Aramco is partnering with several entities in order to convey the initiatives of Taleed and as a part of this aim, the firm had signed 30 Memorandum of understanding (MoU)with industry-leading public and private partners for the purpose of enabling the progression of small and medium enterprises
Aramco, the leading producer of energy and chemicals in Saudi Arabia, announced on Thursday the launch of Taleed, a new initiative by the company which aims to hasten the growth of SMEs, the Small and Medium Enterprises in Saudi Arabia. The program will aid in speeding up the contribution of small and medium enterprises to the overall economic development and creating more job opportunities. Sustainable small and medium enterprises from various sectors are targeted by the Taleed program through a collection of 20 initiatives providing support from market access, business planning, advisory services, capability building, and strategy development to training.
Aramco is partnering with several entities in order to convey the initiatives of Taleed and as a part of this aim, the firm had signed 30 Memorandum of understanding (MoU)with industry-leading public and private partners for the purpose of enabling the progression of small and medium enterprises.
Aramco President & Chief Executive officer, Amin H. Nasser states that the firm has committed to the expansion of the Kingdom of Saudi Arabia’s SME environment, which has a critical role in the development of the country’s economic growth. “Through Taleed, we are working with the public sector, as well as private companies and institutions, to further develop the SME ecosystem and stimulate entrepreneurship. Our aim is to achieve high levels of excellence among SMEs, which in turn supports our own business and the national economy,” says Amin H. Nasser.
The program also aims at providing economic solutions and financing to new as well as existing businesses with a combined capital of SAR 3 billion ($800million) through five major funds. The established funds are received mainly through the collaboration with partners who come together to support the SME development in all its sectors including digital, manufacturing, sustainability, social, and industrial innovation domains.
Aramco Senior Vice President of Technical Services, Ahmad A. Al-Sa’adi states that the program is a medium through which innovation that aims to improve the contribution of both the new as well as existing small and medium enterprises across multiple sectors, in turn promoting the creation of job opportunities and boosting the commercial operating environment.
Taleed will deliver SME’s targeted initiatives along with other programs from Aramco that are designed to improve the firm’s domestic business landscape and resilient supply chain which includes ‘iktva’, the company’s leading localization program. It also includes the firm’s industrial investments program ‘Namaat’, its entrepreneurship center Wa’ed, and LAB7, the advanced product development center. These interconnected programs will help in the advancements of business by creating a reassuring environment. The 20 initiatives offered through Taleed are mainly divided into three groups.
The first one focuses on giving the required skills to manpower through a National Freelancing Program and a National Vocational Apprenticeship Program. This initiative aims to provide thousands of job opportunities in various sectors including offshore and subsea diving, steel plate manufacturing, casting, and forging.
The second initiative focuses on creating new business opportunities for small and medium enterprises which also includes the establishment of integrated parks in nine cities across the countries focusing on fields such as artists, cloud kitchens, and agriculture. The third gives its primary importance on aiding small-scale enterprises and supporting the environment. This phase includes the SME excellence program to help the enterprises grow and sustain their functions.
A ceremony was held to recognize the companies that portrayed a commitment to hiring skilled Saudi employees, coinciding with Taleed’s launch. The companies that supported SMEs, institutions, and academic centers were honored along with outstanding graduates from the institutes.