Riyadh – The Saudi Ministry of Energy, Industry and Mineral Resources launched on Monday an initiative to support entrepreneurship and small and medium enterprises (SMEs) within the National Transformation Program 2020.
The initiative includes the construction of four industrial oases that are suitable for women in the workforce.
This new initiative comes as part of 113 others launched by the ministry and mentioned in the Saudi Vision 2030 — it will be implemented by the Saudi Industrial Property Authority (MODON).
In a statement, Saudi Minister of Energy Industry and Mineral Resources Khaled al-Faleh said that the ministry’s interest in supporting small and medium enterprises stems from their fundamental importance in economic growth.
He added that international reports reveal that SMEs contribute to emerging economies with about 45 percent of the vocational opportunities and 33 percent of the global national product.
Faleh concluded that this initiative will aid institutions in developing economies in their quest to obtain the required funding and support that will guarantee their success and continuity.
These initiatives will also take into consideration the successful experiences, such as the establishment of the largest all-women business center by Aramco and Princess Nora bint Abdul Rahman University.
The center is targeting providing more than 20,000 job opportunities for Saudi women in various domains during the next ten years.