Number of SMEs Jumps 68% in Saudi Arabia

Number of SMEs Jumps 68% in Saudi Arabia

The number of small and medium enterprises (SMEs) in Saudi Arabia increased by about 68 percent, reaching 752,500 during Q1 of 2022, in light of the incentives provided by Vision 2030.

A recent report by the Digital Transformation Program, a copy of which was reviewed by Asharq Al-Awsat, showed that SMEs constitute 99.5 percent of the total companies in the Kingdom.

The Kingdom supports this sector and paves the way for entrepreneurs to increase the contribution to the gross domestic product to 35 percent within the goals of Vision 2030.

According to the report, Vision 2030 helped increase the rate of entry of SMEs into the local market, most notably the establishment of the Small and Medium Enterprises General Authority (Monshaat).

The Authority aims to regulate, support, develop, and sponsor the SME sector in the Kingdom, following global best practices to increase their contribution to GDP.

It launched the Support Center, among the tools that helped raise the sector’s share in the Saudi market.

The Center includes integrated unified units that provide programs to develop enterprises and entrepreneurs, including consultations, presentations to investors, training, development services, and guidance.

It also links SMEs with large enterprises in the same economic zone.

The Saudi government will launch an ambitious program