72% of Mena SMEs eye similar or increased revenue in 2023

72% of Mena SMEs eye similar or increased revenue in 2023

Small and medium enterprises (SMEs) in the Middle East and North Africa (Mena) are optimistic about 2023 revenue projections with 72% of SMEs projecting similar or increased revenue in the next 12 months.

This trend is the strongest in Qatar with 88% of SMEs expecting revenues to either grow or hold steady, followed by 85% in Saudi Arabia and 80% in the UAE.

These are the findings of the second edition of the Mastercard Eastern Europe, Middle East, and Africa (EEMEA) SME Confidence Index.

SMEs in Saudi Arabia most opitmistic

SMEs in Saudi Arabia are the most optimistic in Mena about the year ahead, followed by Qatar and the UAE.

In Mena, over 7 out of 10 SMEs are confident about business growth in the next 12 months compared to 2022. Leading the region, 93% of SMEs in Saudi Arabia are optimistic about 2023, followed by Qatar at 82% and the UAE at 74%.

The 2021 inaugural SME Confidence Index delved into the impact of the pandemic on SMEs across sectors, products, and services, and how they are embracing a digital future. As a continuation, the second edition of the survey reveals that while SMEs across the EEMEA region are confident about business growth, digitisation remains