Mohammed H. Khashoggi, the Founder and CEO of Ejaro, is a visionary entrepreneur whose innovative approach to car-sharing is making significant strides in supporting Saudi Arabia’s ambitious Vision 2030. Launched in 2019, Ejaro is a peer-to-peer car rental platform that connects vehicle owners with individuals seeking affordable and flexible rental options. Through his leadership, Khashoggi has positioned Ejaro as a key player in fostering economic diversification, innovation, and growth, core pillars of Saudi Vision 2030.
Understanding Saudi Vision 2030
Saudi Vision 2030, unveiled in 2016, is a comprehensive roadmap for Saudi Arabia’s future, aiming to reduce the country’s dependence on oil and diversify its economy. Spearheaded by Crown Prince Mohammed bin Salman, the vision focuses on three main pillars: a vibrant society, a thriving economy, and an ambitious nation. Key objectives include increasing the private sector’s contribution to GDP from 40% to 65% by 2030, promoting entrepreneurship, and creating new industries to drive sustainable growth. The plan also emphasizes innovation, job creation, and empowering small and medium-sized enterprises (SMEs) to build a more resilient economy, as outlined on the official Vision 2030 website.
Ejaro’s Innovative Business Model
Ejaro operates as a peer-to-peer car rental platform, enabling car owners to rent out their vehicles to others through a secure and user-friendly app. This model provides car owners with an additional income stream and offers renters affordable and flexible transportation options. By leveraging technology, Ejaro has created a marketplace that optimizes the use of existing assets, private vehicles, while addressing the growing demand for short-term rentals in Saudi Arabia. This innovative approach aligns with the broader goals of Vision 2030 by promoting resource efficiency and fostering a sharing economy, which supports the vision’s aim to develop new industries.
Aligning with Saudi Vision 2030
Ejaro’s operations are deeply aligned with the objectives of Saudi Vision 2030. By empowering car owners to monetize their vehicles, Ejaro supports the growth of SMEs, as individual owners can generate additional income. This directly contributes to the vision’s goal of increasing the SME contribution to GDP from 20% to 35% by 2030, as noted by the Saudi Embassy. Additionally, Ejaro’s focus on innovation in the transportation sector supports the vision’s emphasis on developing new industries and creating dynamic job opportunities. The platform’s partnerships with insurance companies like Cooperative, Najm, and Absher further enhance its role in supporting economic growth by providing customized insurance solutions, a critical step toward building a robust and integrated ecosystem.
Mohammed H. Khashoggi’s Leadership
As the Founder and CEO of Ejaro, Khashoggi has been instrumental in shaping the company’s mission and aligning it with Saudi Vision 2030. Based in Jeddah, Khashoggi’s vision for Ejaro goes beyond creating a car-sharing platform; he aims to redefine transportation in the Kingdom while driving economic and social progress. In his own words, “We are working to change the concept of car sharing in the Kingdom and striving to be leaders in the insurance sector through cooperation with Cooperative, Najm, and Absher, a pivotal step towards supporting economic growth and innovation in line with Saudi Vision 2030”. His leadership has been crucial in securing strategic partnerships and raising funding, including a $3.3 million pre-Series A round led by Cooperative and angel investors in January 2024, which will further fuel Ejaro’s expansion and development.
Impact and Achievements
Under Khashoggi’s guidance, Ejaro has achieved remarkable milestones in a short span. Since its launch in 2019, the platform has facilitated over 25,000 trips and helped more than 100 car owners earn over SAR 2.5 million in less than two years. These achievements demonstrate Ejaro’s ability to create value for both car owners and renters while contributing to the broader economy. By enabling car owners to generate additional income, Ejaro supports the financial empowerment of individuals, a key aspect of Saudi Vision 2030’s focus on improving the quality of life for citizens. Furthermore, Ejaro’s partnerships with leading insurance providers ensure that the platform operates safely and reliably, reinforcing its role as a trusted contributor to the Kingdom’s economic transformation.
Khashoggi’s leadership at Ejaro exemplifies the entrepreneurial spirit that Saudi Vision 2030 seeks to cultivate. Through Ejaro, Khashoggi has created a platform that disrupts traditional car rental models and supports the vision’s goals of economic diversification, innovation, and SME growth. By empowering car owners, fostering new industries, and driving technological advancement, Ejaro is playing a vital role in realizing the ambitious aspirations of Saudi Arabia’s future. As the Kingdom continues its journey toward a post-oil economy, entrepreneurs like Khashoggi and initiatives like Ejaro will be essential in turning Vision 2030 into a reality.
