Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Investment, affirmed the Investment Authority’s commitment to developing and advancing the small and medium-sized enterprise (SME) sector to contribute to achieving the long-term goals of Vision 2030 and the medium-term goals of the National Transformation Program.

Al-Qasabi noted that the ministry is working to mobilize all resources and capabilities to increase the small and medium-sized enterprise sector’s contribution to gross domestic product from 20% to 35% by the end of 2030.”

Al-Qasabi noted to the Authority’s ongoing efforts to provide technical support and consulting services, develop small and medium-sized enterprises, and increase their competitiveness to generate added value for the national economy. He emphasized that small and medium-sized enterprises today play a major role in strengthening the economy and diversifying the, and actively contribute to achieving sustainable development, creating job opportunities, and fostering an environment that supports and nurtures creativity and innovation. ​

Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Investment, had expressed his thanks and gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud —may God protect him—for his gracious royal approval of the formation of the Board of Directors of the General Authority for Small and Medium Enterprises, emphasizing that this approval reflects the wise leadership’s commitment to strengthening the Authority’s role in empowering and promoting small and medium-sized enterprises and making them a cornerstone for supporting the national economy and ensuring job creation for the nation’s citizens.

At its meeting the day before yesterday, the Council of Ministers announced its approval of the formation of the Board of Directors of the General Authority for Small and Medium Enterprises, chaired by the Minister of Commerce and Investment and comprising the Governor of the Authority – Dr. Tariq Al-Naim, representing the Ministry of Commerce and Investment – Ahmed Al-Qweiz, representing the Saudi Industrial Development Fund – Dr. Ahmed Qattan, representing the Ministry of Labor and Social Development – Ibrahim Al-Ma’iqal, representing the Human Resources Development Fund – Ali Al-Hamda, representing the Ministry of Finance – Dr. Nayef Al-Saadoun, representing the Saudi Arabian Monetary Authority – Imad Al-Abdulqader, representing the General Authority for Investment – Dr. Abdullah Al-Namlah, representing the Saudi Credit and Savings Bank – Dr. Muhammad Khurshid, representing King Abdulaziz City for Science and Technology – Dr. Ibrahim Babli, representing the Ministry of Economy and Planning – Dr. Osama Al-Hayzan, representing the Ministry of Education – Dr. Yusuf Al-Majdouei, representing the Council of Saudi Chambers of Commerce and Industry – Dr. Abdullah Al-Yas, from the private sector – Dr. Abdullah Al-Muneef, from the private sector.