Saudi Arabia Sees Greater Role for SMEs in National Economy

Saudi Arabia is working on raising the contribution of SMEs to the national economy. (Reuters)
Saudi Arabia is working on raising the contribution of SMEs to the national economy. (Reuters)
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Saudi Arabia Sees Greater Role for SMEs in National Economy

Saudi Arabia is working on raising the contribution of SMEs to the national economy. (Reuters)
Saudi Arabia is working on raising the contribution of SMEs to the national economy. (Reuters)

Saudi Arabia is working on raising the contribution of small and medium enterprises to the national economy.

It is also working on improving the present SMEs programs and entrepreneurs in order to develop these enterprises.

SMEs are now presented with a real opportunity to develop their work and increase their contribution to the Kingdom’s economy.

This comes at a time when the Small and Medium Enterprises General Authority (Monsha’at) is working on several of sophisticated programs that will push forward the role of SMEs.

To this end, Monsha’at launched a campaign to introduce the programs and services it is providing to SMEs and entrepreneurs.

Monsha'at chief Saleh Al-Rasheed said that the campaign aims to clarify the role of enterprises in developing and sponsoring the SMEs sector through implementing and supporting programs and projects.

It is also reinforcing intellectual and cultural roles aimed at developing free work, entrepreneurship, innovation and the diversification of sources of financial support.

Rasheed stressed Monsha'at’s vision to make the SMEs an essential driver of economic development in the Kingdom and a major player in the achievement of Saudi Vision 2030.



China’s Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion

The Shaybah oil field (Aramco website) 
The Shaybah oil field (Aramco website) 
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China’s Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion

The Shaybah oil field (Aramco website) 
The Shaybah oil field (Aramco website) 

China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing other services related to the sector.

The capital of this joint venture is worth 28.80 billion yuan ($3.95 billion).

The agreement was signed by Sinopec, its unit Fujian Petroleum Chemical Industry Co, and Saudi Aramco's Singaporean unit Aramco Asia Singapore (AAS).

Sinopec and its unit shall contribute 7.20 billion yuan and 14.40 billion yuan in cash, respectively. The remaining amount, representing 25% of the registered capital of the joint venture, will come from AAS.

The joint venture company, Fujian Sinopec Aramco Refining and Petrochemical Co, will engage in port operation, crude oil transportation, and other activities at the refinery and petrochemical complex in the Gulei Port Economic Development Zone, Zhangzhou, in China's Fujian province.

Sinopec and Saudi Aramco started constructing the complex in November last year, as part of the Middle Eastern company's plans to grow its downstream business outside the kingdom and to supply a million barrels per day of crude oil to China for oil-to-chemicals investments.

Sinopec, in a separate statement, reported a 27.6% drop in first-quarter net profit under the China Accounting Standard on Monday.