Saudi Efforts to Engage Small Enterprises Into Aviation Services

 A photo taken on June 6, 2017 shows a general view of the King Fahad street in the Saudi capital Riyadh. (AFP)
A photo taken on June 6, 2017 shows a general view of the King Fahad street in the Saudi capital Riyadh. (AFP)
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Saudi Efforts to Engage Small Enterprises Into Aviation Services

 A photo taken on June 6, 2017 shows a general view of the King Fahad street in the Saudi capital Riyadh. (AFP)
A photo taken on June 6, 2017 shows a general view of the King Fahad street in the Saudi capital Riyadh. (AFP)

The General Authority for Small and Medium Enterprises (Monshaat) and the Saudi Ground Services Company (SGS) signed an agreement on Friday as part of ongoing efforts to engage small enterprises into the Saudi aviation services.

Under the agreement, Monshaat will work to nominate qualified entrepreneurs according to the approved mechanisms, provide them with advice and guidance and propose solutions to business challenges, while the SGS would secure experts and knowledge resources for ground handling operations.

The CEO of SGS, Raed Al-Idrisi, said that the agreement would include initiatives that enable the development of the aviation sector and ground handling services, in addition to providing material and practical support to allow companies to implement their solutions on the ground.

For his part, Monshaat Deputy Governor Esam Al-Thukair revealed that the percentage of SMEs lending out of the total funding provided by banks and financing companies reached 8.2 percent in 2020.

Speaking during a workshop entitled “Discussing the Challenges Facing the SMEs with the Financial Sector”, which was recently organized by the Riyadh Chamber, Al-Thukair stressed that Monshaat aimed to raise the percentage to 20 percent by 2030.

He added that the financing platform, which was recently launched by the authority, was able to provide 1.6 billion riyals ($426 million) to the sector through banks and companies within seven months.

The Riyadh Chamber emphasized the importance of the SMEs sector in supporting and strengthening the national economy, and its endeavor to reach innovative solutions aimed at injecting more resources into the national economy in line with the goals of Saudi Vision 2030.

Member of the Board of Directors of the Chamber of Commerce and Industry in Riyadh and Chair of the Financial Sector and Finance Committee, Kholoud Al-Dakhil, stated that the discussions covered four axes, namely financing, regulatory requirements and fees, the application of governance rules and the support provided by Monshaat.

Al-Dakhil stressed the importance of having a clear plan to structure government fees during the next five years that would enable SMEs to conduct their feasibility studies and manage their financial resources accordingly.

She pointed to the importance of enhancing communication and coordination between the Finance Committee represented by the Chamber and the private sector to exchange new ideas and innovations by SMEs.



Syria, World Bank Discuss Tools to Support Syrian Economic Recovery

People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)
People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)
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Syria, World Bank Discuss Tools to Support Syrian Economic Recovery

People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)
People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)

Members of the Syrian government and a delegation from the World Bank discussed in Damascus tools to support Syria's economic recovery, the Syrian foreign ministry said on Wednesday.

Sources told Reuters on Saturday that Syrian officials are planning to attend the annual spring meetings held by the International Monetary Fund and World Bank in Washington, D.C. this month, which would be the first such visit in at least two decades.

Syria has around $15 million in arrears to the World Bank which must be paid off before the international financial institution can approve grants and provide other forms of assistance.

But Damascus is short of foreign currency and a previous plan to pay off the debts using assets frozen abroad did not materialize, according to two people familiar with the matter.

A technical delegation from the World Bank met with Syria's Finance Minister Mohammed Yosr Bernieh on Monday, according to the Syrian state news agency Sana.
The meeting, which was the first public meeting between the Syrian government and the World Bank, included discussions on strengthening financial and economic ties between the two sides.
Bernieh also highlighted the negative effects of the international sanctions imposed on Syria and policies of the former regime on the country's financial and banking sector.