New initiatives for Saudi SMEs in spotlight

A two-day forum is being held this week to assess the situation of small and medium enterprises (SMEs), and the challenges they face to enhance their role in economic development and increase employment opportunities available for Saudi citizens.
The Saudi International Forum for Small and Medium Enterprises, which is considered as the most important framework to deliberate in this vital sector, will be held with the support of Minister of Finance Ibrahim Al-Assaf, and organized by the Saudi Industrial Development Fund-Kafalah Program and Saudi Credit and saving Bank in cooperation with Al-Iktissad Wal-Aamal Group on May 28- 29 at Four Seasons Hotel in Riyadh.
The event will attract more than 600 participants from policy-makers and decision-makers from the public and private sectors and banks. They will discuss the initiatives and programs that support the SMEs and how they can further enhance their sources of funding and role in the private sector. The role of big companies in supporting the SMEs will be among the other major topics for discussion.
Major Saudi banks, which are active in funding SMEs, will participate in the forum.
They include National Commercial Bank, Riyad Bank, Samba Bank, Al-Rajhi Bank, Arab National Bank, Saudi British Bank, Saudi Hollandi Bank, Bank Albilad, Saudi Investment Bank and Bank AlJazira. Major companies, including Saudi Aramco, Saudi Arabian Basic Industries Corporation, Tasnee, Aqwa Holding, SIPCHEM, Saudi Ceramic and Al Fanar will also take part.
The forum falls in line with the special attention given by the government of Custodian of the Two Holy Mosques King Abdullah to promote and develop SMEs. It is the government’s intent to strengthen SMEs' leading role in achieving balanced development by launching several constructive and targeted initiatives that aim at supporting and developing this vital sector. The forum is also part of the efforts of the Saudi Industrial Development Fund-Kafalah Program, and Saudi Credit and Saving Bank to consider mechanisms and ways of supporting SMEs.
About 35 speakers and researchers will assess the role of banks in financing SMEs and the role of the private sector and major companies in supporting and developing them. The forum will also feature international experiences in developing SMEs, such as the Japanese, Korean, Malaysian, German and Lebanese experiences, as well as the active participation of the International Finance Corporation of the World Bank, which will provide a comprehensive overview of the developmental impact of this sector from around the world.