Small and medium enterprises (SMEs) are growth engines that accelerate economic growth. However, SMEs often face challenges accessing adequate and timely finance for their growth and expansion.
Fortunately, several schemes and initiatives are launched by the government and other institutions to support SMEs, including loans with low-interest rates, subsidies, and equity infusion..
In Saudi Arabia, SMEs comprise about 92% of the industrial sector, representing 34% of investments and employing 55% of the workforce.
Saudi Arabia’s Ministry of Industry and Mineral Resources plans to launch a new initiative to boost and maximize SMEs’ potential and the country’s industrial sector further.
Minister of Industry and Mineral Resources Bandar Alkhorayef said support will not be limited to industrial activities but will be extended to the services and logistics sectors as well, the Saudi Press Agency reported.
Nomu, the accelerator and incubator program, is one of the recent initiatives of the ministry to nurture businesses and assist in the establishment and accelerated growth of SMEs. So far, Nomu has brought 17 industrial projects from Saudi industrial pioneers.
Alkhorayef said the country wants to increase the base of mature and innovative SMEs and help them compete globally.
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