As part of their mutual efforts to support, develop and promote the Kingdom’s small and medium enterprises (SME) sector, the General Authority for Small and Medium Enterprises (Monshaat) discussed with Community Jameel ways to address the challenges facing SMEs to help them adapt to the current conditions imposed by the COVID-19 crisis. The initiative, based on international best practices, aims at implementing and sponsoring programs and projects to spread entrepreneurial and innovation culture, and diversifying sources of financial support for enterprises.
The discussions took place in a meeting between Saleh Al-Rasheed, governor of Monshaat, and Hassan Jameel, president, Saudi Arabia, Community Jameel. Since its establishment, Monshaat has been keen to develop and support SMEs to enable them to thrive by cooperating with its strategic partners in the public, private and non-profit sectors, locally and internationally.
Previous collaborations between Monshaat and Community Jameel covered several areas, including supporting and developing the financing programs provided by Bab Rizq Jameel Microfinance, cooperating in the field of entrepreneurship with the MIT Enterprise Forum Saudi Arabia, supporting employment programs for SMEs in partnership with Bab Rizq Jameel Recruitment, and cooperating with Bab Rizq Jameel Services in providing digital solutions for entrepreneurs.
Al-Rasheed said: “Monshaat supports MITEF Saudi Startup Competition, the annual competition organized by Bab Rizq Jameel, with the aim of promoting and enriching the entrepreneurial landscape in Saudi Arabia and celebrating all startups and entrepreneurs in the Kingdom.”
Jameel said: “Small and medium enterprises are a vital part of the economy in Saudi Arabia and Monshaat has played an important role in supporting them. Community Jameel shares this ambition to advance the business sector and create a nurturing environment for entrepreneurial projects.”
Now more than ever, continued collaboration between our organizations is necessary to develop new tools that strengthen our support for businesses in the Kingdom.”