Monsha’at will help QIC establish its own innovation centre while giving it access to its own research facilities and centres
The Qiddiya Investment Company (QIC) has inked two key agreements with the Saudi Authority for Small and Medium Enterprises (Monsha’at). The MoUs outline enhanced cooperation between the two entities and will provide QIC access to the Jadeer portal (a database of SMEs in the Kingdom categorised by sector) and to develop Qiddiya as a destination that provides an environment that is open to and supports SMEs.
QIC CEO Philippe Gas said the deals reflect the company’s continuous effort to enhance cooperation and strategic partnerships with local entities involved in national transformation and in line with the ambitions of Vision 2030. The comments were made after Gas signed the deal with Monsha’at Governor Saleh bin Ibrahim Al Rasheed.
Al Rasheed pointed out that the MoUs highlight Monsha’at’s keenness to enhance cooperation with the public and private sectors and create an environment that stimulates the growth and prosperity of small and medium sized enterprises.
He explained, “It will help to increase competitiveness and will contribute to the development of local entities by boosting and developing the standard of SMEs in the Kingdom. It will also support them to reach the opportunities provided by the public and private sectors, including those offered by QIC.”
Under the terms of the first MoU, QIC will provide Monsha’at with commercial opportunities across the key sectors of hospitality, tourism, and entertainment, in all areas of the business including: contracting; supply; logistics; IT; maintenance; public services, and more.
Certain conditions will have to be met by service providers, which will help Monsha’at to rehabilitate SMEs and set policies, standards and strategies to raise the productivity of these enterprises and increase their contribution to the GDP. This in turn will enhance the contribution of local entities to major projects being implemented in the Kingdom, the statement explained.
The statement also said that QIC will be able to use the digital and research platforms of Monsha’at to obtain updated information on companies, which will improve the decision-making process for the company, and make Qiddiya an attractive environment for SMEs and emerging companies.
Additionally, Monsha’at will help QIC establish its own innovation centre and will give QIC access to its own research facilities and centres. Monsha’at will also provide Qiddiya with statistical information to be used in developing Qiddiya’s various project sectors.
The second MoU will give Qiddiya access to Monsha’at’s Jadeer portal as well as a list of emerging companies that benefit from business incubators. This access will allow easier communication between QIC and entities in sectors where there are opportunities for collaboration.