Saudi Arabia’s SMEs grow 3.5% in Q3, hitting 1.27m

Saudi Arabia’s SMEs grow 3.5% in Q3, hitting 1.27m

RIYADH: The number of small and medium enterprises in Saudi Arabia reached 1.27 million by the end of the third quarter, propelled by the Kingdom’s economic diversification efforts. 

According to the report released by the Small and Medium Enterprises General Authority, also known as Monsha’at, this figure represents a 3.5 percent rise compared to the second quarter of this year.  

More than 40,000 new businesses were launched in Saudi Arabia during the third quarter, with 43.3 percent of SMEs located in Riyadh.   Saudi Arabia’s SMEs grow 3.5% in Q3, hitting 1.27m