The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud presided over the recent session of the Council of Ministers held at Al Yamamah Palace in Riyadh.
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud
After reviewing the recommendation of the Permanent Committee of the Council of Economic Affairs and Development No. (3-15/37/D) dated 27/5/1437H, the Cabinet decided to approve the organization of the General Authority for Small and Medium Enterprises.
The Cabinet decided to approve the organization of the General Authority for Small and Medium Enterprises.
It is worth mentioning that the General Authority for Small and Medium Enterprises works to support, develop and nurture enterprises in accordance with international best practices, which helps increase their contribution to GDP and increase the absorptive capacity of the Saudi economy, in addition to preparing a national strategy for enterprises and following up on its implementation, as well as proposing laws, regulations and policies for the development and support of enterprises and following up their implementation after their official adoption.
The General Authority is responsible for developing a national strategy for SMEs.
The Authority also works to set policies and standards for financing and supporting enterprises, and supporting the establishment of specialized companies in financing and activating the role of banks and lending funds, in addition to working to remove administrative and financial obstacles facing enterprises and developing programs and initiatives to create investment opportunities for them, and organizing technology and business incubators.The Authority contributes to improving the economic and business environment to achieve the country's goals such as diversifying the economy, creating jobs and building a strong economic base, as it is set to be the official body concerned with small and medium enterprises that coordinates with governmental and non-governmental entities and represents them internally and externally.
