Encouraging the growth of small and medium enterprises (SMEs) is a crucial pillar in the development agenda of MENA region countries. To further this goal, the promotion of public-private partnerships has been encouraged.

During Saudi Arabia’s Public Investment Fund (PIF) Private Sector Forum held in Riyadh, the kingdom signed an agreement with Jordan to enhance commercial and investment opportunities in the SME industry.

The MoU entails cooperation between the two Arab states in increasing the exchange of expertise and training programs. The signing comes as Saudi Arabia and Jordan aim to upscale trade relations and infrastructure for SMEs.

Signed by Saudi Arabia’s Small and Medium Enterprises General Authority, also known as Monsha’at, and the Jordan Enterprise Development Corporation, the agreement took place in the presence of the governor of Monsha’at, Sami Alhussaini, and JEDCO CEO Abdel Fattah Al-Kayed.

The Public Investment Fund’s second annual Private Sector Forum welcomed over 8,000 attendees, including ministers, CEOs, and senior public and private sector officials.

The forum comprised two days of sessions to promote and develop strategic alliances between the Saudi sovereign wealth fund and the private sector.