Minister of Commerce and Industry Tawfiq Al-Rabiah on Wednesday expressed full support to the Shoura Council recommendation to set up a new commission to finance small and medium businesses. He also said that there was a need for a specialized team that could provide necessary support to these businesses. The minister was speaking on the second day of the Jeddah Entrepreneur Meet 2012. According to Al-Rabiah, his ministry has already removed a number of obstacles before starting small and medium venture. The minister pointed out that non-oil exports currently constitute more than 37 percent of the Kingdom's total exports and that the country is cutting down its reliance on oil. Al-Rabiah said the ministry would not raise obstacles before home-based businesses, especially those related to handicrafts and outside catering. Having a physical location is no longer a requirement to to obtain a commercial registration, said the minister. He, however, pointed out that home-based businesses still face certain challenges with regard to supervision and follow-up. “We are working with municipalities and regional offices to overcome this,” added the minister. Abdulaziz Khoja, Minister of Culture and Information who also spoke at the event, made a number of promises regarding media support for small and medium enterprises. He assured full support to young Saudis to start up ventures and compete in the market. The Jeddah Entrepreneur Meet 2012 started on Tuesday under the auspices of Makkah Emir Prince Khaled Al-Faisal with the theme “Towards a culture of initiative and innovation.” Rania Salama, chairman of the young businesspersons committee at the Jeddah Chamber of Commerce and Industry, said the event aimed to highlight the problems faced by young entrepreneurs and provide them local and regional role models. Salama said the event will also spotlight the private sector initiatives that hope to boost budding businesses. Saudi entrepreneur Hiba Al-Bakree, managing partner at DesignLab Events in the UAE and a speaker at the forum, told Saudi Gazette that she moved to the UAE after her family figured out it was much easier for her to start her business in the emirates than the Kingdom. Starting up a business in the Kingdom, she said, is more challenging due to delays in issuing visas, a lack of team play and customs complications. “It is not that businesses cannot succeed here, they could succeed but they take more time,” she said. Al-Bakree said she was admired as a hard working Saudi woman only after she became successful in neighboring countries, such as the UAE, Bahrain and Lebanon. “It's only now that I get offers from the Kingdom,” said Al-Bakree. A competition entitled “Jeddah Initiators” was held on the sidelines of the conference. There were 25 small projects by Saudi young women in the final leg of the competition and 10 of them were selected for financial support. Each winner will get SR150,000 in financial aid to expand her business. Sarah Al-Ayed, Director of Strategy at TRACCS, said, “The moment we announced this event we were overwhelmed by the large number of young Saudi women interested in starting their own businesses and make their dreams come true.” According to her, initially some 300 women have applied to enter the competition, but after initial vetting the number came down to 75 and then to 25. Ola Rajab, one of the women participating in the competition, said she started her business from her home. She sells Hijazi food, clothes and decor. She also organizes wedding ceremonies in the Hijazi style. Rajab did not get any financial aid and was unable to properly market her products in the community. “My goal is to refresh the memory of the old people who remember their past, and also to introduce this rich culture to the young generation,” said Rajab __
