H.E. Minister of Commerce and Investment expresses his Thanks & Gratefulness to the Custodian of the Two Holy Mosques, regarding the Cabinet decision to Support the Revenues of Small & Medium Enterprises Authority

31 Oct 2016
​H.E. 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 Kasabi conveys his deepest thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud, (May Allah Bless him), on the occasion of the issuance of the Cabinet decision on Monday 30.01.1438 H. during the cabinet meeting held in Riyadh, related to the approval on the Minutes of Meeting of the committee formed to study the opportunities of financing Small and Medium Enterprises, through deducting (25%) of the current and future revenues of the Generating Employment & Combating unemployment Authority, to be deducted from its Human Resources Fund, this would be equivalent to 5% of the fund's income.

The Cabinet Decree included as well deducting another (5%)  of the fund income on a quarterly basis, without prejudice to the fund’s obligations, therefore the total amounts allocated to the General Authority for Small & Medium Enterprises would be within (10%) of the said Fund's income.
H.E. Al Kasabi confirmed that supporting the revenues of S&ME Authority came to reflect the keenness and interest of the Saudi Leadership of the importance of small and medium enterprises sector, trusting in its role in increasing the contribution of Gross Domestic Products from 20% to 35%, according to the Kingdom’s vision 2030.
H.E. indicates the importance of such support in stimulating S&ME programs, promoting and taking care of its business to increase its contribution to the Gross Domestic Products of the Saudi Economy.
For his part, Dr. Ghassan Ahmed Al Sulaiman Governor of the General Authority for Small & Medium Enterprises expresses as well his thanks to the Custodian of the Two Holy Mosques, on the Council of Ministers' decision, stressing the care and interest enjoyed by the small and medium enterprises from the government, indicating that this support will enable S&ME Authority to provide mechanisms and programs that contribute to this sector’s growth, and would enhance its productivity.
Dr.Sulaiman also confirmed that this support will enable S&ME General Authority to perform its promised role to support the economic development, creating jobs and raising its contribution to GDP growth.
S&ME Governor indicates as well that employing these financial resources will not be limited to the implementation and funding of the S&ME projects but will be employed also as direct and indirect financing investment channels geared to the small and medium enterprises, to maximize their effectiveness.
It is worth mentioning that the General Authority for Small & Medium Enterprises is working to develop policies and criteria for funding and supporting the facilities, also supporting the establishment of specialized financing companies, as well as activating the role of banks and loan funds, also working on removing all the administrative and financial obstacles and constraints faced by such facilities, more over developing programs and initiatives to create investment opportunities for them, in addition to organizing technology and business incubators.
Last Modified 26 Dec 2018