Saudi Arabia’s Madinah Governor Prince Faisal bin Salman bin Abdulaziz has underlined the work done by the General Authority for Small and Medium Enterprises (Monshaat) as vital to creating new economic opportunities.
Monshaat offers SMEs needed support and strategic advice to thrive, the Madinah governor stressed.
Prince Faisal’s remarks were made on Monday at the inauguration of a center for supporting enterprises in Madinah. The ceremony was attended by Monshaat Governor Saleh al Rasheed.
He pointed out that the new center had exerted serious efforts and coordinated with relevant authorities to launch its work despite the ongoing coronavirus pandemic which affected all walks of life.
The Madinah governor also noted that the new support center is a symbol of integration between the private and public sectors.
Prince Faisal also confirmed that the government is generously spending on underpinning the youth sector and the development of SMEs.
It is worth noting that Monshaat seeks to support scale-ups of SMEs by providing a number of solutions aimed at developing capabilities in the strategic and operational aspects, in addition to building the capacity of these enterprises to overcome challenges and to increase their growth. So far, the authority has delivered five scale-up programs to more than 250 small and medium enterprises.
It is worth noting that, the number of fast-growing Saudi SMEs is estimated at 7,000, and the number of rapidly growing SMEs is increasing by nearly a thousand every year.
Thus, Monshaat has dedicated a special unit to support this group of SMEs to maintain this positive increase and to maintain their growth.
It is worth noting that Monshaat is keen to avail its services and programs to SMEs and entrepreneurs, to enhance the Saudi business environment and create opportunities to support the growth of the SMEs, enhance their competitiveness, and to promote the culture of entrepreneurship.
