https://arab.news/nyxvu
More than SR1 billion ($270 million) has been allocated to small and medium enterprises in Saudi Arabia since 2017 by a government-backed platform known as Forsa.
The Human Resources Development Fund announced in a statement that the platform, part of the “Nine Tenths” program, has witnessed significant growth, with approximately SR500 million being allocated in the year 2023 alone.
Forsa serves as a link between suppliers and buyers, enabling registered entities to electronically review and submit price quotations for government and private sector procurement, according to the statement.
Additionally, it empowers them to issue requests for quotations among themselves. The platform encompasses more than 27 sectors and benefits over 500 major entities.
The platform’s primary goal is to foster and empower businesses by enhancing governance and transparency in submitted bids, supporting local content, and facilitating electronic connections to streamline procurement processes.
It aims to provide ease of control and access to reports and information through an integrated dashboard.
The Nine Tenths program offers a range of innovative benefits, including the Forsa, Bahr, Zaad, and Tajer platforms.
These services aim to empower businesses and transform the work culture of individuals and communities by encouraging and supporting entrepreneurship and SMEs.
The program seeks to enable individuals and entities to create new opportunities and jobs through innovative means.
Initiated in August 2016, the Nine Tenths program is one of the initiatives launched by the HRDF in alignment with the Kingdom’s Vision 2030.
It strives to create and enhance a conducive working environment for small and medium-sized enterprises, turning them into job-producing institutions and fostering an entrepreneurial ecosystem.
The HRDF aims to support the rehabilitation and employment of the national workforce in the private and non-profit sectors by providing subsidies for workforce qualification, training, and employment.
It also participates in the costs of qualifying and training the national workforce for jobs in the private and non-profit sectors, as well as supporting the financing of field programs, plans, and studies aimed at recruiting Saudis and replacing expatriate workers.