New business funding portal to help Saudi entrepreneurs

The event will run until April 6 at the Dhahran International Exhibition Center. (SPA)
Updated 05 April 2019

New business funding portal to help Saudi entrepreneurs

  • Initiative will allow startups to tap into funding channels by bidding for online offers from financial providers

DAMMAM: An initiative aimed at helping entrepreneurs to access business funding has been launched by Saudi finance chiefs.

The Kingdom’s Small and Medium Enterprises General Authority (Monsha’at) has signed joint agreements with a number of financial providers to allow business owners to apply for monetary backing through a newly established website.

The announcement came as 720 young entrepreneurs took part in the Biban Eastern Forum for small- and medium-sized enterprises (SMEs), being staged by Monsha’at at the Dhahran International Exhibition Center.

The event, organized in collaboration with the National Entrepreneurship Institute (Riyadah), runs until April 6 with the aim of supporting and developing the sector. Delegates were able to participate in more than 60 specialized training courses, lectures, workshops and interactive sessions.

And the new portal initiative will allow entrepreneurs, startups and innovators to tap into funding channels by bidding for online offers from financial providers.

It is the latest in a line of schemes launched by Monsha’at to help SMEs  in the Kingdom. The authority had previously set up a SR1.6 billion ($416 million) initiative to provide credits to businesses through the Saudi Arabian Monetary Authority (SAMA), in addition to establishing a SR2.8 billion ($728 million) fund to invest in SMEs.

Meanwhile, the forum gathering offered 36 training courses in subject areas including supply chains, human resources management, basic app programming, marketing, accounting, strategic planning, commercial franchises, and branding.

Thirty other specialized courses were dedicated to e-commerce, and included e-stores, business models and e-ideas.

Several other workshops were held offering guidance and information in areas such as industrial empowerment, risk management, micro-enterprise management, financial technology, bank financing, exports, smart leadership apps, entrepreneurship, data analysis, and human resources management of new projects.


Saudi Arabia to launch app for Umrah pilgrims

Updated 21 September 2020

Saudi Arabia to launch app for Umrah pilgrims

RIYADH: Saudi Arabia is launching an online application that allows citizens, residents, and visitors to apply for Umrah pilgrimage.
The Ministry of Hajj and Umrah said the move is part of digitalization efforts undertaken by the Kingdom. 
The ministry also released details on how it plans to gradually allow pilgrims to apply and reserve a specific time and date for Umrah in a bid to avoid overcrowding. 
The national project aims to save time and reduce costs and burdens on government agencies.
The online process will provide information to complete government procedures, in addition to raising security levels and preserving government documents.
The step comes within measures taken by the ministry to keep pace with the digital transformation under the Kingdom's Vision 2030 reform program.
It said a total of 54 government agencies are set to benefit from the system.