Saudi Arabia saw nearly 89,000 new SMEs launched in the first three months of the year. It also said that the number of SMEs in the Kingdom increased by 4.8 per cent quarter-on-quarter in Q1 2023, to 1.2 million.

According to the General Authority for Small and Medium Enterprises (Monsha’at), Saudi Arabia witnessed the launch of nearly 89,000 new SMEs in the first quarter of this year. Monsha’at’s detailed quarterly report revealed that the Biban 23 forum, a global SME and entrepreneurship event held in Riyadh in March, attracted over 145,000 attendees and facilitated agreements worth $13.8 billion.

The report highlighted a 4.8% increase in the number of SMEs in the Kingdom during Q1 2023, reaching a total of 1.2 million. This growth was driven by the strong expansion of the private sector. With over 41% of the country’s SMEs located in Riyadh, the capital city is nurturing a thriving business-friendly economy, projected by the IMF to grow by 3.1% this year.

The report features dedicated sections on Monsha’at’s key partners and services, the impact of the Biban 23 forum, and an economic survey of Madinah Munawwarah Province. It also highlights the operations of the SME Bank, which commenced in December 2022. The bank’s collaboration with subsidiaries such as the Saudi Venture Capital Company (SVC) and the Kafalah loan guarantee program aims to provide new financing opportunities for SMEs.

Additionally, the report provides insights into Monsha’at’s services, including SME Support Centers and the Nawafth Mobile App. It also outlines recent partnerships between Monsha’at Academy and organizations such as Abdul Latif Jameel Finance, GoDaddy, and SEDCO Holding.

Source: Arabian Bussiness