- RIYADH: Share of small and medium enterprises (SMEs) does not go beyond 28 percent of the private sector's total share in the national economy, according to the deputy chief of SME development committee at Riyadh Chamber of Commerce and Industry (RCCI), Isam Al-Bakr.
Speaking to reporters, he stressed the need for improving the position of SMEs and finding ways to provide funding for them as they could play a major role in the economy.
The SME development committee recently singed a series of memorandum of understanding (MoU) with Saudi Credit and Saving Bank (SCSB), the Centennial Fund (CF), Abdul Latif Jameel Program for Community Service and Kafalah Program on the possibility of funding SME projects, he said.
Business incubators for the SME development center at the premises of Bader Program for IT & Telecommunications have been launched.
The SME development committee has undertaken a number of projects and training courses on funding, mechanism of productive families, organization of the 3rd International Fair on Franchise, and spread of culture, he said.