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Royal Commission for AlUla and Monsha’at partner to unlock region’s economic and diversification potential

Entrepreneurs and SMEs in AlUla, in northwest Saudi Arabia, are set to benefit from a new agreement between The Royal Commission for AlUla (RCU) and the Saudi Arabian Government’s Small & Medium Sized Enterprises General Authority (Monsha’at). At the heart of the partnership is a plan to establish a new co-working space in AlUla where local SMEs and entrepreneurs can access support services to accelerate their growth, helping them succeed through the provision of knowledge and expertise and enhancing the entrepreneurial spirit to contribute to a sustainable, diversified economy in AlUla.

The agreement, signed by Amr AlMadani, RCU CEO, and Saleh AlRasheed, Governor at Monsha’at, supports the region’s economic growth potential, including key industries such as tourism and agriculture, and reflects Saudi Arabia’s diversification as part of the country’s Vision 2030 programme. Once developed, the incubator will facilitate access to established services, including the SME’s Governmental Registration, and support unique investment opportunities within AlUla. It will also bring access to Monsha’at’s services to AlUla.

Commenting on the partnership, Amr AlMadani, CEO of the Royal Commission of AlUla, stated: “This collaboration with Monsha’at enhances AlUla’s economic diversity, building on AlUla’s vision and empowering local entrepreneurs and SMEs within a vibrant society: not only to harvest the benefits of the region’s development, but to be drivers of its transformation.”

Saleh AlRasheed, Monsha’at Governor said: “This agreement brings Monsha’at’s expertise and programmes in SME incubation together with the extraordinary economic opportunities emerging in AlUla. With RCU, we will work to bring global practices in SME support to AlUla.

AlMadani notes that the aim of the SME incubation centre is to become a ‘launchpad’ for local entrepreneurs to unleash their energy, creativity and synergy to drive AlUla’s development. This is the most recent in a series of initiatives to create new educational, professional, and developmental opportunities for local residents to help them reach their full potential and maximise their contribution as members of the local community.

Guided by 12 strategic principles drawn from its Framework Plan and Charter, RCU is unlocking AlUla’s economic potential to provide new opportunities for the local community within a diversified local economy. This development supports the economic, social and heritage goals of Saudi Vision 2030 and RCU’s ambitious goals of attracting 2 million annual visitors and creating 38,000 new jobs by 2035.