RIYADH: A series of specialized training programs has been introduced to empower Saudi entrepreneurs with the essential skills needed to initiate their ventures.
The General Authority for Small and Medium Enterprises, also known as Monsha’at, has announced these courses to cater to business owners in the micro, small, and medium-sized enterprises sector.
Under this Monsha’at Academy initiative, entrepreneurs will receive guidance on how to catalyze the growth of their operations, as well as enhance product and store management, according to a report by the Saudi Press Agency.
The initiative aims to assist enterprises in making informed investment decisions and acquaint them with various financing solutions.
Monsha’at has urged small businesses to take advantage of this opportunity, as the training program will enable them to manage their operations effectively, ultimately contributing to Saudi Arabia’s economic diversification goals as outlined in Vision 2030.
Saudi SMEs are poised to play a significant role in achieving the Kingdom’s objectives of reducing the unemployment rate from 11.6 percent to 7 percent and increasing women’s workforce participation from 22 percent to 30 percent by the end of this decade.
In August, a report released by Monsha’at indicated a 2.6 percent increase in the Saudi small business landscape during the second quarter of 2023, with the number of such firms growing from 1.2 million in the first quarter to 1.23 million.
The report further highlighted that, at the end of the second quarter of this year, Saudi Arabia had 17,888 medium-sized companies, 152,825 small-sized establishments, and 1.06 million micro-sized firms.
