Saudi Shura Council Calls for Supporting SMEs

Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)
Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)
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Saudi Shura Council Calls for Supporting SMEs

Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)
Speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chairs a virtual Shura Council meeting on Tuesday. (SPA)

The Saudi Shura Council has recently called for supporting small and medium enterprises, as this week’s sessions brought about a demand for increased financing, a better monitoring of economic-focused issues and imposing fair competition.

The recommendations of the Shura Council sessions, which were held this week, emphasized the need to strengthen coordination with the relevant authorities, to reduce obstacles that prevent companies from entering the market, boost fair competition and encourage enterprises to localize jobs and raise business efficiency.

The Council called for promoting the Kafala system (the financing guarantee program for SMEs), in coordination with the General Authority for SMEs, in order to ensure the full financial and administrative flexibility of the program to be able to achieve its strategic goals.

The Kafala program will reduce the financial burdens on small enterprises, as there are around one million establishments (over 950,000 SMEs) operating in all Saudi cities, of which 47.7% work in wholesale and retail trade and about 10.9% in the manufacturing industries, while about 10.6 percent operate in accommodation and food.

Dr. Saeed Al-Sheikh, a member of the Shura Council and an economic expert, told Asharq Al-Awsat that the government efforts give great relief to the Shura Council’s discussions to strengthen the SMEs sector, noting that the government has taken many measures to help companies overcome the repercussions of COVID-19, through the Saudi Arabian Monetary Agency (SAMA).

He added that the interaction of all concerned parties and combined efforts would accelerate economic recovery and allow many companies to overcome the effects of the outbreak of the coronavirus.



GCC Secretary-General: 68 Million Tourists Visited Gulf Countries in 5 Years

Albudaiwi spoke at the 9th meeting of the GCC ministers of tourism in Kuwait. Photo: GCC
Albudaiwi spoke at the 9th meeting of the GCC ministers of tourism in Kuwait. Photo: GCC
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GCC Secretary-General: 68 Million Tourists Visited Gulf Countries in 5 Years

Albudaiwi spoke at the 9th meeting of the GCC ministers of tourism in Kuwait. Photo: GCC
Albudaiwi spoke at the 9th meeting of the GCC ministers of tourism in Kuwait. Photo: GCC

Gulf Cooperation Council Secretary-General Jasem Albudaiwi has said that the number of tourists arriving in the Gulf countries between 2019 and 2023 reached 68.1 million, with tourism revenues amounting to $110.4 billion.

Albudaiwi said the approval of projects under the Gulf Tourism Strategy 2023–2030 aims to enhance the tourism position of the GCC countries regionally and internationally. This initiative aligns with the directives of the leaders of the GCC countries.

Albudaiwi was speaking at the 9th meeting of the GCC ministers of tourism held on Monday in Kuwait.

The meeting was chaired by Minister of Information and Culture and Minister of State for Youth Affairs in Kuwait Abdul Rahman Badah Al Mutairi, President of the current session.

The Secretary-General expressed pride in the remarkable achievements of Gulf countries, which enhance their standing on the international stage and reaffirm the GCC’s commitment to a prosperous future for the region’s tourism sector.

Albudaiwi noted that international tourist arrivals in the GCC reached 68.1 million by 2023, a growth rate of 42.8% compared to 2019, achieving 52.9% of the GCC’s 2030 targets.