The SME sector in Saudi Arabia is expected to thrive as a result of 23 new initiatives introduced by Monsha’at.
The small and medium-sized enterprise (SME) sector in Saudi Arabia is set to experience significant growth following the introduction of 23 new initiatives by Monsha’at, the Small and Medium Enterprises General Authority.
The initiatives, which were unveiled during a recent press conference, are aimed at boosting the SME sector and ensuring that small businesses in the country have the support they need to thrive.
Speaking at the press conference, Monsha’at’s CEO, Saleh Al Rasheed, said that the new initiatives would provide a wide range of support for SMEs, including financial assistance, business development programs, and access to new markets.
“Small and medium-sized enterprises are the backbone of the Saudi economy, and it is our responsibility to ensure that they have the support they need to grow and succeed,” Al Rasheed said. “These new initiatives will provide a range of resources and support for SMEs, from funding and mentorship to access to new markets and technology.”
One of the key initiatives introduced by Monsha’at is the SME Funding Program, which will provide financial assistance to small businesses in the form of loans and grants. The program will be available to SMEs across a range of sectors, including manufacturing, services, and technology.
In addition to the funding program, Monsha’at has also introduced a range of business development initiatives, including the SME Mentorship Program, which will connect small business owners with experienced mentors who can provide guidance and support.
The authority has also launched the SME Business Accelerator, which will provide a range of resources and support for startups, including training programs, access to funding, and mentorship.
Another key initiative introduced by Monsha’at is the SME Export Accelerator, which will help small businesses to expand into new markets and increase their exports. The program will provide SMEs with training and support to help them navigate the complexities of international trade.
Other initiatives introduced by Monsha’at include the SME Innovation Program, which will support the development of new technologies and innovations in the SME sector, and the SME Market Access Program, which will help small businesses to access new markets and customers.
The new initiatives have been welcomed by small business owners and industry experts, who say that they will provide a much-needed boost to the SME sector in Saudi Arabia. “Small businesses are the engine of growth in any economy, and the new initiatives introduced by Monsha’at will provide a range of resources and support for SMEs in Saudi Arabia,” said Ahmed Al Rajhi, Chairman of the Riyadh Chamber of Commerce and Industry.
“From funding and mentorship to access to new markets and technology, these initiatives will help small businesses to grow and thrive, and will contribute to the overall growth and development of the Saudi economy,” he added. The SME sector is a crucial part of the Saudi economy, accounting for around 33% of GDP and employing around 70% of the country’s workforce. However, small businesses in the country have faced a range of challenges in recent years, including a lack of access to funding and limited support for business development.
The introduction of the new initiatives by Monsha’at is part of a wider effort by the Saudi government to support the SME sector and boost economic growth in the country. In recent years, the government has introduced a range of policies and initiatives aimed at supporting small businesses, including the establishment of Monsha’at itself in 2018. With the introduction of the new initiatives, it is expected that the SME sector in Saudi Arabia will continue to grow and thrive, providing vital support for the country’s economy and helping to create new jobs and opportunities for entrepreneurs and small business owners.
