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 condemns attack on church in Burkina Faso

Updated 20 February 2020

Saudi Arabia condemns attack on church in Burkina Faso

  • Gunmen killed 24 people, including a church pastor, and kidnapped three others in the attack in Dori
  • More than 1,300 civilians were killed in attacks last year in Burkina Faso, more than seven times the previous year

RIYADH: Saudi Arabia has condemned a terror attack on a church in northeast Burkina Faso in which 24 people were killed and three kidnapped.

The Saudi Ministry of Foreign Affairs expressed the Kingdom’s condolences to families of the victims, and the government and people of Burkina Faso, and reiterated its rejection of violence, terrorism and extremism.

On Sunday, gunmen killed 24 people, including a church pastor, and kidnapped three others in Burkina Faso. It was the latest attack against a religious leader in the increasingly unstable West African nation. Sihanri Osangola Brigadie, mayor of Boundore commune, said the attack occurred in the town of Pansi in Yagha province. 

About 20 attackers separated men from women outside a Protestant church. At least 18 people were injured.

“It hurt me when I saw the people,” Brigadie said after visiting some victims in a hospital in Dori town, 180 km from the attack.

Both Christians and Muslims were killed before the church was set on fire, a government security official said. Attacks have targeted religious leaders in the area in the past. 

Last week a retired pastor was killed and another abducted by gunmen, according to an internal security report for aid workers.

More than 1,300 civilians were killed in attacks last year in Burkina Faso, more than seven times the previous year, according to Armed Conflict Location and Event Data Project, which collects and analyzes conflict information.

The insecurity has created a humanitarian crisis. More than 760,000 people have been forced from their homes in the country, according to the government.