RIYADH — The Kingdom of Saudi Arabia, being the second-largest Arab state, over the last ten years has grown by $520 billion. Reports suggests that there has been a steady growth in the economy with a positive import-export trade balance. Consequently, the region exports 2.5 times more than their import revenue with 99% of the private sector comprising of SMEs

Small & Medium Enterprises General Authority (Monsha’at) will be the supporting partner of the prestigious 7th Annual Saudi Trade Finance Summit, the kingdoms biggest trade finance platform. Hosted under the theme of ‘Enabling the Kingdom’s vision for a better future’, The summit will take place on Nov. 13-14, 2019 at Crowne Plaza Riyadh RDC Hotel & Convention, KSA.

In line with Saudi's Vision 2030, the 7th Annual Saudi Trade Finance Summit will provide a platform for the Government Authorities and the Kingdom’s booming private sector to have thought provoking trade finance conversations through its informative conference sessions and unparalleled networking opportunities that emphasize on the diversification of the economy to help realize the role of financial institutions and corporates in achieving the Kingdom’s Vision through sustainable growth.

With the ongoing economic status and the diverse developments witnessed in the region, through their participation, Monsha’at will highlight its role and initiatives implemented to support the SMEs and various contributions done in order to shape the economy of the Kingdom.

Over the years, SMEs are claimed to be a backbone of any successful and sustainable economy. Likewise, the Kingdom has a strong blueprint for the SMEs constituting almost 90% of registered businesses and 60% of the total employment in the region with a total count of 1.97 million. SMEs are powerful and authentic organizational bodies that have the capability to increase globalization, exploit opportunities and trade across the globe. Through the Saudi Trade Finance Summit, Monsha’at will highlight the efforts implementing strategic plans that will further grow the SME sector by supporting innovative businesses, facilitating programs for start-ups and enabling more opportunities for the residents of Saudi Arabia.

A study conducted by the General Organization for Statistics shows that Saudi executives mark up to 18.5% of the Kingdom’s total number of employees, the second-largest after the age group 35-39 making a total of 17.3%. According to Saudi Vision 2030, the country aims to increase the contributions of SMEs of Saudi Arabia’s GDP from 20% to 35% in addition to competing with G20 companies. Commenting on the plan, Saleh Al-Rasheed, Governor of Small and Medium Enterprises General Authority Monsha’at, said “the SME sector has grown to have a fundamental role in diversifying the Saudi economy by providing potential employment opportunities for the national workforce and extensively supporting with digital tools. In line with the Saudi Vision 2030, this is not only going to contribute to the growth but also enhance the quality of work and development showcased by the Kingdom.”

Commenting on Monsha’at’s partnership with the biggest and one-of-a-kind event in the region, Sidh N.C, Director, Saudi Trade Finance Summit, said “the Kingdom’s transformation has been massive where government bodies and private organizations are aiming to implement diverse economic and social reforms. We are extremely excited to have Monsha’at on board with us and are looking forward to their significant contribution to the SME division in the Kingdom’s economy.”

The two-day conference and awards will be highlighting the latest trade finance trends, innovation and strategies that have shaped the industry in the region. This exclusive closed-door conference has added seven unique elements including SME Focus, Innovation lab, engaging activities, CFO recognition, supporting partner, digital savvy and success stories. Saudi Trade Finance Awards will put a spotlight on the Kingdom’s brightest minds in the Finance Industry and celebrate their contributions towards fulfilling the Country’s key strategies in line with the Saudi Vision 2030. — SG