In a move reflecting the remarkable acceleration in achieving the goals of Saudi Vision 2030, the Human Resources Development Fund (HRDF) announced that its “Fursa” platform has achieved an exceptional milestone, with the value of opportunities and projects awarded to small and medium-sized enterprises (SMEs) through the platform exceeding SAR 2.6 billion. This figure testifies to the pivotal role the platform plays in empowering this vital sector to become a key contributor to the national economy.
The platform, a key service of the “Nine Tenths” program, recorded a 122% year-on-year increase in the value of contracts awarded to small and medium-sized enterprises (SMEs), underscoring the growing trust and reliance placed on it by major companies in both the public and private sectors. The total value of opportunities offered through the platform since its launch has exceeded SAR 5 billion, providing a broad and transparent digital marketplace for competition. The platform has witnessed significant momentum, with November recording its highest-ever contract value, surpassing SAR 800 million.
General context: Vision 2030 and supporting the pillars of the new economy
The “Fursa” platform was established within the context of the comprehensive economic transformation led by the Kingdom’s Vision 2030, which aims to diversify income sources and reduce dependence on oil. The Vision places the small and medium-sized enterprises (SMEs) sector at the heart of this strategy, targeting an increase in its contribution to GDP from 20% to 35% by 2030. To achieve this ambitious goal, numerous initiatives have been launched to empower entrepreneurs and facilitate their access to markets and financing, and the “Fursa” platform is one of the most important of these implementation tools.
The importance of the platform and its economic impact
The importance of the “Foras” platform lies in its ability to address one of the biggest challenges facing small and medium-sized enterprises (SMEs): access to major procurement and contracting opportunities that were previously the exclusive domain of large corporations. By providing a fair and transparent competitive environment, the platform contributes to several positive impacts:
- Enhancing competitiveness and transparency: The platform ensures equal opportunities for all registered suppliers, whose number exceeds 38,000, thereby raising the quality of services and products and improving efficiency in the national procurement system.
- Stimulating economic growth: By injecting billions into the small and medium enterprises sector, the platform contributes to increasing liquidity, expanding the scope of these enterprises' businesses, and creating more job opportunities for citizens.
- Supporting local content: The platform encourages major entities to rely on local suppliers, which strengthens supply chains within the Kingdom and supports national industries and services.
The success achieved by the “Foras” platform is not just about numbers, but is a clear indicator of the maturity of the government’s digital environment and its ability to build bridges of trust between the various components of the economy, and to drive sustainable development in line with the Kingdom’s future aspirations.
