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Exclusive Benefits Offered by the Facilities Authority, King Abdullah Financial District and the Authority of Economic Cities, to the Entrepreneurs

Date: Oct 31, 2017

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Exclusive Benefits Offered by the Facilities Authority, King Abdullah Financial District and the Authority of Economic Cities, to the Entrepreneurs

Under the patronage of H.E. the Minister of Commerce and Investment, Chairman of the Board of Directors of the General Authority for Small and Medium Enterprises, Dr. Majid bin Abdullah Al Qasabi, a Strategic Partnership Agreement has been signed today, Sunday 12.02.2017 AD in Riyadh, between the General Authority for Small and Medium Enterprises and King Abdullah Financial District, as well as the Authority of Economic Cities, through which exclusive benefits to be provided for entrepreneurs, such as exempting them from paying the offices rent in the business park “My Views” for five years, besides granting the corporate staff multiple residential incentives to enable the Saudi youth own housing units in the Economic City. It has been agreed as well to establish a center for entrepreneurs at King Abdullah Financial District.

His Excellency Dr. Al Qasabi said: “The SME Authority will work through this agreement to overcome all challenges and difficulties facing the small and medium enterprises Authority, to ensure that it is capable of implementing its projects and performing business easily, since SME’s are considered one of the most important factors of the economic growth, as well as a basic pillar for Gross National Product (GNP) of the Kingdom. “

The aforementioned agreement has been signed by the Governor of the General Authority for Small and Medium Enterprises, Dr. Ghassan Ahmed Al Sulaiman, and the Managing Director and Chief Executive Officer of King Abdullah Financial District, Mr. Fahd Bin Abdul Mohsen Al-Rasheed, as well as the Secretary-General of the Economic Cities Authority, Muhannad bin Abdul Mohsen Helal, where all the concerned parties will work under this agreement to create a suitable business environment for entrepreneurs, as well as contribute in the growth of their existing or future enterprises.

For his part, Governor of the General Authority for Small and Medium Enterprises, Dr. Ghassan Ahmed Al Sulaiman pointed out that “This agreement comes as an embodiment of the SME’s strategy to enable the small and medium enterprises to play a vital and essential role for the economic development in the Kingdom, it does confirm the Authority of SME message for the development and support of small & medium enterprises, through heading the cooperation with the strategic partners in the public and private sectors, also the non-profit sector, locally and internationally. “

Dr. Sulaiman revealed that SME Authority will provide one stop station for all government transactions related to entrepreneurs, in order to save time, effort and cost, and to help them focusing on achieving the goals of their enterprises, besides facilitating all transactions and government procedures related to entrepreneurs, in addition to motivating the partners to contribute in the SME growth.

Dr. Sulaiman added that SME Authority is looking forward and longing that the coming period will witness greater achievement and success, in accordance with the new agreement, through which SME Authority will endeavor to overcome any obstacles facing the small and medium enterprises.

For his part, the Managing Director and Chief Executive Officer of King Abdullah Financial District, Mr. Fahd Bin Abdul Mohsen Al-Rasheed, pointed out that “KAFD will provide, under this agreement, exclusive benefits to entrepreneurs, most notably exempting them from paying the office rent in the business park” My Views “for five years, besides providing suitable transportation for the corporate employees and their families, through the necessary cooperation and coordination with a small or medium transport companies “

Meanwhile, the benefits would include as well, the opportunity to own homes without interest for ten years (for Saudis only), also free education for the staff children at World Academy School for two years (maximum two children per employee), for more information about these benefits, you may visit the link: crp@kaec.net.

H.E. Mr. Muhannad bin Abdul Mohsen Hilal, Secretary-General of the Economic Cities Authority, has expressed the interest of the said authority in SME sector, stressing the important role played by SME in the economy growth, adding that “Under the Kingdom’s Vision 2030, we seek and endeavor to enable SME sector of practicing its development role, through the provision of government support and the removal of any obstacles facing SME, in addition to the direct coordination between the three parties of the agreement. “

H.E. Mr. Hilal pointed out that the Economic Cities Authority will cooperate and coordinate with all concerned parties, including the investors at KAFD, to develop a list of investment opportunities emerging from the current industrial and services projects at King Abdullah Financial District (KAFD) and make them ready and available for SME, to support their sustainable growth, besides working permanently to overcome any obstacles and try to facilitate the procedures, through the adoption of partnership principle.

The Secretary-General of the Economic Cities Authority, added that it is part of their program to facilitate and speed up the issuance of the necessary business licenses, by reducing the financial charges, related to investment for the entrepreneurs accredited by SME Authority.