ريادة الأعمال في المملكة العربية السعودية – جمال عبدالرحمن العقاد
Home » News » Big Madinah push for SMEs
Prince Faisal launching the endowment project in Madinah on Monday. (AN photos by Khaled Khamees)
Madinah Gov. Prince Faisal bin Salman Monday launched a massive program to boost small and medium enterprises (SME) in the region, as part of a plan to boost the national economy.
Prince Faisal said Namaa Al-Munawara Foundation, the executive arm of Waqf Al-Munawara, was a nonprofit organization that would support SMEs.
This was part of the “developmental activity” in the country ordered by Custodian of the Two Holy Mosques King Abdullah, which includes the expansion of the Prophet’s Mosque and surrounding area. There would be “many initiatives to realize sustainable economic and social development,” said Prince Faisal.
The prince said the implementation process would be the most difficult phase but citizens would start to see results by the first quarter of next year.
Many initiatives have been launched to support SMEs, including Manufactured in Madinah, Creativity and Production Laboratories, Centers of Comprehensive Services, Madinah Industrial City, and Al-Munawara Oasis.
Namaa Al-Munawara is located on an area of 20,750 square meters and contains the main comprehensive services center, mutual workspaces for businesspeople, a lecture hall, conference hall, showroom and sales outlets for the products of the city’s manufacturers. In addition, the premises include offices of the Saudi Arabian General Investment Authority and a permanent art showroom.
The Manufactured in Madinah initiative, aims to encourage industries in the city to produce certified quality and value-added goods. Consumers will be educated about the products’ qualities and features. The products will be protected from other goods that do not meet quality standards.
The Oasis initiative is a retail program where shops at historic Islamic landmarks in the city would sell approved goods, particularly those produced by local entrepreneurs, productive families and regional factories.
The Comprehensive Services Center will focus on providing government services and support for male and female entrepreneurs and owners of SMEs through a single platform.
The parties involved in the first phase of the center include the municipality, the Ministry of Commerce and Industry, the Ministry of Labor, Passports Department, Civil Defense, Madinah Chamber of Commerce and Industry, Zakat and Income department in the region, and the General Organization for Social Insurance.
The Madinah Industrial City is a result of the strategic cooperation between Namaa and the Saudi Industrial Property Authority (Modon). This cooperation would create an industrial environment to create jobs for citizens.
To help develop Saudi women, the Creativity and Production Laboratories would provide an integrated support system for women handcrafts and businesswomen. The site at King Fahd Park in Madinah is on an area of 2,200 square meters, with a modern Islamic design.
Several government bodies have financed this giant project, including the Saudi Credit and Savings Bank with SR700 million. The Madinah municipality promised to deliver 100 venues for retail operations within 12 months, to be increased to 500 outlets by 2020.
Namaa signed a memorandum with Saudi Aramco to establish and develop programs for existing SME factories. Modon will set up 100 medium-sized factories in the area. A total of 28 factories will be ready for delivery within 12 months.
The Human Resources Development Fund will give support for jobs training. The Bin Laden Group will offer SR50 million over 24 months, Aqua Port SR15 million over 36 months and the Saudi Commission for Tourism and Antiquities SR1.5 million.
Tags: Ahmad Mahayri, entrepreneurship, Entrepreneurship in Saudi Arabia, Namaa Al Munawara, Saudi Arabia, Saudi Arabia Economy, Saudi employment
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