Riyadh, Saudi Arabia–Aramco said on Thursday it has launched Taleed program to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia, boost their contribution to economic development and support job creation.
In a statement, Aramco said the program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives, providing a wide range of support from capability building and strategy development to training, market access, advisory services and business planning.
The 20 initiatives targeted through Taleed are divided into three groups: the first focuses on job-matching upskilled local talent, including a National Vocational Apprenticeship Program and a National Freelancing Program, to provide manpower with relevant skills to companies across Saudi Arabia.
The second focuses on creating business opportunities for SMEs, including the establishment of world-class integrated parks in nine cities across Saudi Arabia targeting untapped fields such as agriculture, artisans and cloud kitchens.
The third focuses on supporting SMEs and enabling the ecosystem. This includes an SME Excellence Program to help SMEs sustain and grow their business, and 150 SMEs have already been enrolled to mark the launch of Taleed. Ultimately, Taleed’s sustainable growth program is expected to benefit as many as 15,000 SMEs annually, the statement said.
It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding SAR 3 billion ($800 million).
The funds are being established in collaboration with partners to support SME development in the sustainability, digital, manufacturing, industrial and social innovation domains.
Aramco is partnering with a wide range of entities to deliver Taleed initiatives, and the Company has signed 30 Memoranda of Understanding (MoUs) with public and private partners to enable development of the SME ecosystem.