Riyadh, Saudi Arabia—Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha’at), has signed a cooperation agreement with Aramco’s Center for Entrepreneurship (Wa’ed), to develop entrepreneurship in the Eastern Province.
The two sides will provide shared office spaces, financial grants, and business development and mentorship programs to enable SMEs to enter the market and obtain capital investment.
According to SPA, the agreement comes within the framework of empowering SMEs due to their importance in supporting the local economy, their contribution to advancing development, and their positive impact on the economic and social levels, diversifying sources of income and expanding the production base in line with the realization of the Kingdom’s Vision 2030.
Monsha’at works to organize, support and sponsor the small and medium enterprises sector in the Kingdom in accordance with best practices.
The agreement was signed at the Entrepreneurship Complex of Monshaat in Al-Khobar Governorate, in the presence of the Deputy Governor of “Monsha’at” for the leadership sector in the presence of the Deputy Governor of Monsha’at Saud bin Khalid Al-Sabhan, the managing director of Wa’ed Eng. Fahd bin Saleh Al-Eidi, and a number of entrepreneurs in the Eastern Province.