Monsha’at offered over 200 training programs to Saudi entrepreneurs as Kingdom bets on SMEs

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Updated 31 August 2022

Monsha’at offered over 200 training programs to Saudi entrepreneurs as Kingdom bets on SMEs

Monsha’at offered over 200 training programs to Saudi entrepreneurs as Kingdom bets on SMEs
  • The Saudi vision is to create suitable job opportunities for its citizens by supporting SME entrepreneurship, privatization and investments in new industries

RIYADH: The Small and Medium Enterprises General Authority, or Monsha’at, has been offering training programs to entrepreneurs to enhance the sector’s contribution to the gross domestic product.

Monsha’at established an online academy in 2020 to support aspiring entrepreneurs and business owners by improving their ability to access markets, manage established enterprises and explore options to grow their businesses. 

The academy offered more than 200 training events, including boot camps, workshops and self-paced e-learning programs.

Its programs include technology and innovation, planning and strategy, sales and marketing, accounting and financial management, human resource, franchise, e-commerce and retail business.

“The circumstances of COVID-19 in the lockdown accelerated the need to have such a platform. So we started as a learning management system, where we get all of our training services in one place,” said Abdulrahman Alotaibi, director of SMEs Training for Capacity Building at Monsha’at. 




Abdulrahman Alotaibi, director of SMEs Training for Capaity Building at Monsha’at

Alotaibi explained in an interview with Arab News that businesses at the time needed support to survive during the pandemic outbreak.

“We have a group of experts coming into research and identifying the course’s objectives. Then we start to develop the educational content. We do the research; we rely on good references,” he added.

According to Alotaibi, startups face challenges in accessing finance and generating customers. 

“Some challenges are related to human resources and finding the right team, and some have difficulties when it comes to managing the operation. I believe the main challenges are accessing finance and reaching out to customers,” he added.

Saif Alshammari is one of the thousands of beneficiaries of this academy. He enrolled with around 20 other participants earlier this year in courses involving contract formulations, project budgeting and estimation. 




Saif Alshammari, founder and GM of RAK Construction

“The program developed the capability of entrepreneurs. It elaborated the concept of financial management, which is the heart of any business. We were taught about the types of commercial contracts, the differences between them, and which of them you should accept,” he added in an interview with Arab News.

Alshammari founded RAK Construction in 2007 in the city of Al Jubail, the eastern province of the Kingdom.

“I have a long experience managing my company, but Monsha’at gave me a theoretical aspect of management and added a new wave of operation,” he said.

Monsha’at enabled him to register his establishment as a vendor for a leading company in the sector called Thabat.

“Other participants and I were brought up on an open discussion with Thabat, and eventually we got approved vendors, and hopefully we will be rewarded with some projects soon,” Alshammari said.

Increasing roles for women

According to Monsha’at’s 2022 quarterly report, the Kingdom’s private sector has been a major beneficiary of the influx of dynamic female workers, with many female entrepreneurs grabbing new opportunities in the accommodation and food, wholesale and retail, and health and professional support service industries. 

Monsha’at works to develop policies and programs that empower women entrepreneurs across different industries. 

A group of female college entrepreneurs spoke to Arab News about their experience with Monsha’at regarding their next project.

Moodhy Aljouali and her colleagues are currently launching a grammar and spelling error detection and correction system for the Arabic language named Mubeen. 




Moodhy Aljouali, co-founder of Mubeen

“It uses artificial intelligence techniques such as deep learning and natural language processing for editing and correcting any mistakes in the text. It will produce high quality and error-free text,” Moodhy, co-founder of Mubeen, told Arab News.

Majoring in artificial intelligence, Moodhy is in her final semester at the Imam Abdulrahman Bin Faisal University in Riyadh. 

“We are working on improving what we have, and then create the website and publish it in two months,” she said.

Moodhy and four of her colleagues were part of a program run by Monsha’at called the University Entrepreneurship Camps, a competition where the participants get to pitch their projects.

According to Moodhy, their project was awarded the first prize, and Monsha’at offered them a workspace and a consultation from domain experts.

“We are planning to have courses in business from Monsha’at since all the team members only have technology backgrounds,” she added.

Kingdom’s vision for SMEs

Established in 2016 under the Vision 2030 blueprint, Monsha’at’s objective is to create an inspiring environment for SMEs to grow, unlock their potential and create a supportive entrepreneurial community.

Its SME Monitor follows an ecosystem that observes the ongoing progress of the Kingdom’s SME sector, issuing new statistics and case studies that support their observations.

“SMEs in the Kingdom are not yet major contributors to the country’s gross domestic product, especially compared to advanced economies,” said the Vision 2030 document.

The Saudi vision is to create suitable job opportunities for its citizens by supporting SME entrepreneurship, privatization and investments in new industries. 

SMEs will play a significant role in achieving Saudi Arabia’s objectives of lowering the unemployment rate from 11.6 percent to 7 percent, increasing women’s participation in the workforce from 22 percent to 30 percent and expanding SME contribution to 35 percent of the GDP by 2030.


King Abdulaziz Port welcomes first ever Grimaldi car carrier

King Abdulaziz Port welcomes first ever Grimaldi car carrier
Updated 30 November 2022

King Abdulaziz Port welcomes first ever Grimaldi car carrier

King Abdulaziz Port welcomes first ever Grimaldi car carrier

RIYADH: The Saudi Ports Authority, or Mawani, has announced the arrival of MSC Cristiana, a 4,250-vehicle car carrier owned by automobile shipping giant Grimaldi Group, at Dammam’s King Abdulaziz Port from the Chinese port of MCID.

With major shipping lines sailing toward Saudi waters, the national maritime regulator has scaled yet another milestone as it looks to boost the Kingdom’s liner connectivity with the rest of the world. It also seeks to reinforce its presence as a competitive force on the global scale while bolstering national economic growth and foreign trade in line with the objectives of the National Transport and Logistics Strategy.

King Abdulaziz Port is a highly rated trade and investment hub in the Arabian Gulf, thanks to its close proximity to Jubail’s ports and industrial complex as well as its rail linkages to Riyadh Dry Port and the Saudi railway network.

With its suite of world-class operating capabilities and best-in-class infrastructure, which includes 43 berths, the port was ranked 14th in the World Bank’s Container Port Performance Index for 2021.

The port has recently added a series of new shipping services to its roster, including the Jebel Ali Bahrain Shuwaikh Service by the Emirates Shipping Line, the Far East to Middle East service by Sea Lead Shipping in partnership with Saudi Global Ports, and the Gulf-India Express 2 service by Aladin Express. These are in addition to the latest expansion of the Gulf China Service by Pacific International Lines through the introduction of Shanghai and Singapore as new ports of call.

The shipping services lend their part in enabling a greater market capture of the regional maritime freight market while at the same time positioning King Abdulaziz Port as a global destination.


TASI closes on a positive note, gains 144 points

TASI closes on a positive note, gains 144 points
Updated 30 November 2022

TASI closes on a positive note, gains 144 points

TASI closes on a positive note, gains 144 points

RIYADH: Saudi Arabia’s benchmark index gained ground on Wednesday, with 148 of the 219 listed companies closing higher as investors came in droves to kick-start a bull run.

The Tadawul All Share Index added 142 points to close at 10,896.91, while the parallel market Nomu soared 473 points to finish at 18,866.

The total trading turnover closed at SR8 billion ($2.13 billion), an encouraging figure from the SR2.58 billion clocked on Sunday.

Saudi utility major ACWA Power announced that it signed a power purchase agreement with the Water and Electricity Holding Co. to develop the largest solar photovoltaic plant in the Middle East.

Based in Makkah, the 2,060-megawatt project will be ready by the fourth quarter of 2025 and is expected to power 350,000 homes.

The news led to a flurry among investors to purchase the shares, leading to a 4.32 percent increase in share price while closing at SR140.20.

Saudi Arabian food delivery app Jahez announced a share purchase agreement to acquire 134,620 shares in The Chefz SPV Ltd., representing a 100 percent stake, for SR325 million. The share price closed 12 points higher to SR602.

Saudi Telecom Co. revealed the repurchase of 11.59 million shares for SR453 million at an average price of SR39.16 to facilitate its employee stock incentive plan. The stock opened at SR38.10 and closed at SR38.45, up 1.1 percent.

The stock exchange also witnessed a slew of dividends and bonus shares that steamed up the market.

Healthcare player Al Hammadi Holding on Tuesday recommended a 3.5 percent cash dividend of SR0.35 per share for the fourth quarter this year, amounting to a total of SR56 million. Its share barely inched up to close at SR42.

Nafiyat Finance Co. also recommended a 20 percent increase in capital through a bonus issue of one-for-five shares, leading to a marginal increase in its share price, which closed at SR20.70.

International Human Resources Co.’s shareholders approved a recommendation to distribute cash dividends at 7.5 percent of the company’s capital, or SR0.75 per share, for the first half of 2022. The share price gained 3 percent to close at SR64.

The topmost grosser of the day was Dallah Healthcare Co., with its share price increasing 9.8 percent to end at SR173.60.

Other companies reigning the market included the National Company for Learning and Education, Amlak International for Real Estate Finance Co., Arabian Internet and Communications Services Co. and Almasane Alkobra Mining Co, which clocked on average a 7.54 percent increase.

The top losers were Tourism Enterprise Co., Jadwa REIT Saudi Fund, Riyad REIT Fund, Yanbu Cement Co. and Ash-Sharqiyah Development Co.


Middle East carriers see 15% fall in air cargo volumes in October: IATA

Middle East carriers see 15% fall in air cargo volumes in October: IATA
Updated 30 November 2022

Middle East carriers see 15% fall in air cargo volumes in October: IATA

Middle East carriers see 15% fall in air cargo volumes in October: IATA

RIYADH: Economic headwinds across the globe continued to affect air cargo demand in October, as Middle Eastern carriers witnessed a 15 percent fall in air cargo volumes compared to the same period last year, according to the International Air Transport Association.

The October report from the organization, which represents some 290 airlines comprising 83 percent of global air traffic, revealed the impact of the economic headwinds on the aviation sector could even follow into 2023.

“Air cargo continues to demonstrate resilience as headwinds persist. Cargo demand in October — while tracking below the exceptional performance of October 2021 — saw a 3.5 percent increase in demand compared to September. This indicates that the year-end will still bring a traditional peak-season boost despite economic uncertainties,” said IATA’s Director General Willie Walsh. 

He added: “As 2022 closes out it appears that the current economic uncertainties will follow into the New Year and need continued close monitoring.” 

In October 2022, air cargo volumes in Asia-Pacific airlines decreased by 14.7 percent compared to the same month in 2021. 

The report noted that the fall of air cargo volumes in the Asia Pacific was impacted by conflict in Europe, and lower levels of trade and manufacturing activity due to omicron-related restrictions in China

North American carriers posted an 8.6 percent decrease in cargo volumes in October 2022, while European carriers saw an 18.8 percent decrease compared to the same month last year, primarily due to the war in Ukraine and high inflation levels. 

Latin American and African carriers also witnessed a fall in cargo volumes by 1.4 percent and 8.3 percent over the same period.

The report also suggested that the global demand for air cargo measured in cargo ton-kilometers fell 13.6 percent in October 2022 from the same month last year. 

“Capacity was 0.6 percent below October 2021. This was the first year-on-year contraction since April 2022, however, month-on-month capacity increased by 2.4 percent in preparation for the year-end peak season,” said IATA in the report. 

International cargo capacity grew 2.4 percent in October 2022, compared to the same month in the previous year. 


Saudi PIF secures record-breaking $17bn seven-year senior unsecured term loan

Saudi PIF secures record-breaking $17bn seven-year senior unsecured term loan
Updated 30 November 2022

Saudi PIF secures record-breaking $17bn seven-year senior unsecured term loan

Saudi PIF secures record-breaking $17bn seven-year senior unsecured term loan

RIYADH: Saudi Arabia’s Public Investment Fund has announced that it has secured a new $17 billion seven-year senior unsecured term loan, according to a statement.

The loan is the largest-of-its-kind general corporate purpose loan worldwide and was twice oversubscribed.

The new loan falls in line with the sovereign wealth fund’s strategy of diversifying its funding sources in an attempt to prompt effective investment in the Kingdom and globally.

The new loan also aligns well with the PIF’s medium-term capital raising strategy as well as its 2022 Annual Capital Raising Plan.

“It is a significant achievement for PIF, raising a record-sized term facility in the longest tenor ever for a loan of its size that is subscribed to by an unprecedentedly diversified number of lenders. PIF will continue to explore a variety of debt funding sources as it delivers on its strategic objectives,” said Head of Global Capital Finance Division at PIF Fahad AlSaif in a statement.

The PIF’s $11 billion five-year loan which was arranged back in 2018 is set to be repaid early, the statement disclosed.

While the new transaction recorded the support of 25 financial institutions across Europe, America, the Middle East, and Asia, the $11 billion loan of 2018 was supported by just 15 financial institutions.

In February 2022, the PIF received strong international credit ratings from US credit firm Moody’s as well as US finance and insurance company Fitch, reflecting the creditworthiness and quality of the sovereign wealth fund’s investments.


Saudi airports focus on sustainability through infrastructure projects: Leading official

Saudi airports focus on sustainability through infrastructure projects: Leading official
Updated 30 November 2022

Saudi airports focus on sustainability through infrastructure projects: Leading official

Saudi airports focus on sustainability through infrastructure projects: Leading official

RIYADH: The aviation sector in Saudi Arabia is pushing toward a sustainable model by building infrastructure for the future to deliver a seamless passenger experience, according to Abdulaziz Al-Duailej, president of the Kingdom's General Authority of Civil Aviation.

Picking up the threads from the universal pandemic that marred the airline industry, the sector is bolstering the infrastructure by addressing core issues such as staff shortage, health mandates and climate change concerns. 

Fresh from the pandemic, the industry had to endure a hiring process that took almost 16 weeks from recruiting a skilled worker to finally deploying him or her to the job, leading to a clogged supply of staff members in the airports. The situation, however, is fast changing. 

“We tried to support the airports by accelerating the training, certification and security clearance of the ground handlers and other players of the ecosystem through digitization programs that have minimized the process,” said Al-Duailej, while speaking at the World Travel and Tourism Global Summit in Riyadh. 

The aviation authority last month also submitted the ‘Harmonizing Air Travel' policy guidelines to the UN’s International Civil Aviation Organization Council for its approval, encouraging the use of a unified health document that could alleviate traveler concerns that global travelers encountered during the universal pandemic. 

There is also a concerted effort in the Saudi aviation sector to cut the dwell time or time passengers spend in the airport before boarding their flights. 

NEOM Airport, for instance, is working toward developing a high-speed “green” rail system that will transfer air travelers to the city without the need of even finding a parked vehicle, meaning there will be no parking at the NEOM airport. 

“Instead of focusing necessarily on the airport and being a destination, we want to facilitate getting you into the city as fast as we can,” said John Selden, CEO of NEOM Airport. 

The airport is also considering using electric vertical take-off and landing aircraft, or EVTOL, to expedite the mobility of incoming passengers. 

“The last two years were incredibly tough for the industry. The check-in process, which usually takes five minutes, took 20 minutes per passenger. We need to find a way to put all the passenger touchpoints together to make travel seamless,” said Luis Felipe de Oliveira, director-general of the Airports Council International, while speaking at the event. 

Airports are also toying with the idea of running the infrastructure to support sustainability, which includes 100 percent green or battery-powered equipment throughout the airport expanse. 

“We need to have systems where passengers don’t leave gates, and we don’t burn fuel on taxiways until we are ready for take-off. We don’t need a queue at the end of the runway,” said Pagano while sharing his vision of a green hydrogen-fueled ecosystem that will power the airports of the future.