The Shoura (Consultative) Council is currently deliberating the establishment of a supreme body which will serve as the umbrella agency to oversee the development of the small- and medium-sized enterprises (SMEs) in the Kingdom of Saudi Arabia, the Saudi Gazette reported.
The Council of Saudi Chamber of Commerce and Industry (CSCCI), with the support of the Saudi Credit Bank, has proposed to the Shoura Council the establishment of a dedicated agency, to be called Small and Medium Enterprises Development Authority, as the highest government agency to look into the needs of Saudi small businessmen, said Fahd Aslimey, Deputy Secretary General of the CSCCI.
The Third National SMEs Forum opened here Saturday at the Eastern Province Chamber of Commerce and Industry to discuss national strategies and policies in promoting SMEs. It was formally inaugurated by Prince Mohammed bin Fahd Bin Abdulaziz, the Governor of the Eastern Province.
The three-day forum is being attended by delegates and speakers from the Gulf region and other counties.
The Shoura Council is discussing the proposal in earnest, recognizing the need for such a body. "We are following it up because there is an urgency to synchronize all development efforts to support the growth of small- and medium-sized enterprises," Aslimey said.
Aslimey said the supreme body will address and look into all the issues relating to SMEs, including operation and training, management, technical support, and funding. He said the authority will streamline growth of small businesses to meet the aspiration of Saudi entrepreneurs.
On his part, Mohamed Al-Khowaiter of the Saudi Industrial Development Fund (SIDF) said the agency provides funds on easy-payment arrangement to SMEs.
He said a major portion of the Fund's lending in 2004, amounting to SR 3,291 million, were committed to medium-scale enterprises.
