Speaking about the authority’s role, Al-Ghamdi said it would coordinate with other government agencies, including the Supreme Economic Council, to help SMEs play an important role in the economy. He said the Shoura recommended the authority’s formation in the light of a proposal made by its members.
He said last year the Shoura called for the establishment of an independent body to support SMEs. He said members expressed their hope that the new authority would be formed as early as possible.
Abdullah Marae Binmahfouz, a member of the board of directors of the Jeddah Chamber of Commerce and Industry, said the formation of an authority for SMEs would have a positive impact on the economy.
“SMEs account for 70 percent of companies and other economic institutions in the country. The formation of committees at chambers alone will not be enough to develop this vital sector,” Binmahfouz said, adding that the new authority would help solve most problems facing small and medium enterprises.
