Mohammed AlMugren

Mohammed AlMugren sees change coming to his native Saudi Arabia, and intends to be part of his country’s transition to a more diversified economy. He is inspired by his three younger sisters who are part of the cultural shift already underway that promises more opportunities for Saudi women.

“With all of the transformation happening in my country — in technology, tourism, culture, hospitality, industrial — you realize that you are part of something that is really thoughtful and uplifting,” says AlMugren, who had a ringside seat to many of the changes as a senior strategy officer for the Saudi Industrial Development Fund in Riyadh. “And the question is always: How do we best nurture the talent, because we have so much human capital.”

AlMugren has two degrees in electrical engineering, loves food, and considers himself an amateur food critic and restaurant consultant.

Why have you prioritized the inclusion of women in business?

I have three loving sisters. When I was born, there were very few women in white-collar jobs, so when I was born as the eldest child, I was marked to be the future provider for my family.

Today, my three sisters are hard-working and ambitious. I want to see them soar.

You say some culture changes are already underway.

One of my sisters is a project manager at the first digital bank in my country. Another is fundraising for a charity to help people with special needs find jobs. The youngest sister is working for an international consultancy. This story is now the reality of my country. A reality which did not exist 30 years ago. I am so inspired by what my sisters have already done, and I want to see them soar in even higher positions. I truly believe there is no limit to what they can achieve in my country.

So it’s rooted in your concern for the women in your family?

My mother was a stay-home mom. She is my hero. My mom was an absolute trailblazer. She was one of the first women to be approached by the financial sector because she was at the top of her class. She chose instead to stay at home with us to make sure we achieved excellence in our education, were kind, and gave back to the community. That framed the values of my entire family.

What do you think is lost when women are not included?

We are part of a vision now where it’s all about hard work, resilience, commitment, and ambition to do well while doing good — and not about any intrinsic attribute. That’s a really powerful vision.

You seem to have really enjoyed your internship at Prosperity7 Ventures. Tell us what you learned from seeing business from the venture capital perspective.

I learned how investors think, and the way they think: “Would this be a billion-dollar company?” That’s the first question that comes to mind. Second, “Is this a feature or a platform?” So whether it’s a software company or a hardware company in any sector, is this something a contractor can do the next day, or is it a complete platform that’s really hard to achieve? Third, and this is for the entrepreneurs, it really matters how much effort you put into doing your homework. Did you check all of the checklists? Do your financials make sense? Do you have enough customers to add value to the market? Are the expectations reasonable enough? That anchors you with the valuation. I also learned that it’s a relationship-based sector in terms of having relationships with fellow VCs and entrepreneurs. It’s good to know exactly what they’re focusing on so you’re not wasting your time.

You were president of the Saudi Arabian Student Association while an undergraduate at Penn State. Why did you get so deeply involved in that?

I’m a proud Saudi. I love my country, and I try to show there’s more to Saudi than meets the eye. I had an opportunity to show my country to my classmates and professors and students and staff. We even had an event with the Nittany Lion wearing traditional Saudi clothes, and that was awarded the best event of the year. You have the stereotypes — camels and oil — but we also have generosity, hospitality, cultural dances, economic development, and global mindset.

Explain more about your work as a senior strategy officer with the Saudi Industrial Development Fund.

My journey there was serendipitous. I met a mentor at a McKinsey future leaders initiative, and at the time he was director of the fund. He showed me plans for how they were transforming this financing entity into other sectors — logistics, mining, energy. He empowered me, so within six months, I was on a trip with the CEO to a Saudi-German conference about the fourth industrial revolution. After a year and a half, I proposed to establish an equity investment arm of the fund. That was huge for me. Without finance nor extensive management experience, I was empowered by the CEO to form and lead the establishment team, where we reported weekly to him and, on a quarterly basis, to the board. This company, with its clear vision and impactful objectives, has grown to be my baby, my legacy. I poured my heart and soul into shaping its future, guiding it through its formative stages, and setting a robust foundation for sustained growth and industry leadership. It changed the course of my thinking.

While an intern at Prosperity7, you worked on a startup project on “energy harvesting.” How active is Saudi Arabia in developing alternative energy resources?

Saudi is investing in alternative energy. It has one of the biggest, if not the biggest, solar energy generation plants in the world. We’re extremely invested in that, as well as wind power. We’re also focusing on a green hydrogen project.

At the Multi Business Development Group in Riyadh, you brainstormed a post acquisition strategy for a date farm. What did you learn from that brief foray into agriculture?

We had a $40 million farm that produced a million tons of dates annually. At that time the farm was exporting to one player. The idea was to expand revenue by exporting to multiple players. We also were looking into improvements in how to harvest the dates using robots. I connected them with my professor, who built a prototype of a date-harvesting machine. What I found most exciting was how it connected me with many entrepreneurs, including a talented chef and a micro-influencer, to do an event. After we posted it online, the chef was featured in shows and won awards, and the influencer with 10,000 followers now reaches more than 200,000. It was so much fun, and the impact was huge.

You list “food critic” among your interests. Tell us more about that.

When I travel, the first thing I have is a list of restaurants I want to go to, and then look for activities in between. I enjoy trying different types of food, and many restaurants will invite me to evaluate their recipes. How crunchy is the sandwich or how citrusy is the sauce? I help them to develop recipes by adding or removing different ingredients, or changing the presentation or even the name of the dishes. It’s a hobby. I don’t try to make money out of it, because I enjoy finding exclusive dishes from great chefs back home, and I’m honored to have that opportunity.

If you could choose the menu for your ultimate meal, what would it be?

One dish I’d eat every day of my life — chicken shawarma with garlic sauce, fries, and pickles. For me, Lebanese food is very diverse and very healthy.

Any particular classes, professors, or experiences at Stanford GSB that you think will be important as you move forward in your career?

Three classes come to mind. One is Acting with Power, with Professor Deborah Gruenfeld. That was my favorite class. It was extremely well-organized, and I could see my growth in literally one session. The thesis of the class is how to freely move between four quadrants with two axes — high and low power, and warm and cold. You try to push yourself to be more powerful without being rude, then you get the feedback of classmates. The second class was Finance 207: Corporations, Finance, and Governance in the Global Economy, taught by Robert E. Siegel and Amit Seru. They put so much effort into the class, and it gave me a comprehensive view of finance from different perspectives.

The third class was Housing and the Mortgage Market, taught by Chris Mahowald and Greg Buchak. That was a wake-up call about house buying. It’s the biggest check you will write, and from 2019 to now Saudi housing prices almost tripled. The class gives you a framework that makes sense, and that will save you a lot of money and frustration in the future.

Any common trait among the mentors you’ve had that you want to emulate?

Empowerment. They believed in me even before I believed in myself.

Any plans to stay involved with the GSB after you graduate?

Absolutely. One way, I think, will be pushing more people to go to the GSB. It’s a revolutionary experience that simply doesn’t exist anywhere else. The motto of changing lives, changing organizations, and changing the world is something you live with and experience. I want to make sure that program continues.

Photos by Elena Zhukova