Monsha’at launches program in collaboration with US-based entity to boost Kingdom’s SMEs RIYADH: Saudi Arabia’s General Authority for Small and Medium Enterprises, also known as Monsha’at, has joined hands with Silicon Valley Innovation Center in the US to launch a specialized program for fast-growing enterprises. The program aims to catalyze the growth journey of these enterprises by developing their leadership skills and knowledge, Saudi Press Agency reported. It will also help these enterprises to interact with a group of experts specialized in the field of entrepreneurship which will help them embrace the best international practices to elevate their growth trajectory. According to the SPA report, the program will target 50 enterprises over a three-month period, and these firms will get the chance to hone their capabilities with the help of Silicon Valley-based experts, which will in turn help them to expand their digital capabilities. Companies wishing to be a part of this program can apply through the official website of the Tomouh program before May 15. The Silicon Valley Innovation Center is one of the most important entities that provide advice to startups around the world, by supporting clients in discovering trends and modern technologies for fast-growing enterprises. Earlier in March, Sami Al-Hussaini, governor of Monsha’at, said that the authority offered financing solutions worth SR228 billion ($60.7 billion) to small and medium enterprises in 2022. Al-Hussaini added that the Kingdom’s SME sector witnessed a huge leap in 2022 as it ranked second on the Global Entrepreneurship Monitor report. He noted that the number of SMEs in the Kingdom exceeded 1 million by the end of 2022, which helped created more than 6.2 million job opportunities. The Kingdom also witnessed a 6 percent quarter-on-quarter growth in the number of SMEs during the fourth quarter of 2022. In March, Monsha’at also signed a memorandum of understanding with American digital payment solution provider Visa to build capacity for a digital economy while enabling female entrepreneurs in the Kingdom.