Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia , has signed a Memorandum of Understanding (MoU) at the sideline of Biban 23 Forum, with Shipsy, a leading global SaaS-based logistics management platform provider, to support Saudi Vision 2030.
Under the MoU, Shipsy would offer its technology at a significant concession for all customers channeled through Monsha’at. The leading logistics SaaS provider also earmarked an investment worth $10 million over 5 years in the region to drive technology innovation and research and development.
The Kingdom’s small and medium enterprises (SMEs) are most important in supporting the national economy. SMEs in KSA will increase exports, create new job opportunities for Saudi youth, diversify sources of income and expand the production base in line with the Saudi Vision 2030.
“We are honored to partner with Monsha’at and thrilled to be a part of KSA’s Vision 2030. We are committed to drive technology inclusion in the Kingdom’s rapidly growing supply chain and logistics industry. Technologies like AI, automation, ML, IoT, Blockchain and data analytics will create numerous employment opportunities and unlock efficiencies that will help logistics stakeholders build sustainable, agile and cost-efficient logistics processes.”
Saudi Vision 2030 also aims to lower the unemployment rate from 11.6 percent to 7 percent, boost women’s participation in the workforce from 22 percent to 30 percent and ensure SMEs contribute 35 percent to KSA’s GDP in the coming 10 years.
This MoU’s objective will be to develop and support SMEs and entrepreneurship under the laws and regulations in force in the Kingdom of Saudi Arabia and commensurate with the available resources, aiming to drive growth and economic diversification.