Downtown Saudi Arabia, a wholly-owned subsidiary of the Public Investment Fund, signed a memorandum of understanding with the General Authority for Small and Medium Enterprises “Monsha’at” to explore ways to develop and support the entrepreneurial ecosystem and small and medium-sized enterprises in the company’s projects across 12 cities throughout the Kingdom through the exchange of expertise and cooperation in creating opportunities and developing businesses in certain sectors.
The MoU was signed by the Board Member and Acting CEO of Saudi Downtown Company Naif bin Saleh Al-Hamdan, and the Governor of the General Authority for Small and Medium Enterprises “Monsha’at,” Sami bin Ibrahim Al-Husseini, during the events of the “Biban 23” forum organized by “Monsha’at” under the slogan “Opportunities Create Leadership.”
Al-Hamdan emphasized that the small and medium-sized enterprise sector plays a vital role in diversifying and developing the national economy, advancing various sectors, creating job opportunities, and expanding the production base in general, This aligns with the role and objectives of Saudi Downtown Company, which will work to create more new opportunities for the local business sector in general and SMEs in particular across 12 cities throughout the Kingdom, looking forward to collaborating with the General Authority for Small and Medium Enterprises (Monsha'at) to achieve shared goals and coordinate efforts to contribute to the development of opportunities for this sector in line with the objectives of Saudi Vision 2030.
The aim of General Authority for Small and Medium Enterprises "Monsha’at" to regulate, support, and foster the small and medium-sized enterprise sector in the Kingdom in accordance with best practices; to raise the productivity of these enterprises and increase their contribution to the gross domestic product, and to increase the capacity of the Saudi economy, thereby generating jobs and creating employment opportunities for the national workforce.
It is worth noting that Saudi Downtown Company will work to develop and establish urban destinations and centers with sustainable economic and social impact in 12 cities across the Kingdom, namely Madinah, Al-Ahsa, Al-Khobar, Buraidah, Taif, Arar, Hail, Tabuk, Dumat Al-Jandal, Jizan, Najran, and Al-Baha. The projects will be built on a total area of more than 10 million square meters and will contribute to stimulating economic activity and improving the quality of life in these cities, in addition to creating more new options and opportunities in various sectors, including: retail, entertainment, hospitality, tourism, office space, and residential housing.
