Saudi Shura Council Calls for Supporting SMEs

Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)
Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)
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Saudi Shura Council Calls for Supporting SMEs

Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)
Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)

The Saudi Shura Council has recently called for supporting small and medium enterprises, as this week’s sessions brought about a demand for increased financing, a better monitoring of economic-focused issues and imposing fair competition.

The recommendations of the Shura Council sessions, which were held this week, emphasized the need to strengthen coordination with the relevant authorities, to reduce obstacles that prevent companies from entering the market, boost fair competition and encourage enterprises to localize jobs and raise business efficiency.

The Council called for promoting the Kafala system (the financing guarantee program for SMEs), in coordination with the General Authority for SMEs, in order to ensure the full financial and administrative flexibility of the program to be able to achieve its strategic goals.

The Kafala program will reduce the financial burdens on small enterprises, as there are around one million establishments (over 950,000 SMEs) operating in all Saudi cities, of which 47.7% work in wholesale and retail trade and about 10.9% in the manufacturing industries, while about 10.6 percent operate in accommodation and food.

Dr. Saeed Al-Sheikh, a member of the Shura Council and an economic expert, told Asharq Al-Awsat that the government efforts give great relief to the Shura Council’s discussions to strengthen the SMEs sector, noting that the government has taken many measures to help companies overcome the repercussions of COVID-19, through the Saudi Arabian Monetary Agency (SAMA).

He added that the interaction of all concerned parties and combined efforts would accelerate economic recovery and allow many companies to overcome the effects of the outbreak of the coronavirus.



Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)

The activities of the Saudi pavilion, organized by the General Authority for Military Industries (GAMI), kicked off on Monday at the International Defense Exhibition and Conference "IDEX 2025" in Abu Dhabi. This event is being held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.

Governor of GAMI Eng. Ahmad Abdulaziz Al-Ohali participated in the launch, in the presence of Lt.-Gen. Mohammad Bin Abdulrahman bin Hamed Al-Gharibi, Chief of Staff of the Royal Saudi Naval Forces, Sultan bin Abdullah Al-Angari, Saudi ambassador to the UAE, and a number of officials, international investors and decision-makers in the sector.

Al-Ohali emphasized the significance of the Kingdom's participation in IDEX 2025 as a leading global platform for showcasing the latest military technologies.

He underscored the importance of establishing international partnerships that enhance the Kingdom's defense and security capabilities.

The Saudi pavilion serves as a strategic window that reaffirms the Kingdom's commitment to developing its defense sector and strengthening national competencies, contributing to the ambitious goal of localizing over 50% of military spending by 2030, he added.

During the exhibition, GAMI signed a cooperation agreement in the field of government quality assurance with the Defense Acquisition Program Administration in South Korea.

The agreement aims to boost the assurance and reliability of defense products and services carried out under purchasing and acquisition operations, in accordance with the local laws and regulations of both sides.

The agreement reflects the mutual desire of both parties to deepen joint cooperation in the field of defense industry and technology, in a way that achieves the national interests of both countries. The two parties also intend to expand the scope of cooperation by exchanging experiences and best practices in the field of government quality assurance for defense products and services.

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030.

It is presenting the latest locally developed defense technologies across military, defense, and security industries. It features a variety of military products aimed at highlighting the capabilities of the defense and military sectors. Additionally, it presents investors with a conducive investment environment and the promising opportunities available in the sector.

In addition to GAMI and the General Authority for Defense Development (GADD), the pavilion includes the World Defense Show (WDS), along with several national companies operating in the military industries sector. The companies include the Saudi Arabian Military Industries (SAMI), the National Company for Mechanical Systems (NCMS), the Middle East Propulsion Company (MEPC), the Saudi Chemical Company Holding (SCCH), AlKorayef Group, Life Shield Military Industries (LIFE SHIELD), Emaan International, QUDRA Industrial Company, and the Saudi Company for Aircraft Maintenance and Preparation (GDC).