H.E. the Minister of Commerce & Investment Signs a Memorandum of Understanding with the UAE side, related to Supporting Entrepreneurship

11 Oct 2017
This is to Promote Partnership, knowledge Exchange and to Stimulate Small & Medium Enterprises
His Excellency the Minister of Commerce and Investment, Chairman of the Board of Directors of the General Authority for Small and Medium Enterprises, Dr. Majid bin Abdullah Al Qasabi, signed on Wednesday a Memorandum of Understanding (MoU) between the Government of Saudi Arabia and the Government of the United Arab Emirates for supporting entrepreneurship, In light of the Saudi-UAE Business Forum, hosted by the capital Abu Dhabi, for the activation of "Khalwat Al Azm" outputs.

The Memorandum of Understanding comes within the framework of the two countries' keenness to consolidate and deepen the brotherly relations, intensify bilateral cooperation and to strengthen the existing relations in various fields for the realization of the aspirations of the two leaderships and peoples, as well as to achieve the common objectives between the two brotherly countries.

The MoU aims to set up and strengthen the partnership between the two parties in the field of supporting entrepreneurship, expanding cooperation and joint work. Also launching initiatives and projects, related to entrepreneurship, besides exchanging knowledge, expertise, information and studies related to entrepreneurship, in addition to the development of Human Resources in various fields, to ensure developing the performance and promoting the functional skills of manpower.

This MoU also contributes to the development of the entrepreneurship environment for the small and medium enterprises, also to create a stimulating and supportive environment for entrepreneurship. It includes a special cooperation agreement for Aim Startup aiming at creating a strategic platform for startups to communicate with investors and financiers from all over the world.

The Executive Committee of the Saudi-UAE Coordination Council will follow-up the progress of the projects and initiatives launched within the framework of this Memorandum and to overcome all difficulties facing the fulfillment of the desired objectives.

It is worth mentioning that the Saudi- UAE Business Forum is aiming at enhancing trade, investment and economic cooperation, as well as strengthening trade ties and opening new channels of investment for enhancing the diversification of income sources, attracting value added investments to the National Economy and increasing the volume of non-oil exports.

Last Modified 26 Dec 2018