Pearl, Letswork launch pilot on governance
The Pearl Initiative, a leading non-profit organization which fosters corporate governance transparency in the Gulf region, launched a pilot series for ‘Governance in Tech’, in collaboration with Letswork. This pilot project aims to empower tech companies to adopt robust corporate governance frameworks, identify and address upcoming challenges in data governance, as well as exchange knowledge about general policies on the use of technology across all companies.
MENA startups recorded a total investment amounting to over USD 1 billion in 2020, indicating a 13 per cent increase year-on-year. In September 2021 alone, startups in MENA raised nearly $338 million across 37 deals, a 111 per cent rise month on month. Similarly, Saudi Arabia’s startup investment has increased from 14 percent in 2019 to 17 percent in 2020, despite the onset of the pandemic. This reform in the market, combined with the growing interest of entities to work with startups, intensifies the need to support them with strong corporate governance frameworks.
During the first webinar session, the panellists comprised of business leaders and subject matter experts, who provided valuable insights on key internal governance processes, discussed initiatives that can ensure organisational profitability and resilience during the pandemic, as well as focused on the various components of corporate governance challenges that tech start-ups face.
Omar Al Mheiri, Co-founder of Letswork stated: “As reflected in various studies, new businesses with good governance, fosters stability and trustworthiness, and are deemed more profitable. Potential investors are attracted to startups with well-established, strong corporate governance. Through this pilot with the Pearl Initiative, we hope that startups and SMEs across the country and the region will also be able to structure a resilient and credible corporate governance.”
Ranya Saadawi, Executive Director, Pearl Initiative added: “As the number of tech startups grows significantly in the region, we aim to raise awareness on the significance of governance frameworks to enhance their business competitiveness and resilience.”