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FINANCIAL NEWS
Saudi Arabia establishes SME general authority
18 Jan 2011
(MENAFN) The Saudi Shoura Council secretary general, Muhammad Al-Ghamdi, announced the approval of founding a new general authority to oversee small and medium enterprises (SMEs), in an attempt for strengthening SMEs as well as generating new job opportunities in the Kingdom, reported Arab News.
Al-Ghamdi said the new institutiuon would work with governmental agencies in order to enables SMEs in the country to participate considerably in the national economy.
An official at the chamber of commerce welcomed the idea saying that SMEs make seventy percent of the companies in the Saudi economy, thus making the creation of a dedicated organization for its affairs crucial.
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