Saudi Arabia is expected to take significant leaps in the coming years through 12 programs for a number of commercial projects, worth an estimated SR780 billion, said Saudi Minister of Trade and Investment Majid al-Qasabi.
Qasabi, who spoke during his participation in the third ministerial conference on the sidelines of the Biban Forum, said that the Saudi Industrial Development Fund capital will increase to 30 billion. The Fund will also be restructured to expanded and include various sectors.
Governor of the Makkah Region Prince Khalid al-Faisal inaugurated the fourth edition of Biban, which is organized by the Small and Medium Enterprises General Authority (Monshaat).
Qasabi stressed that 2019 will be a promising year with the participation of the Saudi private sector.
In addition, the minister revealed a study aimed at reviewing the financial compensation for workers, which he will finalize within 30 days. He explained that the financial allocations for some companies involved in large government projects have already been reimbursed.
Qasabi revealed a number of projects that will be implemented during the next three years, and others during the next five, saying that the mining and entertainment sectors will witness significant growth.
He pointed out that a decision was made to establish a bank for Saudi exports alongside the already established Industrial Development Fund that supports companies limited to oil exports.
He explained that the new fund will benefit the private sector to support the expansion of their production and facilitate their export. A budget increase had been approved for the Fund to ensure the involvement of more companies and factories within the Fund.
Monshaat Governeor Saleh al-Rasheed explained that Biban has the potential to support establishments, stressing that e-commerce has become a reality.
"Many large enterprises have shut down because they were unable to develop. It is necessary to keep up with the pace of development,” stated Rasheed.
Head of Local Content and Private Sector Development Unit (Namaa) Fahad al-Skeit said that the Fund is expanding its business, revealing that 17 initiatives have been announced and that all SME initiatives have been implemented, namely bold investment and fee recovery.
He called on the Jeddah Chamber of Commerce and Industry to communicate with the Unit to resolve the obstacles and challenges faced by the private sector.
Vice President of the Jeddah Chamber Ziad al-Bassam highlighted the investment opportunities and advantages in the coastal city.
He pointed out that the most important motivations are the influx of millions of Hajj and Umrah pilgrims throughout the year, with the launch of Haramain Railway and the pilot operation of King Abdulaziz International Airport, among other major projects.
