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Saudi Arabia

SME national plan to be completed by year-end

RIYADH: The Small and Medium Enterprises General Authority (Monshaat) will finalize its national plan for SMEs by the end of the year, said Ghassan Al-Sulaiman, governor of the authority and adviser to the Ministry of Commerce and Investment.
Addressing a news conference in Riyadh on Sunday, he said the program aims to support and finance SME projects.
All obstacles have been identified and will be overcome in cooperation with relevant government agencies via the formation of a committee representing concerned sectors, he added.
Some 99 percent of cover-up business cases in the Kingdom are in the SME sector, said Al-Sulaiman.
He expressed hope that the approval of the SME national plan will play a significant role in eliminating this phenomenon.
Monshaat visited 17 countries to benefit from their experience in this area. Al-Sulaiman said SMEs have a huge impact on the economy and society by generating jobs and contributing to the growth of gross domestic product (GDP).
Monshaat aspires to contribute to innovation, fight poverty and create jobs for male and female entrepreneurs, he said, adding that women own 38 percent of the SMEs established last year. Al-Sulaiman welcomed foreign investment in this sector.

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