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 government agencies discuss Hajj 2020 plan

Updated 19 February 2020

Saudi government agencies discuss Hajj 2020 plan

  • Several security entities involved in the Hajj system attended the meeting, where they discussed the 2019 Hajj season and addressed its biggest challenges
  • The team reviewed the pilgrims grouping system and modern techniques to expand communication and cooperation with the relevant authorities

MAKKAH: The Ministry of Hajj and Umrah hosted on Tuesday the first meeting of a joint work team in charge of supervising the pilgrims grouping system.
Several security entities involved in the Hajj system attended the meeting, where they discussed the 2019 Hajj season and addressed its biggest challenges.
The meeting, which was chaired by the undersecretary of the Ministry of Hajj and Umrah for Hajj affairs, Hussein bin Nasser Al-Sharif, stressed the importance of joint efforts to serve and facilitate the pilgrims’ journey and to live up to the leadership’s aspirations.
The team reviewed the pilgrims grouping system and modern techniques to expand communication and cooperation with the relevant authorities.
It also considered the development of interactive platforms to exchange ideas for making the Hajj plans a success.
The first joint work team meeting was attended by the Ministry of Interior, the Civil Defense, the General Directorate of Traffic, the Emirate Of Makkah Province, the Makkah Region Development Authority, the Royal Commission for Makkah City and Holy Sites and the Makkah Municipality.