Riyadh – Ghassan al-Sulaiman, Governor of the General Authority for SMEs, said that the entrepreneurship community is facing challenges, including public procedures, regulations, funding, growth rate and competition over qualifications and abilities.
Sulaiman’s statement was made in Riyadh on Thursday on the sidelines of the Social Development Bank’s launch of the Dulani Business Center.
He said that the Center comes in line with the national transformation of the country and is considered a significant phase for SME personnel, adding that the National Transformation Program 2020 focuses on the expansion of the private sector.
“Saudi Arabia is keen to make this sector vital for the Saudi economy because the SMEs system is the most important part of the private sector and it represents 99.7 percent of establishments – it also represents the biggest part in creating job opportunities and increasing the GDP,” he added.
Sulaiman revealed that a plan on funding solutions will soon be submitted to the Saudi cabinet.
Abdullah al-Namlah, the general manger of the Social Development Bank, narrated some of the success stories of entrepreneurs that started with loans from banks, urging others to follow this example.
Noor al-Abdulkarim who has been in business development for 14 years affirmed that the Saudi market used to suffer from the absence of guides and the scarcity of guideline programs. The Dulani Business Center now changes that and offer guides that adhere to international standards.
She added that the program is a platform for exchanging expertise and knowledge.