عربي English Türkçe اردو فارسى
Logo
Latest News
Business

MoUs Signed to Support Local SMEs in Saudi Arabia’s ‘Qiddiya’

The Qiddiya Investment Company and the General Authority for Small and Medium Enterprises sign two memoranda of understanding to support local SMEs in Saudi Arabia. (SPA)
The Qiddiya Investment Company and the General Authority for Small and Medium Enterprises sign two memoranda of understanding to support local SMEs in Saudi Arabia. (SPA)
TT
TT

MoUs Signed to Support Local SMEs in Saudi Arabia’s ‘Qiddiya’

The Qiddiya Investment Company and the General Authority for Small and Medium Enterprises sign two memoranda of understanding to support local SMEs in Saudi Arabia. (SPA)
The Qiddiya Investment Company and the General Authority for Small and Medium Enterprises sign two memoranda of understanding to support local SMEs in Saudi Arabia. (SPA)

Saudi Arabia’s Qiddiya Investment Company (QIC) and the General Authority for Small and Medium Enterprises (Monshaat) signed two memoranda of understanding (MoUs).

The agreements aim to enhance bilateral cooperation, provide QIC with access to the “Jadeer” portal, and develop Qiddiya as a destination that provides an environment open to SMEs.

CEO of QIC Philippe Gas said: “These two MoUs reflect our continuous effort to enhance cooperation and strategic partnerships with local entities involved in national transformation, in line with the ambitions of Saudi Vision 2030.”

Gas added: “These MoUs mean that local SMEs will be able to easily access information about the Qiddiya project and the numerous opportunities available in QIC.”

Governor of Monshaat Eng. Saleh bin Ibrahim Al-Rasheed said: “These MoUs highlight Monshaat’s keenness to enhance cooperation with the public and private sectors and to create an environment that stimulates the growth and prosperity of small and medium-sized enterprises.”

He stressed: “It will help to increase competitiveness and will contribute to the development of local entities by boosting and developing the standard of SMEs in the Kingdom.

“It will also support them to reach the opportunities provided by the public and private sectors, including those offered by QIC.”

Under the first MoU, QIC will provide Monshaat with commercial opportunities across the key sectors of hospitality, tourism and entertainment, in all areas of the business, including contracting, supply, logistics, IT, maintenance, public services and more.

Certain conditions will have to be met by service providers, which will help Monshaat to rehabilitate SMEs and set policies, standards, and strategies to raise the productivity of these enterprises and increase their contribution to the GDP.

This in turn will enhance the contribution of local entities to the major projects being implemented in the Kingdom.

Monshaat will help QIC establish its own innovation center, benefitting from Monshaat’s experience in this field and will also give QIC access to its research facilities and centers.

Additionally, Monshaat will provide Qiddiya with statistical information to be used in developing Qiddiya’s various project sectors.

The second MoU will give Qiddiya access to Monsha'at’s "Jadeer" portal – a database of SMEs operating in the Kingdom categorized by sector - as well as a list of emerging companies that benefit from business incubators.

This access will allow easier communication between QIC and entities in sectors where there are opportunities for collaboration.

Most Viewed

 
 
Business

Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
TT
TT

Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.