To Review New Strategy, Implementation Mechanisms and to Discuss the Enterprises Current Status
The General Authority for Small and Medium Enterprises is holding its first Board of Directors meeting on Tuesday 14/03/1438 H corresponding to 13/11/2016 AD in Riyadh. The Board of Directors of the said authority, chaired by H.E. the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, is going to review the strategy of SMEs and to discuss the mechanism of its implementation, also to approve the relevant budget, besides discussing the current situation of Small and Medium Enterprises in the kingdom and ways of supporting and empowering them.
SMEs Board will discuss also appointing the members of the Executive Committee and the Audit Committee, and will approve the regulations relevant to the concerned committees, besides appointing the Secretary of the Board of Directors, as well as ratifying the decree of appointing the external auditor.
H.E. Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment, Chairman of SMEs Board of Directors, confirmed that holding this first meeting and approving SMEs general strategy represents a real start for SMEs work, consequently this would be reflected on improving the economic environment of the business sector, and thus achieving many goals that the government has been endeavoring to fulfill by diversifying the economy, building a strong economic base and creating job opportunities for citizens. H.E. the Minister pointed out the importance of Small and Medium Enterprises Sector in the promotion of trade and investment position, which the Kingdom is distinguished at the regional and international level.
For his part, H.E. Dr. Ghassan bin Ahmed Al Sulaiman, Governor of SMEs, confirmed that this first meeting of SMEs Board of Directors, and reviewing SMEs National Strategy, besides following up its implementation, will lead to the discussion of applying the rules and regulations, as well as the policies for developing and supporting the SMEs, adding that the start of SMEs Authority’s work is considered a serious leap and will enable it to play its role by taking care of SMEs, also supporting entrepreneurs in the Kingdom, thus contributing to increase GDP from 20 to 35 per cent in accordance with the Kingdom’s Vision.
It is worth mentioning that the General Authority for Small and Medium Enterprises was established by the Council of Ministers decree to be headed by H.E. the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, and H.E. the Governor of SMEs, Dr. Ghassan bin Ahmed Al Sulaiman as a member and vice-president, including the following members as well, Engr. Suhail bin Mohammed Abanme, representative of the Ministry of Commerce and Investment, Mr. Ahmed Al Guwaiz, representative of the Saudi Industrial Development Fund, Dr. Ahmed Kattan, representative of the Ministry of Labour and Social Development, Dr. Abdul Karim Al Nijaide, representative of the Human Resources Development Fund, Mr. Ali Al Hamda’a, representatives of the Ministry of Finance, Dr. Naif Al-Sadoun, representative of the Saudi Arabian Monetary Agency, Mr. Emad Al Abdulqadir, representatives of the General Authority for Investment, Dr. Abdullah Al Nammlah, representatives of the Saudi Bank of Credit and Savings, Dr. Muhammad Khursheed, representative of the King Abdulaziz City for Science and Technology, Dr. Ibrahim Babili, representative of the Ministry of Economy and Planning, Dr. Osama Al Hizan, representative of the Ministry of Education, Dr. Yusuf AL Majdouie, representatives of the Saudi Council of Chambers of Commerce & industry, Dr. Abdullah Elias and Dr. Abdullah Al Muneef, representatives of the private sector.
Meanwhile, SMEs Authority’s work is based on supporting, promoting and caring of enterprises, in accordance with the best international practices, besides increasing the capacity of the Saudi economy, so that to be able to generate employment and job opportunities, also contributing to the localization of technology, as well as increasing SMEs productivity.
Furthermore, the aforementioned authority will also endeavor to develop policies and criteria for funding and supporting the enterprises, also work on establishing specialized funding companies, as well as activating the role of banks and loan funds, besides removing the administrative and financial constraints and obstacles facing the enterprises, also developing programs and initiatives to create investment opportunities, more over organizing the technology and business incubators.