Riyadh- In a measure aimed at stimulating the Saudi private sector, and increasing the growth rate of small and medium-sized enterprises (SMEs), both the Ministry of Commerce and Investment and the Saudi Labor ministry announced unlimited support in light of the plan to increase GDP by 35 percent by the end of 2030.
Labor minister Mufrej Al-Haqbani and Minister of Trade and Investment Dr. Majed Bin Abdullah Al Qasabi confirmed that the bureaucratic system inhibiting progress of SME projects will soon be past news. The announced national reform program ‘9/10’, promises more job opportunities and fights unemployment.
Moreover, Saudi Arabia’s Custodian of the Two Holy Mosques King Salman bin Abdulaziz has issued an order for paying SAR 1,691 million in aid for beneficiaries included in Saudi Arabia’s social security system.
In a statement to Saudi Press Agency (SPA), Dr. Mufrej bin Saad Al-Haqbani, Minister of Labor and Social Development, expressed appreciation for the King’s humanitarian gesture.
The announcement of the new program was made during the launching of a forum on mechanisms for SME and entrepreneur support.
Al-Haqbani said that the ‘9/10’ program is part of the comprehensive Kingdom vision ‘2030’ and the 2020 program for national transformation.
The overall goal is to enhance the working environment for local SMEs, increasing employment, expanding women’s contribution, and to protect the enterprises from occurring hierarchy dilemmas.
‘9/10’ will endorse a true partnership between the two ministries, labor and commerce, said Al-Haqbani.