During the first meeting held on 13.12.2016 AD, the Board of Directors of the General Authority for Small & Medium Enterprises Specifies and approves the Definition of Micro, small and Medium Enterprises.
The meeting was chaired by H.E. Minister of Commerce and Investment, Chairman of SMEs Board of Directors, Dr. Majid bin Abdullah Al Qasabi, with the presence of H.E. vice president, SMEs Governor, Dr. Ghassan Ahmed Al Sulaiman, and members of the Board of Directors, representatives of government and private sector.
SMEs Board has specified and approved the definition of commercial facilities, where the micro facility may contains 1-5 labors or sales not exceeding SR three million riyals, while small facility may contain 6 to 49 labors or sales more than SR 3 million and less than SR 40 million, while the medium facility may contain 50 to 249 labors, or sales more than SR 40 million and less than SR 200 million.
H. E. Dr. Al Qasabi said: "Holding this first meeting of SMEs Board of Directors represents a real leap to improve the economic environment of the business sector, so as to fulfill various goals that the Kingdom endeavors to achieve, such as economy diversification, building a strong economic base and creating job opportunities for citizens."
H.E. the Minister stressed the importance of Small & Medium Enterprises Sector for enhancing the trade and investment position, experienced by the Kingdom at the regional and international levels.
The aforementioned Board of Directors discussed as well the SMEs strategy and the mechanism of its implementation, besides discussing the procedures to improve and empower the investment environment, as well as reviewing the SMEs initiatives, work plan and the projects based on priority for 2017 AD.