Qiddiya and Monsha’at Sign MoUs to Support local SMEs
The MoUs will help boost the number of local companies working on national projects
Riyadh, KSA – 11 February 2021: Qiddiya Investment Company (QIC) and the General Authority for Small and Medium Enterprises (Monsha'at) signed two memoranda of understanding (MoUs). The agreements are designed to enhance cooperation between the two entities, to provide QIC with access to the “Jadeer” portal – a database of local SMEs - and to develop Qiddiya as a destination that provides an environment open to and that supports SMEs.
The MoUs were signed by Philippe Gas, CEO of QIC, and the Governor of Monsha’at, Eng. Saleh bin Ibrahim Al-Rasheed.
Commenting on the MoUs, Philippe Gas, CEO of QIC, said: “These two MoUs reflect our continuous effort to enhance cooperation and strategic partnerships with local entities involved in national transformation and in line with the ambitions of Vision 2030. These MoUs mean that local SMEs will be able to easily access information about the Qiddiya project and the numerous opportunities available within QIC.
Governor of the Small and Medium Enterprises General Authority (Monsha’at), Eng. Saleh bin Ibrahim Al-Rasheed, said: “These MoUs highlight Monsha’at’s keenness to enhance cooperation with the public and private sectors and to create an environment that stimulates the growth and prosperity of small and medium sized enterprises. It will help to increase competitiveness and will contribute to the development of local entities by boosting and developing the standard of SMEs in the Kingdom. It will also support them to reach the opportunities provided by the public and private sectors, including those offered by QIC.”
Under the first MoU, QIC, will provide Monsha’at with commercial opportunities across the key sectors of hospitality, tourism, and entertainment, in all areas of the business, including: contracting; supply; logistics; IT; maintenance; public services, and more. Certain conditions will have to be met by service providers, which will help Monsha'at to rehabilitate SMEs and set policies, standards, and strategies to raise the productivity of these enterprises and increase their contribution to the GDP. This in turn will enhance the contribution of local entities to the major projects being implemented in the Kingdom.
QIC will be able to use the digital and research platforms of Monsha’at to obtain updated information on companies, thus improving the decision-making mechanism for the company, and making Qiddiya an attractive environment for SMEs and emerging companies.
Monsha’at will help QIC establish its own innovation center, benefitting from Monsha’at’s experience in this field and will also give QIC access to its research facilities and centers. Additionally, Monsha'at will provide Qiddiya with statistical information to be used in developing Qiddiya’s various project sectors.
The second MoU will give Qiddiya access to Monsha'at’s "Jadeer" portal – a database of SMEs operating in the Kingdom categorized by sector - as well as a list of emerging companies that benefit from business incubators. This access will allow easier communication between QIC and entities in sectors where there are opportunities for collaboration.
About Qiddiya Investment Company:
Qiddiya Investment Company (QIC) is driving the development of Qiddiya, Saudi Arabia’s Capital of Entertainment, Sports and the Arts. As a core tenet of Vision 2030, Qiddiya has a dual economic and social purpose: to advance economic diversification and unlock new professional pathways, while enriching lives of the youth in the Kingdom.
His Royal Highness Mohammad bin Salman, Crown Prince, Deputy Prime Minister, and Chairman of the Council of Economic and Development Affairs and of the Public Investment Fund (PIF), announced the project on April 7, 2017. Ground-breaking took place on April 28, 2018, and the company, Qiddiya Investment Company (QIC), was incorporated as a closed joint-stock company, wholly owned by PIF, on May 10, 2018.
In 2020, Qiddiya progressed from the planning to the construction phase as the mass grading and site preparation began on site, supported by security fencing around the entire premises of Qiddiya. A strategic partnership with DETASAD was also announced, building on the milestones of 2019, which included the approval of the Master Plan, the release of the design of Six Flags Qiddiya and the opening of the Welcome Center and first site office.
Qiddiya is located south-west of Riyadh on a site that spans 366 sq.km.
Visitors will enjoy activities across five cornerstones: Sports & Wellness; Nature & Environment; Parks & Attractions; Motion & Mobility; and Arts & Culture. Development of these areas will give rise to family-friendly theme parks; sports arenas suitable for international competitions; academies for sports and the arts; concert and entertainment venues; racetracks for motorsport enthusiasts; outdoor and adventure activities alongside nature and environment experiences; and historical, cultural and educational activities. Qiddiya will also include a variety of real estate options and community services.