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Saudi Arabia to Launch Bank for SMEs

Saudi Arabia to Launch Bank for SMEs

Thursday, 4 April, 2019 - 14:00
Saudi Minister of Commerce and Investment Dr. Majid bin Abdullah al-Qasabi (Asharq Al-Awsat)

Saudi Arabia plans to launch a bank for small and medium enterprises (SMEs), said Minister of Commerce and Investment Dr. Majid bin Abdullah al-Qasabi.

In his remarks during the ninth ministerial conference in Dammam, Qasabi pointed out that approval has been issued on studying the plan to establish the bank, adding that it will be prepared in cooperation with the World Bank.

The competition and procurement system is in its final stages, the Minister said, stressing that it will ensure the empowerment of SMEs.

Qasabi also spoke about the Saudi Business Center, which provides all tasks in one platform rather than multiple government bodies, affirming the efforts to launch this center in less than a month.

He revealed that his ministry is working on a project to allow e-voting during the Chamber of Commerce elections in line with the digital transformation adopted by the ministry.

He said the eastern region is “one of the most productive areas since it contains many investment opportunities and major elements.”

“Its strategic location close to other Gulf countries makes it a preferred investment destination.”

Qasabi pointed out that the Eastern Province's trade and investment sector has grown significantly.

Companies in the eastern region have achieved remarkable growth up 24 percent in three years amounting to more than 29.8 thousand, and institutions grew by 11 percent to 151.

Eastern Biban Forum, launched by Saudi Small and Medium Enterprises General Authority (Monshaat), aims at providing all the means of support through integrated roles played by public and private sectors participating in the Forum.

These integrated roles are aim at achieving entrepreneurs’ aspirations as participating parties provide various solutions to support SMEs.

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