Aramco Launches Taleed Program to Accelerate SME growth in Saudi Arabia

“Taleed” aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia. (Aramco)
“Taleed” aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia. (Aramco)
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Aramco Launches Taleed Program to Accelerate SME growth in Saudi Arabia

“Taleed” aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia. (Aramco)
“Taleed” aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia. (Aramco)

Aramco announced on Thursday the launch of a new program, “Taleed”, which aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia — helping boost their contribution to economic development and support job creation.

The program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives, providing a wide range of support from capability building and strategy development to training, market access, advisory services and business planning, read a press statement.

It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding SAR 3 billion ($800 million). The funds are being established in collaboration with partners to support SME development in the sustainability, digital, manufacturing, industrial and social innovation domains.

Aramco is partnering with a wide range of entities to deliver Taleed initiatives, and the Company has signed 30 Memoranda of Understanding (MoUs) with leading public and private partners to enable development of the SME ecosystem.

Amin H. Nasser, Aramco President & CEO, said: “Aramco has long been committed to supporting the expansion of the Kingdom’s SME ecosystem, which has a critical role to play in Saudi Arabia’s economic development.”

“Through Taleed, we are working with the public sector, as well as private companies and institutions, to further develop the SME ecosystem and promote entrepreneurship. Our aim is to achieve high levels of excellence among SMEs, which in turn supports our own business and the national economy,” he added.

Ahmad A. Al-Sa’adi, Aramco Senior Vice President of Technical Services, said: “Our Taleed program is a catalyst for change that aims to elevate the contribution of both existing and new SMEs across multiple sectors, in turn promoting job creation and further enhancing the commercial operating environment.”

Taleed will provide SMEs with targeted initiatives, complementing Aramco’s other major programs designed to enhance the Company’s resilient supply chain and the domestic business landscape. These include the Company’s flagship localization program “iktva”, as well as its industrial investments program “Namaat”, advanced product development center LAB7, and entrepreneurship center Wa’ed. These interlinked programs aim to create a supportive environment in which businesses of all sizes can flourish.

The 20 initiatives being offered through Taleed are categorized into three groups:

The first focuses on job-matching upskilled local talent, including a National Vocational Apprenticeship Program and a National Freelancing Program, to provide manpower with relevant skills to companies across Saudi Arabia. The initiative aims to enable thousands of jobs across multiple new or growing industries, including steel plate manufacturing, casting and forging, offshore and subsea diving.

The second focuses on creating business opportunities for SMEs, including the establishment of world-class integrated parks in nine cities across Saudi Arabia targeting untapped fields such as agriculture, artisans and cloud kitchens.

Other components include the establishment of a National Artisans Company to address challenges faced by artisans; a Smart Shared Services initiative; a Carbon Utilization National SME Program; Sustainable City Development initiative; Value Chain Services in Agriculture, Livestock and Fisheries initiative; Home Construction Inspection initiative; and Industrial E-Marketplace initiative.

The third focuses on supporting SMEs and enabling the ecosystem. This includes an SME Excellence Program to help SMEs sustain and grow their business, and 150 SMEs have already been enrolled to mark the launch of Taleed.

Ultimately, Taleed’s sustainable growth program is expected to benefit as many as 15,000 SMEs annually. Other components include an SME Mentorship program; SME Leadership Development Program; SME Net-Zero Carbon Program; National E-Commerce SME Support Platform; SME Digital Enterprise Solutions initiative; Customized Logistics Solutions for SMEs initiative; Regional SME Association; SME of the Year Awards; and SME Business Hackathon.

Coinciding with Taleed’s launch, a ceremony was held to recognize companies that have demonstrated a commitment to hiring trained Saudi employees and supporting SMEs, academies and institutions working to upskill Saudi talent, as well as outstanding graduates from these institutions.



Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices held steady on Thursday, supported by hopes of a breakthrough in looming trade talks between the US and China, the world's two largest oil consumers. Brent crude futures were up 43 cents, or 0.7%, at $61.55 a barrel, while US West Texas Intermediate crude rose 49 cents, or 0.8% to $58.56 a barrel at 0803 GMT.

The market has almost stabilized at slightly above $61 a barrel, said SEB analyst Ole Hvalbye, which along with some optimism around the current tariff situation with talks due between the US and China, was providing support.

US Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland for negotiations over a trade war that is disrupting the global economy. The countries are the world's two largest economies and the fallout from their trade dispute is likely to lower crude consumption growth. At the same time, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will increase its oil output, adding to pressure on prices.

Analysts at Citi Research lowered their three-month price forecast for Brent to $55 per barrel from $60 earlier, but maintained its long-term forecast of $60 a barrel this year.

A US-Iran nuclear deal could drive Brent prices down towards $50 per barrel on increased supply in the market, but if no deal were to happen, prices could go up to over $70, they added.

Overnight, the US Federal Reserve left the policy rate unchanged, but highlighted the risks of higher inflation and unemployment.

"The Fed signaled that rates will likely remain on hold until the effects of tariffs become clearer. This boosted the US dollar, which added to headwinds facing the broader commodity markets," said ING analysts in a report on Thursday.