Riyadh - Sharikat Mubasher: Saudi Arabia’s private sector witnessed stellar growth during the third quarter (Q3) of 2024 as the number of commercial registrations reached 135,909, showing a 62% year-on-year (YoY) increase and a 15% quarter-on-quarter (QoQ) rise.

In its recent report, the Saudi Small and Medium Enterprises General Authority (Monsha’at) stated that the number of active commercial registrations in the Kingdom hit 1.51 million, reflecting the success of the vibrant private sector.

Youth-owned companies seized 38% of all registrations, with female-owned companies representing 46.8% of all commercial registrations.

Riyadh region seized the largest number of commercial registrations at 53,150, followed by Makkah region with 24,782 registrations and Eastern Province with 19,841 registrations.

The Kingdom’s rapidly maturing SME landscape continued to show signs of growth and development in Q3-24, with more than 25,000 businesses and entrepreneurs benefitting from Monsha’at services and SAR 1.9 billion being raised by Saudi-based startups in the first half (H1) of the year across 104 deals.

The report further revealed that 546 beneficiaries availed themselves of Monsha’at’s Innovation Centers, while 416 small and medium-sized enterprises (SMEs) were qualified for the authority’s Jadeer Service.

Moreover, 12,301 businesses benefited from the authority’s SME Support Centers in Q3-24.