Saudi Arabia’s Council of Ministers has approved a national strategy for entrepreneurship and small and medium-sized enterprises, featuring 13 initiatives to improve access to finance and markets and support business growth.
According to the announcement, the strategy aims to create more than 500,000 direct and indirect jobs and establish a comprehensive database of SMEs linked to relevant databases.
The strategy also targets increasing SMEs’ contribution to Saudi Arabia’s gross domestic product to 35%. It is intended to improve the sector’s productivity, competitiveness and ability to expand into local, regional and international markets.
Sulaiman Al-Turaif, deputy governor for planning and development at the General Authority for Small and Medium Enterprises, said the framework brings together public, private and nonprofit sector efforts around shared goals.
The initiatives address challenges including market access, ease of doing business, financing, technology adoption and innovation. They include support for open commercial innovation, exports and international expansion, as well as greater SME participation in government procurement. The authority will oversee implementation and governance.
Source: Al Saudi News
