Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has launched Taleed programme to accelerate the growth of small and medium-sized enterprises (SMEs) in Saudi Arabia.

Taleed seeks to achieve sustainability for SME growth across various sectors through 20 initiatives, reinforcing their contribution to economic development and supporting job creation, according to a recent press release.

The programme offers advisory services and other skills like capability building, strategy development, training, market access, as well as business planning.

Additionally, Taleed aims to deliver funding and financial solutions to existing and new enterprises over five funds, with an aggregated capital exceeding SAR 3 billion ($800 million).

Meanwhile, the funds are being allocated in collaboration with partners to back SME development in the fields of sustainability, digital, manufacturing, industrial, and social innovation.

In order to deliver Taleed initiatives, Aramco has signed 30 memoranda of understanding (MoUs) with key public and private partners to endorse the development of the SME ecosystem.

Taleed will provide SMEs with targeted initiatives, complementing Aramco’s other programmes, including iktva, Namaat, the product development centre LAB7, and the entrepreneurship centre Wa’ed.  

Amin Nasser, President and CEO of Aramco, said: “Through Taleed, we are working with the public sector, as well as private companies and institutions, to further develop the SME ecosystem and promote entrepreneurship. Our aim is to achieve high levels of excellence among SMEs, which in turn supports our own business and the national economy.”

Ahmad Al Sa’adi, Aramco’s Senior Vice President of Technical Services, noted: “Our Taleed programme is a catalyst for change that aims to elevate the contribution of both existing and new SMEs across multiple sectors, in turn promoting job creation and further enhancing the commercial operating environment.”

Earlier in October 2022, Aramco collaborated with the International Cricket Council (ICC) to sponsor all of ICC’s major men’s and women’s events until the end of 2023.