Aramco launches a new program named “Taleed” which aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia.
The program will be across multiple sectors through a portfolio of 20 initiatives supporting SMEs through capability building and strategy development to training, market access, advisory services, and business planning.
Taleed also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding SAR 3 billion, which accounts for almost $800 million.
Aramco is partnering with a wide range of entities to deliver Taleed’s initiatives, and it has signed 30 Memoranda of Understanding (MoUs) with leading public and private partners to enable the development of the SME ecosystem.
The 20 initiatives being offered through Taleed fall under three groups according to their statement:
- Job-matching for upskilled local talent: this includes a National Vocational Apprenticeship Program and a National Freelancing Program, to provide manpower with relevant skills to companies across Saudi Arabia. The initiative aims to provide jobs across growing industries, including steel plate manufacturing, casting and forging, and offshore and subsea diving.
- Creating business opportunities for SMEs: this includes the establishment of integrated parks in nine cities across Saudi Arabia targeting fields such as agriculture, artisans, and cloud kitchens.
- Supporting SMEs and enabling the ecosystem: this includes an SME Excellence Program to help SMEs sustain and grow their business, and 150 SMEs have already been enrolled to mark the launch of Taleed. Taleed’s sustainable growth program is expected to benefit 15,000 SMEs every year.
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