Majority of Saudi small businesses ‘optimistic about growth’

Majority of Saudi small businesses ‘optimistic about growth’

Saudi Arabia - Most small businesses in Saudi Arabia are optimistic about growth in their business sector in 2023, said the Mena Small Business Survey by GoDaddy.

Nearly half of respondents intend to grow their small business substantially in 2023 by expansion into new international markets (18%) and developing employee skills (18%).

The top three business sectors perceived to have the most potential growth in 2023 in the region are food and beverage (27%), information and communication technology (23%) and eCommerce solutions (21%). The main industries the kingdom seen to have the most potential are food and beverage (22%), information and communication technology (20%), restaurant and cafe (20%).

Online channels

In the Mena region, two-thirds of businesses surveyed reported they acquire up to 30% of their customers through online channels. Furthermore, in Saudi Arabia, over 50% of small businesses responded that they use over 20% of their revenue through e-commerce. The top digital tools used in the kingdom were reported to be social media channels such as Instagram and Facebook as well as websites.

Selina Bieber, Commercial Strategy Senior Director, International Markets at GoDaddy said: “As we slowly recover from a global pandemic, we are starting to see increased online activity and growth among start-up