The governor of the General Authority for small and medium enterprises Dr. Dr.Gassan Al-Sulaiman stated that establishing the corporate fund of funds with four billion Saudi Riyal under the ministerial decree, is a significant incentive and support to develop the business of small and medium enterprises. The aim of this fund is to invest in the venture capital and the private ownership in agreement with trade foundations to support and promote investment opportunities in the small and medium enterprises.
Dr. Al-Sulaiman says that the venture capital is one of the necessary mechanisms to support SMEs, and the fund will assist in developing venture capital establishments. Also, the fund is an indication that the government is interested in this important sector and its contributions in implementing the Saudi Vision 2030 by increasing its contribution to GDP from 20% to 35%
The fund will also increase the rate of non-oil exports and create more job opportunities, and clear regulatory and procedural obstacles ahead.
HE Dr.Gassan said that the ministerial decision stated that a professional association should be established to raise the level of professionality and professionalism in venture capital and private ownership sector which will develop the business in these establishments in both technical and professional levels, and build an outstanding generation of entrepreneurs contributing to the Kingdom’s economy.