The Kingdom of Saudi Arabia recognizes that building an ambitious and integrated society is done through effective partnerships with the civil society in the private sector and non-profit organizations, thus achieving an increase in the GDP, an economic growth that reflects on the quality of life and the social impact of building a stable, balanced and united country.
Partnership with the private sector
The Kingdom seeks to enhance the private sector by the support and development, build bridges of sustainable partnerships to implement development plans, and achieve national goals and objectives for the advancement and well-being of the Kingdom and the citizen. In addition to the financial support, the Kingdom offers ways of empowerment such as facilitating procedures and enhancing the private sector through dedicated programs.
National initiatives for the private sector support:
Fund of Funds
The Public Investment Fund
has established the "Fund of Funds", which is an investment fund with a capital of SR 4 billion to support small and medium enterprises and develop the venture capital sector to activate the role of the private sector and increase its contribution to the GDP.
The private sector partnership program "Shrakat"
is the new strategy of the Ministry of Housing to achieve a vital partnership with the private sector in order to provide residential solutions and products that meet the needs of citizens at competitive prices, Such as Sakani program
This initiative is one of the Private Sector Stimulus Plan provided by “Monsha’at “through the establishment of a SR 2.8 billion venture capital fund focused on the enterprises investment during the early stages of growth through three different programs:
- Emerging Companies Investment Program
- Fund Investment Program.
- Participatory Investment Program.
The Ministry of Finance has modified the government competition and procurement system in proportion to the interests of local small and medium enterprises through the priority of contracting in the implementation of government procurement – not as before- and exempting them from the initial insurance, which contributes in the support of national factories and products.
Ministry of Labor partnerships with the private sector to empower women and support some sectors of society:
- A partnership with Careem to provide vehicles suitable for people with disabilities, orphans and the elderly.
- A partnership with Carrefour company to develop and improve women's work environment and create new job opportunities.
- A partnership with Takamul to implement programs such as Wusool, Qurrah, and Ajeer.
Partnership with non-profit organizations
The Kingdom has an influential role and significant contributions to the charitable work through a number of government institutions, including the Social Development Agency of the Ministry of Labor and Social Development and others. The responsibility of these institutions is to supervise the private entities such as organizations, charitable organizations, cooperative associations, social and civil development committees and centers, and to consolidate these concepts among the society segments , in addition to supporting the establishment of contributing funds to meet the community and development needs.
National initiatives to support non-profit organizations:
Establishing a billion-dollar fund for the financial sustainability of associations:
The General Authority of Endowments
The Mullak Program
of the Ministry of Housing
seeks to establish a relationship between landlords and joint-ownership housing unites occupants through the establishment of regulations, control mechanisms, and property and facilities management services. As well as raising awareness to ensure the reservation of rights, proper usage, and promote the culture of co-housing.
The Ministry of Justice
provides specialized centers for beneficiaries to facilitate the implementation of custody and visitation provisions in Saudi Arabia within a family-friendly environment. Without the need for enforcement in the courts or police stations through a partnership with Mawada Association in Riyadh and Mawaddah society for family development in Makkah to control divorce and its effects.
A partnership agreement between the Ministry of Health and Bank Aljazira to train the cadres of private health institutions and associations:
This agreement supports Haroun Professional Volunteer Initiative through investing in professional capacities and competencies among specialized and skilled employees working in the private sector and retirees to support health NGOs in 22 associations.
Last Modified Date: 10/10/2019 - 11:49 AM Saudi Arabia Time