Qiddiya and Monsha’at Sign MoUs to Support local SMEs

 Qiddiya Investment Company

(QIC) and the General Authority for Small and Medium

Enterprises (Monsha’at) signed two memoranda of

understanding (MoUs). The agreements are designed to

enhance cooperation between the two entities, to provide

QIC with access to the “Jadeer” portal – a database of local

SMEs – and to develop Qiddiya as a destination that provides

an environment open to and that supports SMEs.

The MoUs were signed by Philippe Gas, CEO of QIC, and the

Governor of Monsha’at, Eng. Saleh bin Ibrahim Al-Rasheed.

Commenting on the MoUs, Philippe Gas, CEO of QIC, said:

“These two MoUs reflect our continuous effort to enhance

cooperation and strategic partnerships with local entities

involved in national transformation and in line with the

ambitions of Vision 2030. These MoUs mean that local SMEs

will be able to easily access information about the Qiddiya

project and the numerous opportunities available within QIC.

Governor of the Small and Medium Enterprises General

Authority (Monsha’at), Eng. Saleh bin Ibrahim Al-Rasheed,

said: “These MoUs highlight Monsha’at’s keenness to

enhance cooperation with the public and private sectors and

to create an environment that stimulates the growth and

prosperity of small and medium sized enterprises. It will help

to increase competitiveness and will contribute to the

development of local entities by boosting and developing the

standard of SMEs in the Kingdom. It will also support them to

reach the opportunities provided by the public and private

sectors, including those offered by QIC.”

Under the first MoU, QIC, will provide Monsha’at with

commercial opportunities across the key sectors of hospitality,

tourism, and entertainment, in all areas of the business,

including: contracting; supply; logistics; IT; maintenance;

public services, and more. Certain conditions will have to be

met by service providers, which will help Monsha’at to

rehabilitate SMEs and set policies, standards, and strategies

to raise the productivity of these enterprises and increase

their contribution to the GDP. This in turn will enhance the

contribution of local entities to the major projects being

implemented in the Kingdom.

QIC will be able to use the digital and research platforms of

Monsha’at to obtain updated information on companies, thus

improving the decision-making mechanism for the company,

and making Qiddiya an attractive environment for SMEs and

emerging companies.

Monsha’at will help QIC establish its own innovation center,

benefitting from Monsha’at’s experience in this field and will

also give QIC access to its research facilities and centers.

Additionally, Monsha’at will provide Qiddiya with statistical

information to be used in developing Qiddiya’s various project

sectors.

The second MoU will give Qiddiya access to Monsha’at’s

“Jadeer” portal – a database of SMEs operating in the

Kingdom categorized by sector – as well as a list of emerging

companies that benefit from business incubators. This access

will allow easier communication between QIC and entities in

sectors where there are opportunities for collaboration.

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