The Finance Ministry has launched a SR12.5 billion ($3.3 billion) program SMEs are supported and empowered by the Saudi Finance Ministry Rawan Radwan RIYADH: Saudi Arabia’s small and medium enterprises (SMEs) were an importance topic of discussion at the Financial Sector Conference in Riyadh on Wednesday. SMEs are supported and empowered by the Saudi Finance Ministry as a key partner in national development. “Progress is … being made,” said Tim Callen, the International Monetary Fund’s assistant director for the Middle East and Central Asia. But “there’s still huge untapped potential,” he added. The Finance Ministry has launched a SR12.5 billion ($3.3 billion) program to support the private sector, including SMEs. “We’ve already committed SR2 billion, and the pilot phase has begun,” said Finance Minister Mohammed Al-Jadaan. In a focus discussion titled “Drivers of Growth and Innovation: SME funding,” Patrick Zhong, founding managing partner at M31 Capital in China, spoke of Saudi youths’ great potential in terms of the growth and success of SMEs. Addressing gender equality in SMEs in the Kingdom, Mohammed Al-Malki, vice governor of funding at the Saudi Small and Medium Enterprises General Authority (Monshaat), said “there’s no differentiation between male and female” at Monshaat.