Saudi oil major Aramco announced on Thursday the launch of a new program named Taleed, which aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia — helping boost their contribution to economic development and support job creation.
It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding SR 3 billion ($800 million). The funds are being established in collaboration with partners to support SME development in the sustainability, digital, manufacturing, industrial and social innovation domains.
The program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives, providing a wide range of support from capability building and strategy development to training, market access, advisory services and business planning, Aramco said in a press release.
Aramco is partnering with a wide range of entities to deliver Taleed initiatives, and the Company has signed 30 Memoranda of Understanding (MoUs) with leading public and private partners to enable development of the SME ecosystem.
Amin H. Nasser, Aramco president and CEO said, “Our aim is to achieve high levels of excellence among SMEs, which in turn supports our own business and the national economy.”
Ahmad A. Al-Sa’adi, Aramco’s senior vice president of technical services said Taleed program is a “catalyst for change” to elevate the contribution of both existing and new SMEs across multiple sectors,promoting job creation and further enhancing the commercial operating environment.
