Aramco launches $800mln funding programme for Saudi SMEs

Aramco launches $800mln funding programme for Saudi SMEs

Saudi oil giant Aramco has announced the launch of a new programme, Taleed, aimed at accelerating the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia, thus helping boost their contribution to economic development and support job creation.

Taleed targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives, providing a wide range of support from capability building and strategy development to training, market access, advisory services and business planning.

It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding SR3 billion ($800 million), said a statement from Aramco.

These funds are being established in collaboration with partners to support SME development in the sustainability, digital, manufacturing, industrial and social innovation domains.

Aramco said it is partnering with a wide range of entities to deliver Taleed initiatives, and the company has signed 30 MoUs with leading public and private partners to enable development of the SME ecosystem.

Aramco President and CEO Amin H. Nasser said: "We have long been committed to supporting the expansion of the Saudi Arabia’s SME ecosystem, which has a critical role to play in the kingdom’s economic development. Through Taleed, we are working with the