Saudi to support 100,000 SMEs in alliance with NCB

The Saudi Center for Corporate Social Responsibility has entered into a strategic partnership with the National Commercial Bank (NCB) to help SMEs (Small & Medium Enterprises).

The partnership is accomplished with the support of the Small and Medium Enterprises General Authority (Monsha’at) to target 100,000 recipients from the sector.

This remarkable partnership aims to increase economic awareness and support the entrepreneurs to manage their economic difficulties caused by the pandemic crisis and efficiently convert them to become profitable.

Ibrahim al-Moatash, the CEO of the Saudi Center for Corporate Social Responsibility stated that this initiative is necessary for the market as the pandemic has forced many SMEs to shut down their business.

This venture aims to educate the entrepreneurs to get over the economic impact from the pandemic by guiding them on how to convert it into a successful project under the motto of “crises create wealth.”

The intention is to make the businesses aware about the facilities the government is providing to support them for their growth. The initiative has collaborated with a large number of partners including Monsha’at, Dulani Business center – the first integrated center in the Kingdom and other non-profit entities and a strategic association with NCB – a pioneer in such programs.

The initiative will include a three-month program that includes 15 training sessions, 10 workshops and three seminars. Some of these sessions will be conducted online.

Monsha’at

The General Authority for Small and Medium Enterprises “Monsha’at” was established in 2016 to organize, support, develop and sponsor the SME sector. The initiative aims to increase the contribution of SMEs towards the GDP (Gross Domestic Product) from 20 percent to 35 percent by 2030. Monsha’at also collaborates with different governmental and international entities to achieve its objectives.