With funds totaling more than $798 million, the world’s largest oil company Saudi Aramco has now launched an initiative to support small and medium-sized enterprises (SMEs) in Saudi Arabia. 

Ahmad Al Sa’adi, senior vice president of technical services at Aramco, referred to SMEs as a crucial economic engine and the cornerstone of the world economy. The Taleed program will address numerous major gaps that SMEs face.

The program intends to work with a number of significant organizations, including Al Rajih Holding, Energy Capital, and Lamar Holding, among others, to raise more than $798 million, and address one of the biggest issues encountered by SMEs – funding. Media reports state that there is a possibility of an increase to this sizable fund.

According to a release from Aramco, Taleed will include 20 activities divided into three distinct categories: linking upskilled local individuals with jobs, developing business opportunities for SMEs, and supporting SMEs and enabling the ecosystem.

While the initiative now serves 150 SMEs, Aramco hopes to work with up to 15,000 soon. As a part of the Taleed Program, these companies will have access to a variety of initiatives, funding, training, and consulting services.

Aramco inked 30 memorandums of understanding with public and commercial partners at the event, which will help support the development of the kingdom’s SME ecosystem. By 2030, the sector hopes to have contributed 35 percent of the country’s GNP.

The kingdom has 752,560 SMEs at the end of the first quarter of 2022, according to the General Authority for Small and Medium Enterprises, or Monsha’at. SMEs climbed from 650,550 in the same period last year by 14.6% in the kingdom.