Important to boost competitiveness of Saudi industrial SMEs on global scale: Study

Important to boost competitiveness of Saudi industrial SMEs on global scale: Study

Industrial SMEs in Saudi Arabia operate in a rich ecosystem of ministries, agencies, and programs that support growing enterprises. The efforts of the ecosystem are underpinned by the Saudi Vision 2030 and the goals of diversifying the economy and increasing the industrial sector's contribution to GDP.In Saudi Arabia, Monsha’at, the General Authority for SMEs, announced earlier this year that the number of SMEs has grown by 15 percent, to 752,600 SMEs, in the first quarter of 2022.For the latest headlines, follow our Google News channel online or via the app.KPMG Professional Services recently released a new publication, titled “Growing new industrial supply chains” and describing the journey that small and medium enterprises (SMEs) could undertake to set up industrial supply chains, the ecosystem of support that industrial SMEs navigate, and the challenges they face in Saudi Arabia. The paper outlined global examples and benchmarks to identify disparate strategies adopted by other nations and distil them into concise recommendations, which can be applied in the Kingdom to aid industrial SMEs in setting up their supply chains. Industrial SMEs in the Kingdom operate in a rich ecosystem of ministries, agencies, and programs that support growing enterprises. The efforts of the