Saudi philanthropic community to help SMEs

RIYADH: A new initiative is under way to launch the first Saudi philanthropic community in the Kingdom to promote the small and medium enterprises (SMEs) by leveraging the strength of young Saudi entrepreneurs.
Mustafa bin Mohammad Al-Taji, adviser to the Saudi royal family, disclosed this initiative. Al-Taji is also chairman of the board at Al-Taj Holding and TnM Worldwide, a brand communication enterprise. He is seen as a role model for young Saudis, Arabs and global entrepreneurship. He is involved in philanthropic and humanitarian activities globally and exclusively in the Kingdom.
He said promoting entrepreneurial spirit has become one of the national priorities in view of large investments being pumped into real estate projects, especially in the Makkah Al-Mukarramah Region.
Developing the small-scale industry is essential in the interest of sustainable growth in the Kingdom, the Arab world’s largest economy, which is set to see another year of strong economic growth, said Al-Taji. The Kingdom has a world-class business environment that combines an ease of conducting business with low costs and facilitating unfettered access to regional markets and financial services.
The entrepreneurial spirit is strong among Saudis, said Al-Taji. Careful nurturing and methodical guidance could ensure sustainability. The consensus of the business community is that there is a need to bring all SMEs and ancillary support facilities on a common platform in the interest of developing the SMEs at the national level. Such an initiative could have a multiplier effect on the economy in terms of creating skilled Saudi manpower and boosting the import substitution.
Al-Taji said the recent celebrations of the Kingdom’s 82nd National Day sent a powerful message. It showed that “We are confident about the prospects of Saudi economic development and about the soundness of the financial services in our country. We are also aware that we live in an interconnected world. It is important that we remain cognizant of major international trends and adapt our corporate strategies accordingly.”
The name of the game is execution, said Al-Taji. “For us here this is our golden opportunity, since we have the money, the youth, and the potential to grab markets and expand the economy. We need to execute and action plan and can’t afford delays.”