companies both on an economic and social level and we're very optimistic that this role will contribute to achieving sustainable national development in various fields. In this context, NBC's award came as the brainchild of the sustainability concept which is the cornerstone of NCB's strategy, taking a leading Corporate Citizen role in supporting nationwide development in Saudi Arabia."

Amr Al-Dabbagh, Governor of SAGIA, on his part, expressed gratitude to all partners in bringing this initiative and named the National Commercial Bank for sponsoring the award, Dr. Michael Porter who launched the initiative in the second Global Competitiveness Forum, in addition to the strategic partners "Al Watan" newspaper and "Next Economics" company that developed the award criteria and standards and classified companies accordingly.

Dabbagh explained that the list of the fastest growing 100 companies in Saudi Arabia is a comprehensive classification of companies growing steadily and exponentially during the last five years.

He said, "The watch list shed light on a new generation of companies that are successful in creating jobs and driving innovation and growth. The owners of these companies are insightful business men and women who see opportunities where others see obstacles."

Professor Michael E. Porter, AllWorld Network Chairman and Harvard Business School Professor, stated that, "The Saudi Fast Growth 100 demonstrates that emerging company owners are true corporate heroes. These men and women represent the leading edge of a new approach to job growth and competitiveness."

Professor Porter explained that the contest follows internationally recognized standards in classifying fast growing companies according to specific criteria beginning with requirements that nominated companies should be privately owned, for-profit organizations and working since 2003 or before.

NCB has achieved the first place in the King Khalid Responsible Competitiveness Award among the business community in the Kingdom for the second consecutive year. The award criteria includes social development of the Saudi community, responsible leadership, supporting the development of the macroeconomic environment, responsible competitiveness, and responsible policy towards the environment and society.

The King Khalid Responsible Competitiveness Award was created to stimulate sustainable development in various fields in the Kingdom including social welfare, charity, and national human resources. The award is based on international standards applied by the Investment Authority and supervised by a specialized panel of experts.