Al-Tuwaijri : Supporting SMEs Provides Job Opportunities
Mohammed bin Mazyad Al-Tuwaijri, Deputy Chairman of the National Development Fund (NDF) affirmed that supporting the small and medium enterprises sector (SMEs) achieves sustainable economic and social growth.
Al-Tuwaijri underscored the importance of the SMEs sector as a key driver for employment, especially for Saudi nationals. It receives support through various financing facilities. These include contributions from the Small and Medium Enterprises Bank and other developmental financing funds.
Al-Tuwaijri Highlights Role of (NDF) in Saudi Vision 2030
During the Saudi Financial Market Forum, Al-Tuwaijri highlighted the integral role of the NDF in aligning with KSA’s Vision 2030. Moreover, he said that the Fund is instrumental in deploying capital to fill critical financing gaps in priority sectors. Its objectives are multifaceted, focusing on the coordination of its subsidiaries to address medium and long-term developmental financing needs.
He stressed that NDF seeks to enhance operational efficiency and effectiveness. Consequently, this will contribute to the national objective of diversifying the economy and boosting the private sector’s share in the GDP to 65%.
Al-Tuwaijri: SMEs Represents Catalyst for Economic Growth & Employment
Additionally, Al-Tuwaijri emphasized the significant role of SMEs in the global job market. He stressed that SMEs provide from 80 to 90% of new employment opportunities worldwide. In Saudi Arabia, SMEs form the backbone of the private sector. Recognizing their pivotal role, the NDF is keen on maximizing its impact in this sector.
Strategic Goals & Economic Impact of NDF
NDF is set on a path to enhance the private sector’s contribution to the Saudi economy. Moreover, the Fund aims to triple its developmental impact, which includes a significant increase in KSA’s GDP through an injection of over 570 billion Riyals, by 2030. The ambition extends to tripling the non-oil GDP to 605 billion Riyals.
This ambitious plan does not only focus on large-scale projects but also on empowering SMEs. It aims to ensure that economic opportunities are widespread and inclusive.
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