Monshaat: Launch of national entrepreneurship and SMEs strategy to strengthen business environment

Logo of The General Authority for Small and Medium Enterprises (Monshaat)

The General Authority for Small and Medium Enterprises (Monshaat) said the launch of the National Entrepreneurship and SMEs Strategy marks a step toward strengthening the business ecosystem, enhancing sector efficiency, and expanding access to new markets and financing.

The authority explained that the strategy was developed to strengthen and empower a key sector of the national economy, address challenges, and overcome obstacles, making the journey for male and female entrepreneurs more streamlined. This will contribute to increasing GDP and building a healthy entrepreneurial environment for promising investments across various economic fields.

It noted that the strategic objectives include building a stimulating and enabling the local entrepreneurial ecosystem, supporting the growth and development of existing SMEs, and strengthening the entrepreneurship environment and culture.

The authority also indicated that the strategy aims to enhance the efficiency of the entrepreneurship and SMEs sector and its ecosystem, expand access to other markets and financing, improve ease of doing business, and enable innovation.

According to Argaam data, the Cabinet approved, on Sept. 15, the National Entrepreneurship and SMEs Strategy.