RIYADH: New licenses were issued on Wednesday to encourage the world’s entrepreneurs and inventors to start up in the Kingdom and boost growth of the small and medium-sized enterprise (SME) sector.
Minister of Commerce and Investment Dr. Majid Al-Qassabi issued 11 new licenses on the sidelines of the Second Misk Global Forum, which was inaugurated on Wednesday.
Senior officials from the Monsha’at, Saudi Arabia’s SME Authority, the Saudi Arabia General Investment Authority, King Abdullah Economic City (KAEC), King Abdulaziz City for Science and Technology and the Economic Cities Authority were present during the launch of the new program.
Before handing over the licenses to 11 entrepreneurs, Al-Qassabi said the effort was to promote the SME sector as well as to diversify the economy of the country in line with Saudi Vision 2030.
Knowledge industries represent a particularly high-growth sector: Saudi Arabia’s young and educated population has one of the world’s highest digital adoption rates, and the knowledge sector is characterized by small and medium, innovative companies.
“Saudi Arabia offers extraordinary opportunities for foreign innovators and investors. This is an incredibly dynamic market with a young, entrepreneurially inclined population and significant latent demand in high-growth industries. We know we have the talent — our job now is to match-make and help provide the opportunities,” said Dr. Ghassan Al-Sulaiman, governor of Monsha’at, stressing that foreign entrepreneurs would bring with them innovation and expertise and help local youths to get to know their operations.
“The new licensing initiative is designed to help build up the private sector and move away from an over-reliance on oil revenues,” said Al-Sulaiman. This initiative, he said, was inspired by the Vision 2030, which will help Saudi Arabia to 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.”
Fahad Al-Rashid, CEO of KAEC, said the new regulations enabled entrepreneurs to establish a business in the city. The Kingdom has given several incentives such as free housing, transportation and education for children to attract foreign investors.
Opportunities for foreign entrepreneurs are ‘extraordinary’ in Saudi Arabia
Opportunities for foreign entrepreneurs are ‘extraordinary’ in Saudi Arabia
Saudi defense minister receives Mukalla port director, thanks him for heroic role
- Prince Khalid thanked Basamir for his heroic and humanitarian role in ensuring safety and protecting lives and property at the port
RIYADH: Saudi Defense Minister Prince Khalid bin Salman received the director of the Port of Mukalla Salem Basamir on Tuesday.
In a post on social media platform X, Prince Khalid thanked Basamir for his heroic and humanitarian role in ensuring safety and protecting lives and property at the port.
The Coalition to Support Legitimacy in Yemen carried out a limited airstrike in December targeting foreign military support at the Port of Mukalla in the Hadramaut governorate, where calm has been restored after a period of tension.
In a statement carried by the Saudi Press Agency following the strikes, coalition spokesman Major General Turki Al-Maliki said two ships coming from the port of Fujairah in the United Arab Emirates entered the Port of Mukalla without obtaining official permits from the Joint Forces Command of the Coalition.
“The crews of the two ships disabled their tracking systems and unloaded a large quantity of weapons and combat vehicles to support the Southern Transitional Council forces in the eastern governorates of Yemen (Hadramaut and Al-Mahra) with the aim of fueling the conflict. This is a clear violation of the truce and the pursuit of a peaceful solution, as well as a violation of UN Security Council Resolution No. 2216,” said the spokesman.
