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)
TT

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 Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.