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.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.