What's Happening?
Aramco Taleed, established in 2022, is a program designed to support the growth and localization of Small and Medium Enterprises (SMEs) in Saudi Arabia. The initiative provides funding facilitation, advisory services, and training opportunities to help
SMEs thrive. Since its inception, Aramco Taleed has assisted in the establishment of 17 new businesses and supported over 2,900 SMEs, which are crucial to Aramco's operations and the broader industrial ecosystem. The program aims to strengthen local businesses, contributing to the Kingdom's economic growth and diversification.
Why It's Important?
The Aramco Taleed program plays a significant role in bolstering the SME sector, which is a vital component of Saudi Arabia's economy. SMEs are recognized globally as primary engines of employment and innovation, contributing to private-sector competitiveness and economic diversification. By supporting SMEs, Aramco Taleed helps foster a dynamic business environment, encouraging entrepreneurship and innovation. This initiative aligns with Saudi Arabia's national policies aimed at economic growth and diversification, enhancing the country's global competitiveness.
What's Next?
Aramco Taleed is expected to continue its support for SMEs, further strengthening the local business ecosystem. The program's ongoing initiatives, such as the Operational Excellence Support Program and the Internal Controls Assessment Tool, will continue to provide SMEs with the necessary tools and practices to improve efficiency and governance. As the SME landscape in Saudi Arabia expands, Aramco Taleed's role in facilitating growth and localization will be crucial in sustaining the momentum and achieving long-term economic goals.
Beyond the Headlines
The Aramco Taleed program not only supports economic growth but also contributes to social development by creating job opportunities and fostering innovation. By empowering local businesses, the program helps build a resilient and diversified economy, reducing dependency on oil revenues. This initiative reflects Aramco's commitment to sustainable development and its role in shaping the future of Saudi Arabia's economy.
