RIYADH: To support entrepreneurs entering the agricultural sector, the General Authority for Small and Medium Enterprises, also known as Monsha’at, has inked a cooperation agreement with the Social Development Bank and Riyadh Development Co.
This deal will cover comprehensive support programs from the Social Development Bank, including financial assistance, workshops and training courses to develop entrepreneurship.
The agreement intends to assist SMEs in growing their commercial operations in the agricultural crop wholesale and retail sectors.
This move will empower entrepreneurs and freelancers who want to grow their businesses and spread self-employment culture in various disciplines.
Additionally, it plays a crucial role in enhancing local agricultural production, thus positively influencing both the gross domestic product and the overall economy.
The signing ceremony was in the presence of Suleiman Al-Tarif, deputy governor for planning and development at Monsha’at.
Furthermore, Sultan Al-Humaidi, SDB’s deputy CEO for the business sector, attended the event along with Walid Al-Kharji, CEO of public benefit markets at RDC.
On Thursday, the authority also celebrated the graduation of the second batch of the University Startups Capacity Development Program at King Faisal University in Al-Ahsa.
University President Mohammed bin Abdulaziz Al-Awahli welcomed the attendees and participants in the various incubation projects, emphasizing the importance of training for viable entrepreneurial ventures.
He added that the six-month incubation program empowers innovators and startups to hone their skills and refine their talents.
Monsha’at said in a statement that about 25 projects were converted into commercial entities during the event.
The statement added that these initiatives have benefited over 72,000 university entrepreneurs and have contributed to a 267 percent increase in the revenue growth rate of university startups.
These initiatives were also close on the heels of Monsha’at’s announcement on Wednesday of an entrepreneurship acceleration program in collaboration with the Riyadh governorate and the Massachusetts Institute of Technology.
The program aims to enhance entrepreneurship in the region by evaluating its strengths and weaknesses and will develop management activities that support the growth of innovative enterprises in the city.
According to the Saudi Press Agency, it will last up to two years and have four stages.
Furthermore, it stated that earlier versions of the program attracted participation from the Eastern Province, Makkah and Madinah regions, which had sparked an entrepreneurial boom.