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Empowering SMEs role is key for growth

Empowering SMEs role is key for growth

The commitment of Custodian of the Two Holy Mosques King Abdullah to empower small and medium enterprises (SMEs) by incorporating the concept of knowledge-based economy seems to have come at a time when Saudi Arabia is showing its readiness to facilitate all national and foreign stakeholders interested in trade and investment.

Meanwhile, the Kingdom’s commitment to the role of SMEs is quite significant in the context of what some international observers speculate that the Kingdom within the next 30 years will receive lesser oil income than ever.

So, the empowerment of SMEs is the best strategy to avoid the worst.

Almost for a century, Saudi Arabia has been enjoying abundant income from oil and gas exports and so the development of skilled SMEs is urgently needed to be incorporated. The Kingdom’s policy toward the empowerment of SMEs in Saudi Arabia is in line with its national program, which has been done since the nonoil products generate income which is gradually increasing every year.

In order to anticipate the worst situation, the role of SMEs must be fully guarded to maintain the growth of the Saudi economy.

The participation of SMEs, it is believed, will make Saudi Arabia more prosperous.

Meanwhile the political will of the Kingdom is clear; the implementation of this will be facilitated by establishing more sources that are crucial to support this concept. One of the most crucial sources is the establishment of more economic centers within the nations facilitating their connectivity and hence distribution of products and services among regions and even among the continents.