A new era for Kuwait’s SMEs

• H.E. Sheikha Ohoud Al Sabah, Chairman of VO, explains that the partnership came as a result of a joint vision in supporting Kuwait’s economic diversification and creating a gateway to opportunities for SMEs to unleash their potential in the market.

Kuwait, xx September 2021: VO, the first Kuwait-based integrated youth platform for incubating young talents, signed a memorandum of understanding with the Association of Small and Medium Enterprises of Kuwait (ASMEK) to feature Kuwait’s small and medium businesses through a unified digital platform that will exhibit the country’s businesses, products, services, and ideas across all markets.

The Memorandum of Understanding was signed in the presence of the Chairman of ASMEK, Mr. Mohammed Abdullah Al Anjari, and the Chairman of VO, H.E. Sheikha Ohoud Al Sabah, to establish a framework of collaboration between the two parties for the furtherance of their joint objectives in supporting and developing the SMEs in Kuwait, reinforce Kuwait’s economic diversification, and position Kuwait’s SMEs in the global market.

“It is no secret that Kuwait’s SMEs have been highly affected during the pandemic. As the country recovers from the massive economic repercussions of Corona, Kuwait’s SMEs need new ways to rebuild themselves and recover from the lockdowns and market instability. One of those ways can be supporting the country’s businesses to expand by entering new geographical markets without additional costs,” stated H.E. Sheikha Ohoud Al Sabah.

The MOU conceptualizes a series of activities and projects that aim to support Kuwait’s SMEs to recover in a strategic and practical manner. One of those projects includes launching a digital directory that brings Kuwait’s SMEs together in a unified, high-tech platform that promotes Kuwait’s SMEs across the global market.

On the other hand, the Chairman of ASMEK, Mr. Mohammed Al Anjari, stressed on the importance of developing a swift recovery plan for Kuwait’s SMEs that offers strategic pathways ensuing economic recovery. “Due to the current market conditions that the country is going through, support to SMEs should become nimble amid very high economic uncertainty. Economic stimulus programs must be provided through enabling opportunities that expose Kuwait’s SMEs to other rapidly recovering markets. We are proud to say that our partnership with VO will achieve that by providing the opportunities for Kuwait’s SMEs to recover, grow, and reach a larger scale of customers,” he added.

Founded in July 2020, VO nurtures and supports Kuwaiti talents and inspiring initiatives in various fields including entrepreneurship. The platform launched its all-inclusive creative hub in May 2021 to empower and express their ideas, and is currently establishing an academic program for Kuwaiti youth and a ‘smart’ app to nurture their talents while promoting their creative productions on a seamless, high-tech and efficient digital platform.