The Ministry of Commerce has won the Compass Award, announced the Global Entrepreneurship Network (GEN).
The award is given to global entrepreneurial systems for individuals, organizations or communities that have a significant impact on the level It aims to enable entrepreneurs to establish and grow start-up companies around the world.
The ministry received the award for the category “One Global Ecosystem”, given to organizations that have had the largest impact in connecting a broad array of stakeholders who help entrepreneurs start and scale new companies around the world.
On behalf of Minister of Commerce Dr. Majid Abdullah Al-Qasabi, the Governor of the Small and Medium Enterprises General Authority (Monsha'at) Saleh Alrasheed received the award during the Global Entrepreneurship Congress held in Riyadh between 27-30 March 2022.
The Small and Medium Enterprises General Authority (Monsha'at) received the Brand Champion Award, given to GEN members that best embodies and reflects the network’s brand, by implementing effective programs and initiatives in implementation and by committing to a creative and innovative approach to introducing new programs.
This award is the most prestigious and important in the globe. It applies comprehensive principles and criteria to select the winners, such as: Ability to successfully convene large-scale communities or assemblies (live or virtual) and engage diverse ecosystem stakeholders from all economies; facilitating collaboration among various types of entrepreneurial leaders, engaging non-traditional audiences and underrepresented communities, and opening doors to a diverse range of geographies and demographics.
Over the years, the commerce ecosystem has stimulated and enabled entrepreneurship through entities that improve and enhance the business environment, such as the General Authority for Small and Medium Enterprises (Monsha'at), which works to provide comprehensive solutions to support enterprises and entrepreneurs in the Kingdom. This includes the role of the Kingdom's Vision 2030 in motivating SMEs owners and entrepreneurs; providing facilities and resources to entrepreneurs and helping them develop their business ideas. The Ministry strives to improve the business sector, develop the legislative system, and address the challenges that commercial and entrepreneurial entities face in terms of establishment and sustainability.