Monshaat, Community Jameel discuss ways to support SMEs in Saudi Arabia

JEDDAH — As part of the mutual continuous efforts to support, develop and promote small and medium enterprises sector, the General Authority for Small and Medium Enterprises (Monshaat) discussed with the Community Jameel ways to address the challenges facing small and medium enterprises to help them adapting to the current conditions imposed by the coronavirus (COVID-19) crisis.

The initiative is based on the international best practices and aims at implementing and sponsoring programs and projects to spread entrepreneurial and innovation culture, and diversifying sources of financial support for enterprises.

The discussions took place in a meeting between Monshaat Governor Saleh Al-Rasheed and Hassan Jameel, president, Saudi Arabia of Community Jameel, in order to enhance cooperation between the two sides. Since its establishment, Monshaat has been keen to developing and supporting small and medium enterprises to enable them to thrive by leading cooperation with its strategic partners in the public, private and non-profit sectors locally and internationally.

Previous collaborations between Monshaat and Community Jameel covered several areas, including supporting and developing the financing programs provided by Bab Rizq Jameel Microfinance, cooperating in the field of entrepreneurship with the MIT Enterprise Forum Saudi Arabia, supporting employment programs for small and medium enterprises in partnership with Bab Rizq Jameel Recruitment, and cooperating with Bab Rizq Jameel Services in providing digital solutions for entrepreneurs.

On this occasion, Al-Rasheed said: “Monshaat supports MITEF Saudi Startup Competition, the annual competition organized by Bab Rizq Jameel, with the aim of promoting and enriching the entrepreneurial landscape in Saudi Arabia and celebrating all startups and entrepreneurs in the Kingdom."

From his perspective, Jameel said: “Small and medium enterprises are a vital part of the economy in Saudi Arabia and Monshaat has played an important role in supporting them. Community Jameel shares this ambition to advance the business sector and create a nurturing environment for entrepreneurial projects.

“Now more than ever, continued collaboration between our organizations is necessary to develop new tools that strengthen our support for businesses in the Kingdom.”