Monshaat offers SR691 million government fee refunds to Saudi SMEs

Updated 02 December 2019

Monshaat offers SR691 million government fee refunds to Saudi SMEs

RIYADH: The Small and Medium Enterprises (SMEs) General Authority (Monshaat) has paid SR691 million ($185 million) to 7,500 small- and medium-sized companies as part of the government fee refunding initiative.

Monshaat’s Gov. Saleh Al-Rasheed revealed the details during a meeting organized by the Riyadh Chamber in the presence of its chairman, Ajlan Al-Ajlan, and several businesspeople, professionals and business stakeholders.

Al-Ajlan highlighted the importance of raising the contribution of this group of enterprises to the gross domestic product. 

Al-Rasheed said that the most prominent initiatives of “ease of doing business” in cooperation with the Labor Ministry were to issue nine visas to full-time employees of enterprises, provide a grace period of one year for registration and to enroll newly appointed Saudi employees in the Nitaqat program as soon as being registered in the social security fund. Other initiatives include the Saudization of leadership positions and supporting the employment of those enrolled in the “Incentive” program and other initiatives.

Al-Rasheed said that Monshaat had established business support centers that formed an integrated environment to provide the training programs, consultancy and guidance services needed by entrepreneurs. SPA Riyadh


Saudi Arabia’s King Salman patronizes closing of 4th King Abdulaziz Camel Festival

Updated 13 min 13 sec ago

Saudi Arabia’s King Salman patronizes closing of 4th King Abdulaziz Camel Festival

RIYADH: Saudi Arabia’s King Salman patronized on Sunday the closing ceremony of the Fourth King Abdulaziz Camel Festival.
The king welcomed his guests from across the Gulf countries, including Kuwait’s Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.
During the ceremony, chairman of the Camel Club’s board and general supervisor of the festival, Fahad bin Falah bin Hathleen, thanked King Salman for his patronage and the “festival has become a destination for all (camel) owners within” within the Kingdom and serves as a platform “to bring together people from the Gulf and the Arab world.”
Hathleen also said that the club launched a package of economic decisions that will contribute to the development of this sector, and constitute an attractive factor for investments.