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Episodes 30 and 31 bring to you a deep dive on the luxury market and an exclusive interview with Penny Software founder Iyad AlDalooj
Lucien and Hanaa
October 12, 2024
On Episode 31 Iyad Aldalooj joins The TWENTY30 Mainstage for an exclusive interview with hosts Lucien Zeigler and Hanaa Almoaibed. Iyad started Penny Software after serving as an executive for Careem, the mobility startup which exited for $3 billion to Uber Technologies.
Penny is now one of the Kingdom's fastest-growing startups with SAR 1 billion in transactions in 2023 and customers worldwide. Iyad shares his journey, which begins in the Eastern Province in Saudi Arabia. After studying at the University of Nebraska in the United States, he fell in love with entrepreneurship.
When he moved back to the Kingdom, he joined Careem, where he was an executive when the company exited. He then became one of the inaugural members of the Saudi Leadership Society and the Misk 2030 Leaders Program. Now, with the venture-backed Penny Software, he tells Lucien and Hanaa that despite his early success with Penny, he's committed building a solution for the long run while contributing to the prosperity of Saudi Arabia's Vision 2030 and its drive to create a technology ecosystem from the ground-up. The transformation happening in the Kingdom has changed the mindset of Saudi Arabia's tech-enabled youth, creating a vibrant landscape for disruptive technologies to thrive. Iyad shares his journey and experiences to-date, his stories of success and challenges with venture capital fundraising in Saudi Arabia, and much more with The TWENTY30 in this exclusive interview and conversation.
Iyad also shared his family ties to an Ottoman castle he grew up in, which Hanaa discovered she had visited on a tour of his town in the Eastern Province.
On Episode 30 馃ぉ Hanaa does a DEEPDIVE into Saudi Arabia as a luxury market and destination for fashion and luxury goods. A recently-released report titled 'New Codes of Luxury in Saudi Arabia' by the TOGETHER group and the Future Laboratory group explores the evolving luxury market in Saudi Arabia, focusing on affluent consumers, the impact of women entrepreneurs, and the increasing significance of youth in shaping trends.
The report is loaded with interesting statistics: 88% of affluent KSA nationals also believe it is important that luxury brands contribute to the empowerment of women in the region; 91% of affluent Saudis mention that convenience is important to them when considering a luxury purchase, and so much more. The hosts discuss some of the key themes such as authenticity, innovation, technological integration, and the balance between global trends and local culture are discussed. It is a fascinating look at the spending habits of Saudi high-net-worth individuals, emphasizing the importance of personalized offerings and bespoke experiences.
It also delves into the rise of women's economic influence due to Vision 2030, highlighting their growing role in the workforce and entrepreneurial landscape. For the youth, the report underscores their digital savviness and preference for luxury experiences, indicating a dynamic shift in consumer culture. Concluding the episode, Dr. Hannah and Lucien emphasize the transformative power of the luxury sector in shaping Saudi Arabia鈥檚 future, echoing the report鈥檚 call to embrace authenticity and innovation while respecting heritage.
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