Saudi Arabia is one of the world's hottest areas for financial innovation.
The country's business environment is rapidly transforming through Vision 2030, which is the kingdom's ambitious plan to diversify its economy away from oil dependency.
Now some growing sectors include tech, cloud computing, tourism, and leisure, as well as the digital economy.
Business in the kingdom.
Relies heavily on personal trust, respect, and mutual relationships and business practices are infused with Arabian traditions and Islamic values.
Well joining me to weigh in this morning is Victor Lugli, the Managing Partner of the Lugli Group.
Victor, good morning.
Thank you so much for joining us.
Well, first and foremost, tell us about your organization as well as your years of experience as managing partner.
Hello, Remi, how are you?
Good morning.
Good morning.
Thank you so much for joining us.
OK, I, I, I couldn't hear you now.
Anyway, I, I heard your question.
Uh, I'm managing partner of the Luli Group, as you mentioned.
We work with 3 operational divisions, and We work with investments, consultancy and corporate training and coherently with with your program, with your interests we work with in terms of investments we work with real estate.
Capital markets and bioenergy, and I see you mentioned Saudi Arabia.
It's part of an important part of what we're doing now and We are, we actually, we operate in 28 countries in the world and 17 of which are of of the Arab League, so the League of Arab States, and so Saudi Arabia is one of them and it's very important for us now.
Yes, and Victor, as you mentioned here on Wall Street, all eyes are on the conflict in the Middle East.
So tell us what's going on in Saudi Arabia and what Lugli Group's business strategy is in the region right now.
Yes, Saudi Arabia is a priority in our expansion strategy towards eastern markets, as I mentioned, through joint ventures partnerships, we work with 17 countries that belonging to the League of Arab Countries, and what We see in Saudi Arabia right now is a cohesive society.
It's extremely projected to the future, and we see that the current government is really farsighted.
I think it faces growth inside the The the country just to mention Riyadh in the 1950s had 1 110,000 inhabitants while today it has 8 million, so it's reaching 8 million, so they must be farsighted to cope.
To face this huge growth and so that's what we see there and we in the region we are implementing double, let's say a double development like jokingly a pincer maneuver on the market.
We are starting from the bottom up.
So from a VC level we have already signed a couple of months ago a partnership with the local VC firms and from these we will reach the market from the startup's perspective and also top down from from an institutional investor perspective, a top down movement.
And with the access to the giga projects, so as you would say, giga projects, there are massively magnificent projects that are currently being built in Saudi Arabia, and these access we have. is guaranteed by the investors, the institutional investors program that is promoted through the Kingdom of Saudi Arabia.
It is robustly based on Cityscape Global, and so we have this strong relationship with this program that that is allowing us to proceed.
In the country and so we have firsthand information, we have access to ministries, etc. and both of these movements we are promoting, we are fostering are are inside the vision of catapulting us into the future, you know, from the VC level we are facing.
The next generation because of the access to the the privileged access to startups and while the top-down movement through the institutional investor movement, we have something that is being built and that is that is going to be.
Used and let's say faced from the next generations ahead and so this is what we are facing and we are evaluating right now in Saudi Arabia.
Well, Victor, I am sorry that we will have to end our interview now.
We are counting down to the opening bell here at the New York Stock Exchange.
So thank you so much for joining us and thank you so much for sharing your insights as well as your perspective.
My pleasure.
Goodbye.
