Qiddiya Investment Company (QIC) and the General Authority for Small and Medium Enterprises (Monshaat) in the Kingdom of Saudi Arabia came into an agreement and signed two memoranda of understanding (MoUs).
The agreements are intended to enhance bilateral cooperation between the two entities and provide QIC with access to the “Jadeer” portal, the database of local SMEs, and develop Qiddiya as a destination that provides an open and supportive business environment for SMEs.
Philippe Gas, the CEO of QIC noted, “These two MoUs reflect our continuous effort to enhance cooperation and strategic partnerships with local entities involved in national transformation, in line with the ambitions of Saudi Vision 2030.”
Gas also emphasized, “These MoUs mean that local SMEs will be able to easily access information about the Qiddiya project and the numerous opportunities available in QIC.”
The comments were made after the deal with Monsha’at Governor Saleh bin Ibrahim Al Rasheed was signed off by Philippe Gas of QIC.
Governor of Monshaat Eng. Saleh bin Ibrahim Al-Rasheed remarked, “These MoUs highlight Monshaat’s keenness to enhance cooperation with the public and private sectors and to create an environment that stimulates the growth and prosperity of small and medium-sized enterprises.”
He stressed, “It will help to increase competitiveness and will contribute to the development of local entities by boosting and developing the standard of SMEs in the Kingdom.”
“It will also support them to reach the opportunities provided by the public and private sectors, including those offered by QIC”, the Governor also highlighted.
Under the first MoU, QIC will provide Monshaat with commercial opportunities across the key sectors of hospitality, tourism, and entertainment encompassing all areas of the business such as contracting, supply, logistics, IT, maintenance, public services, and many more.
Certain conditions will need to be fulfilled by service providers, that will help Monshaat to rehabilitate SMEs and formulate policies, standards, and strategies to raise the productivity of these enterprises and increase their contribution to the GDP.
This will eventually enhance the contribution of local entities to the major projects which are presently being implemented in the Kingdom and are in the pipeline for implementation after their company registration in Saudi Arabia.
Monshaat will help QIC build its innovation center that would benefit from Monshaat’s experience in this field and will also give QIC access to its research facilities and centers.
Moreover, Monshaat will provide access to Qiddiya of statistical information to be used in developing Qiddiya’s various project sectors.
The second MoU will give Qiddiya access to Monsha’at’s “Jadeer” portal, a database of SMEs operating in the Kingdom of Saudi Arabia and categorized by sector including a list of emerging companies that benefit from business incubators.
This access to the digital and research facilities of Monsha’at will give Qiddiya easier communication between QIC and other entities in sectors where there exist opportunities for collaboration and will also improve the decision-making process for the QIC and make it an attractive environment for SMEs and emerging companies.
This initiative comes as an important recognition of Saudi Arabia’s broader economic and social outlook focusing on boosting SMEs to a level that they can contribute significantly to Saudi gross domestic product by 2030 through meaningful business collaboration with foreign entities aspiring for new business setup in Saudi Arabia.