SEPTEMBERASIA BUSINESS OUTLOOK9Saudi Arabia's Small and Medium Enterprises General Authority Monsha'at has launched the second edition of the Estrdad initiative, allocating SAR 1.5 billion ($400 million) to refund government fees for startups in their first three years.Applications are open until the end of 2026, with eligible businesses receiving payments until 2028. The program covers 10 types of fees, including expatriate levies, commercial registration, municipality licenses, and the newly added patent registration. To qualify, businesses must be micro, small, or medium enterprises, launched after January 1, 2024, operating less than three years, and be at least 60 percent Saudi-owned, while meeting localization requirements. A digital platform will manage eligibility checks and disbursements.Estrdad complements Saudi Arabia's comprehensive SME funding ecosystem, which includes the Kafalah loan guarantee program (worth $3.7B in guarantees and $4.8B SME funding in 2024), the SME Bank's flexible lending schemes, and the Tourism Development Fund's $4B initiative for startups.These layered support systems have already boosted SME growth. In Q1 2025, SME registrations surged 48 percent YoY, while venture capital investment jumped 72 percent in 2022 to $987M. SMEs now contribute 21.9 percent to GDP, employing 7.86M people--surpassing Vision 2030's interim goal of 20.2 percent. The ultimate target is to raise SME GDP contribution to 35 percent.Saudi Arabia's efforts have earned global recognition, ranking second worldwide in the Global Entrepreneurship Monitor's Entrepreneurship Context Index, cementing its role as a regional leader in diversification and entrepreneurship. RIYAZ International Sdn. Bhd. and Jin Jiang Hotels China Region have launched formally RJJ Hotels Sdn. Bhd., a strategic alliance for the growth of cross-border hospitality throughout Southeast Asia and the wider Asia-Pacific region.During a ceremony organized at the Malaysia International Trade and Exhibition Centre (MITEC), over 400 industry players witnessed the signing of a number of landmark agreements: a Management License Agreement between RJJ Hotels and Jin Jiang Hotels China Region, joint venture with Permodalan Satok Berhad for the Metropolo Jinjiang Hotels Sarawak project, and 11 hotel management agreements and MOUs throughout Malaysia.YBhg Dato' Hairil Yahri Yaacob, Malaysia's Ministry of Investment, Trade and Industry Secretary-General, explained that the alliance symbolizes deep investor confidence. He further stated, "Ultimately, the value will be measured not just by rooms opened, but by the quality of opportunities it creates for Malaysians."Dato' Sri Shaheen, RIYAZ International and RJJ Hotels Group Managing Director, added, "RJJ Hotels is not just a launch, it is Malaysia's opportunity to drive a new cross-border hospitality narrative. With local might from RIYAZ and global reach from Jin Jiang, we are forging growth that positions Malaysia in the heart of Southeast Asia's tourism narrative".Zhou Wei, Jin Jiang International Vice-President, emphasized, "Southeast Asia is at the core of our growth strategy, and Malaysia's resilience makes it the natural choice. Collaborating with RIYAZ provides the local understanding to channel global resources into the market and deliver hospitality that generates long-term value".RIYAZ International was established in 2008 and is well-recognized for award-winning brands including The RIYAZ, Dash, The Pure, and AQVA. Jin Jiang Hotels China Region manages more than 17,000 hotels and 1.6 million rooms in 55 countries, ranging from premium to economy. SAUDI ARABIA LAUNCHES $400M ESTRDAD SME FEE REFUND PLANRIYAZ & JIN JIANG LAUNCH RJJ HOTELS TO EXPAND IN SOUTHEAST ASIANEWSROOM· Monsha'at launches $400M Estrdad initiative for Saudi startups· Refunds cover 10 key government fees, including patent registration· SME GDP contribution reaches 21.9 percent, surpassing Vision 2030's target
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