The Saudi Arabian Oil Company (Aramco) has launched 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.
It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding $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 the development of the SME ecosystem.
“Aramco has long been committed to supporting the expansion of the Kingdom of Saudi Arabia’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. We aim to achieve high levels of excellence among SMEs, which in turn supports our own business and the national economy.”
Aramco Senior Vice President of Technical Services, Mr. Ahmad A. Al-Sa’adi said that “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 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.
- 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.