Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha’at) has signed a memorandum of cooperation with the Ministry of Defense to empower retired military personnel to transition into entrepreneurship. The partnership aims to build a supportive ecosystem that helps veterans leverage their extensive experience, create new job opportunities, and launch sustainable ventures that contribute to the Kingdom’s economic growth.
Fostering a Supportive Ecosystem
Through this collaboration, both entities will work to create an attractive investment and business environment specifically for retired military personnel. The initiative focuses on incubating new entrepreneurs, removing potential barriers to entry, and providing a structured pathway for veterans to launch and scale their businesses. The core objective is to build a community where their unique skills and discipline can be channeled into successful commercial enterprises.
Building Capacity and Providing Resources
A key component of the agreement involves implementing a range of initiatives designed to build entrepreneurial capabilities. This includes providing access to specialized training programs, mentorship, and continuous development opportunities. Furthermore, the partnership will facilitate the development of financial products and support services tailored to the specific needs of veteran-led startups and SMEs, ensuring they have the necessary resources and guidance to thrive.
Aligning with Vision 2030
This strategic partnership is a key part of Monsha’at’s broader commitment to supporting diverse segments of society in entrepreneurship. By enabling retired military personnel, the initiative directly aligns with the goals of Saudi Vision 2030 to build a vibrant society and a prosperous, diversified economy. The program seeks to transform the valuable experience gained in military service into a driver for innovation and economic development within the Kingdom.
About Monsha’at
Monsha’at is the General Authority for Small and Medium Enterprises in the Kingdom of Saudi Arabia. Established in 2016, its primary mandate is to organize, support, and sponsor the SME sector. Monsha’at works to increase the productivity of SMEs and their contribution to the GDP by implementing supportive programs, fostering an entrepreneurial culture, and collaborating with public and private sector partners to create a thriving business environment.
Source: Ajel
