Saudi Arabia is encouraging the growth of small and medium sized enterprise (SME) sector by introducing new entrepreneurship licenses.
New licenses that allow overseas entrepreneurs to establish a business in Saudi Arabia for the first time were announced at the Misk Global Forum annual gathering in Riyadh by Monsha’at, Saudi Arabia’s SME authority, the Saudi Arabia General Investment Authority (SAGIA), King Abdullah Economic City (KAEC) and the Economic Cities Authority (ECA).
“The new licensing initiative is designed to help build up the private sector, particularly SMEs, and move away from an over-reliance on oil revenues.: said Dr. Ghassan Ahmed Al Sulaiman, Governor of Monsha’at.
“This initiative, inspired by Vision 2030, will help Saudi Arabia attract the best minds in the world, transferring knowledge, expanding the economy, increasing the contribution of small- and medium-sized companies to GDP and creating jobs for Saudis.
“We launched this at the Misk Global Forum’s annual gathering because it’s a global event bringing young leaders and established innovators together to focus on innovation and the knowledge economy.”