The Royal Commission for AlUla (RCU) and the Saudi Arabian Government’s Small & Medium Sized Enterprises General Authority (Monsha’at) have signed an agreement that would benefit entrepreneurs and SMEs in the governorate.
“At the heart of the partnership is a plan to establish a new co-working space in AlUla where local SMEs and entrepreneurs can access support services to accelerate their growth, helping them succeed through the provision of knowledge and expertise and enhancing the entrepreneurial spirit to contribute to a sustainable, diversified economy in AlUla,” RCU said in a statement.
The agreement, signed by Amr AlMadani, RCU CEO, and Monsha’at Governor Saleh AlRasheed supports the region’s economic growth potential, including key industries such as tourism and agriculture, and reflects the Kingdom’s diversification as part of Vision 2030.
“Once developed, the incubator will facilitate access to established services, including the SME’s Governmental Registration, and support unique investment opportunities within AlUla. It will also bring access to Monsha’at’s services to AlUla,” said the statement.
“This collaboration with Monsha’at enhances AlUla’s economic diversity, building on AlUla’s vision and empowering local entrepreneurs and SMEs within a vibrant society: not only to harvest the benefits of the region’s development, but to be drivers of its transformation,” it quoted AlMadani as saying.
As for AlRasheed, he said the new agreement brings Monsha’at’s expertise and programs in SME incubation together with the extraordinary economic opportunities emerging in AlUla.
“With RCU, we will work to bring global practices in SME support to AlUla,” he added.
According to AlMadani, the SME incubation center aims to become a “Launchpad” for local entrepreneurs to unleash their energy, creativity and synergy to drive AlUla’s development.
This is the most recent in a series of initiatives to create new educational, professional, and developmental opportunities for locals to help them reach their full potential and maximize their contribution as members of the local community.