Opportunity: 2.6 billion riyals for small and medium enterprises and Vision 2030
A digital achievement that supports the national economy
The Human Resources Development Fund (HRDF) announced that its “Fursa” platform has achieved a significant 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 represents a portion of the total value of opportunities and awards recorded by the platform since its launch, which has surpassed SAR 5 billion, reflecting the pivotal role the platform plays in empowering this vital sector.
The value of approved projects for small and medium-sized enterprises (SMEs) recorded a remarkable annual growth of 122%, a clear indicator of increasing confidence in and reliance on the platform by major entities in both the public and private sectors. November of last year witnessed a record-breaking surge in the platform's history, with the value of approved projects exceeding SAR 800 million – the highest monthly figure recorded since the launch of "Fursa.".
General context: “Opportunity” as a tool to achieve Vision 2030
The “Opportunity” platform, one of the services of the “Nine Tenths” program, falls within an integrated system of government initiatives that aim to achieve the objectives of the Kingdom’s Vision 2030. The vision places the empowerment of the private sector and increasing its contribution to the national economy at the top of its priorities, with a special focus on the small and medium enterprises sector as a key driver for job creation, driving innovation, and diversifying sources of income.
The Kingdom aims to increase the contribution of small and medium-sized enterprises (SMEs) to GDP to 35% by 2030. To achieve this ambitious goal, several digital programs and platforms have been launched to facilitate the business environment and provide access to finance and markets. “Fursa” is a prime example of this approach, serving as a digital bridge connecting over 38,000 registered SME suppliers with major buyers, thereby enhancing transparency and competitiveness in the procurement and bidding process.
Economic importance and impact
The significance of the figures achieved by the “Foras” platform extends beyond mere statistics; it encompasses a tangible economic and social impact. Locally, these contracts contribute to injecting direct liquidity into the arteries of the local economy and support the sustainability and growth of thousands of small and medium-sized enterprises, which in turn leads to the creation of new job opportunities for citizens.
The platform's success also contributes to strengthening its position as one of the leading national platforms specializing in the competition and procurement sector. This rapid growth reflects the pivotal role the platform plays in enabling businesses to access high-quality opportunities offered by major entities, something that was previously a challenge. By providing a fair and transparent competitive environment, the platform ensures that both government and private entities obtain the best services and products at competitive prices, thereby increasing spending efficiency.
The Human Resources Development Fund confirmed that these positive results are the fruit of the continuous development of digital services and facilitating the user journey, with a commitment to continue enhancing the technical and operational capabilities of the platform to provide a more efficient user experience and encourage more entities and suppliers to take advantage of the available opportunities.
