Riyadh - Sharikat Mubasher: The number of small and medium-sized enterprises (SMEs) in Saudi Arabia registered 1.3 million in the fourth quarter (Q4) of 2023, marking a 3% rise compared to the previous quarter.
The 'SME Monitor- Q4 2023' report, released by the Small and Medium Enterprises General Authority (Monsha’at), stated that this increase was triggered by the robust public investment, strong personal initiative, and the highest venture capital investments of any ecosystem in the Middle East and North Africa (MENA) region.
The Riyadh Region seized the largest number of 571,292 SMEs, representing 43% of the total number, followed by the Makkah Region with 237,313 SMEs.
The report forecasted Riyadh Expo 2030 to foster major knock-on opportunities for SMEs in various sectors, including design, hospitality, transport, clean energy, and infrastructure.
SMEs are anticipated to benefit from around $1 trillion being invested in Riyadh throughout the upcoming seven years.
Regarding Monsha’at’s efforts to foster SMEs, the report showed that over 33,000 SMEs benefited from the authority’s SMEs Support Centers in 2023 while more than 130,000 trainees benefited from Monsha’at Academy in the same year.
It is worth noting that the total volume of credit facilities provided to micro, small, and medium-sized enterprises (MSMEs) reached SAR 275.6 billion in Q4-23.
