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Saudi Arabia Backs Entrepreneurs via King Abdullah Economic City | ASHARQ AL-AWSAT English Archive 2005 -2017
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A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. REUTERS/Faisal Al Nasser

Riyadh – Saudi Arabia has started taking some serious procedures towards motivating entrepreneurs’ projects and increasing their contribution in local economy – the Saudi Ministry of Commerce & Investment announced on Sunday a package of new facilities provided for small and medium enterprises (SMEs) represented in exempting entrepreneurs of paying offices’ rental fees for five years, knowing that the offices are located in King Abdullah Economic City (KAEC).

On Sunday, the Public Authority for Small and Medium Enterprises (Riyada) signed a partnership agreement KAEC and Economic Cities Authorities (ECA). The agreement stipulates providing exclusive privileges to entrepreneurs.

In this context, Minister of Commerce and Investment and Chairman of the board of directors of Riyada, Dr. Majed Al-Qasabi said that “the authority will work through this agreement on surmounting the challenges facing SMEs to guarantee they implement their projects and operate in a flexible way since they are prime movers of economic growth.”

Governor of Riyada Dr. Ghassan Al-Sulaiman saw that this agreement serves the authority’s strategy to empower the segment of SMEs given its major role as a mover of economic development in Saudi Arabia.

“The authority forecasts more achievements and success through the new agreement that will focus on overcoming challenges hurdling small and medium projects and enterprises,” added Sulaiman.

Fahd Al-Rasheed, CEO and Managing Director of KAEC, stated that city by virtue of this agreement will grant exclusive privileges for the entrepreneurs. Also, Secretary General of ECA Muhannad Hilal underlined the vital role of enterprises in pushing the economy wheel and pledged that his organization would speed up issuance of the necessary licenses to entrepreneurs.