This is after the Cabinet Approval, announced in its Meeting Held Today
H.E. the Minister: “The establishment of the General Authority for Small and Medium Enterprises contributes in raising the GDP of the Kingdom”
H. E. Minister of Commerce and Industry Dr. Tawfiq Bin Fawzan Al Rabiah expressed his deep gratefulness and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz( May Allah Bless Him) regarding the approval of the Council of Ministers on the establishment of the General Authority for Small and Medium Enterprises, during the cabinet`s meeting held on Monday. This is in view of the great importance represented by such authority on the commercial and industrial sectors in the Kingdom.
On this occasion, H.E. confirmed that the creation of this authority contributes to the improvement of the economic environment of the business, to achieve the goals that the state is seeking to achieve, such as the variety of economy, creating jobs and building a strong economic base. This Authority is scheduled to be the official body concerned with the small and medium enterprises, and which holds the coordination with the governmental and non-governmental bodies, as well as the internal and external representation for any functions related to such enterprises.
H.E. Minister of Commerce and Industry has pointed out that the establishment of the General Authority for Small and Medium Enterprises aims to organize the work of such enterprises in the Kingdom, and to support and develop the enterprises, in accordance with the best international practices. Therefore, this would help increasing its contribution in the Gross Domestic Product (GDP), and increasing the capacity of the Saudi economy, to be able to create jobs and work opportunities for the Saudi youth, in addition to the contribution in the localization of technology, and increasing the SME productivity.
The General Authority for Small and Medium Enterprises would be in charge of developing a National Strategy for the enterprises and follow up their implementation, in addition to the proposal of Rules, Regulations and policies related to the development and support of enterprises, as well as following-up their implementation after being approved officially.
The said Authority is also working on the development of policies and criteria for funding and supporting the enterprises, also support the establishment of specialized financing companies, besides activating the role of banks and loan funds, more over working on removing the administrative and financial obstacles faced by the enterprises, as well as developing programs and initiatives to create investment opportunities for such enterprises, also organizing the technology incubators and business.