Labor ministry, Monshaat to launch 9 services to stimulate SMEs

Saudi Arabia’s Ministry of Labor and Social Development on Tuesday has signed an agreement with Small and Medium Enterprises General Authority (Monshaat) to launch nine new services to stimulate SMEs, the ministry said in a statement.

Under the new initiative, up to nine immediate visas will be issued for enterprises managed by full-time entrepreneurs.

A one-year grace period will be granted to enterprises after establishment for registration at Nitaqat and visa balance services via Meras platform.

New Saudi employees will be directly included in Nitaqat program, with SMEs support services, and support services that employ “Hafiz” program registrants.

“The agreement targets to convert job seekers to entrepreneurs. It comes as part of other agreements between the labor ministry and the health, communications and housing ministries to qualify Saudi nationals,” said labor minister Ahmed Al Rajhi.