Saudi Arabia’s first center to support small and medium enterprises opens

It aims to empower SME sector and ensure its continuity through presenting various direct services

  
Businessmen in a meeting. Image for illustrative purposes.

Businessmen in a meeting. Image for illustrative purposes.

Getty Images/ Image Source

JEDDAH: The Minister of Commerce and Investment Dr. Majid bin Abdullah Al-Qassabi inaugurated the Kingdom’s first center to support and empower small and medium enterprises, at the Saudi Small and Medium Enterprises Authority (Monsha’at) headquarters in Riyadh.

The launch was attended by Ferid BelHajj, the World Bank vice president for the Middle East and North Africa Region; Sérgio Pimenta, vice president of the International Finance Corporation (IFC) for the Middle East and Africa; Mouayed Makhlouf, IFC’s director in the Kingdom; and a number of officials. They were welcomed by the Governor of the General Authority for Small and Medium Enterprises Eng. Saleh Al-Rasheed and some executives.

This center is the first of its kind that supports enterprises in the Kingdom. It aims to empower the small and medium enterprises sector and ensure its continuity through presenting various direct services to entrepreneurs and those interested in trading. The center also includes a platform that facilitates business start-ups by providing entrepreneurs with the governmental services needed at the start of their career.

Al-Qassabi reviewed the center’s readiness and the means by which it serves the beneficiaries with the participation of 140 enterprises. He also met a number of small and medium enterprise owners, mentors and trainers, taking into consideration their suggestions to support this vital sector and its role in the accomplishment of the Kingdom’s 2030 Vision.

The enterprises then briefed Al-Qassabi about their services and products, their support of small and medium enterprises in addition to their various workshops and training and guidance centers.

Eng. Saleh Al-Rasheed said the center is helping Monsha’at to reach its goals by supporting investors through the establishment of a number of enterprises that meet their needs and aspirations.

Monsha’at had recently launched a number of initiatives to support and empower small and medium enterprises. This highlights the role of Monsha’at in raising the contribution of these enterprises in the GDP from 20 to 35 percent.

 

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