Strong economy sees registered SMEs in Saudi Arabia jump by 9.8% in Q3

Strong economy sees registered SMEs in Saudi Arabia jump by 9.8% in Q3

Riyadh -- Saudi Arabia’s entrepreneurial ecosystem maintained its growth momentum in Q3 2022 with 978,445 SMEs now registered in the Kingdom, up from 892,063 in Q2, a 9.7% increase, Monsha’at’s new SME Monitor report reveals.

With the number of registered SMEs almost reaching the 1 million milestone, the Kingdom’s entrepreneurial ecosystem continues to attract entrepreneurs and investors across different sectors.

This growth is the result of strong SME-friendly policies put in place since 2016. By increasing access to capital and offering and increased upskilling and specialized training to help people grow their businesses, entrepreneurial culture has taken root in the Kingdom.

This has led to increased businesses activity across traditional and new sectors. Dedicated policies to invest in emerging technologies have also spurred innovation and job creation.

These regulatory strategies and initiatives to stimulate the digital economy are already drawing the attention of venture capitalists. Throughout the Kingdom, VC funding totaled SAR3.1 billion in the first three quarters of 2022—a 93% year-on-year increase. Investment in FinTech was especially strong, with 22 deals in Q3 signaling a 266% year-on-year increase.

The report also highlights key regional SME trends in the Al-Jouf province, where renewable energy, tourism, and agriculture are driving SME growth in multiple sectors. Home