Established in 2016, the objectives of the General Authority for Small and Medium Enterprises “Monshaat” are to organize, support, develop and sponsor the SME sector in accordance with best global practices, to increase the productivity of these enterprises and increase their contribution to the GDP from 20% to 35% by 2030.
Monshaat works on supporting, developing and nurturing the SME sector in line with best global practices by implementing and supporting programs and projects to promote the cultural and spirit of entrepreneurship and innovation, and diversifying sources of financial support for SMEs, and stimulating venture capital initiatives, setting policies and standards for financing projects classified as small and medium enterprises.
It also provides administrative and technical support for the establishments and support them in developing their administrative, technical, financial, marketing, human resources and other capabilities.
In addition to supporting the establishment of specialized companies in financing, activate the role of banks and lending funds and stimulate them to play a larger and more effective role in financing and investing in enterprises, establishing and supporting the programs required for the development of enterprises, in addition to establishing comprehensive service centers for establishments to issue all the regulatory requirements, And electronic services to relevant public and private entities.
Monshaat is keen on removing administrative, regulatory, technical, procedural, informational and marketing obstacles facing the establishments in cooperation with the relevant authorities, and to create and regulate technology and business incubators, as well as developing programs and initiatives to create and identify investment opportunities for establishments and work on transferring and localizing related technologies to enhance their productivity; “Supply Chain” is one of the programs.
Monshaat enhances the collaboration between different governmental and international entities related to Monshaat’s objectives.
It also works on organizing conferences, seminars, meetings, local and international exhibitions by participating, and ensuring the implementations of its recommendations, in addition to the preparation of studies, research, statistical surveys and reports related, and proposing regulations, and policies for the development and support of enterprises, and follow-up implementation after adoption.
To make the SME sector an essential engine for economic growth in Saudi Arabia and an enabler in achieving Vision 2030 and beyond.
Develop and support SMEs to enable them to prosper by driving cooperation forward with our strategic partners in the public, private and non-profit sectors, both locally and internationally.
Important roles for the SME sector in the Saudi economy:
It provides employment opportunities for the national workforce and contributes to localization of technology.
Contributes to the growth and diversification of the economy and the enhancement of competitiveness.
Promotes regional and rural development.
Helps to innovate and become entrepreneurial.
Raises the proportion of non-oil exports.
The role of Monshaat in 2030
Vision 2030 has shown great interest in the SME sector as one of the most important engines of economic growth, increasing the contribution of small and medium enterprises in GDP from 20% to 35%, in addition to competition with the G20 countries.
Monshaat is implementing its strategic plans and launching its diverse programs to translate Vision 2030 into the SME sector on the ground by supporting innovation, facilitating business processes, enabling growth, developing capacity and creating suitable employment opportunities for citizens across the Kingdom by supporting entrepreneurship through better regulations, easier financing and more international partnerships for local firms than government procurement and competition.