Saudi Gazette report
RIYADH — The Small and Medium Enterprises General Authority (Monsha'at) has unveiled the findings of the third edition of the 2023 SME Monitor, revealing that small and medium-sized enterprises in the Kingdom have surged to 1.27 million companies.
This reflects a 3.5% increase from the second quarter of this year. The majority of these enterprises are concentrated in Riyadh, accounting for 43.3%, followed by the Makkah region with 18.3%.
Issued in both Arabic and English, spanning 46 pages, the monitor cast a spotlight on Al Qassim region, showcasing significant investment opportunities for entrepreneurs.
This region stands out for its unique advantages in agriculture, industry, and more.
The report commenced with a welcoming message from the Chairman of Al Qassim Chamber of Commerce, Abdulaziz Al-Humaid.
He underscored the pivotal role of the Al Qassim region as one of the Kingdom's vital investment zones and a nurturing ground for entrepreneurial success.
Al-Humaid highlighted the chamber's commitment to supporting small and medium-sized enterprises through programs that enhance managerial and financial skills.
Additionally, the report featured an interview with Philip Bahoshy, the CEO of the Magnitt platform, who confirmed a resurgence in bold capital scenes during the third quarter of 2023.
Total investments reached SR326.3 million, with strong investor interest in bold capital funding exceeding SR2 billion in the first nine months of the year.
This positioned the Kingdom at the forefront of the financing list in the Middle East and North Africa region.
Shining a light on the industrial sector, the report outlined efforts by the Ministry of Industry and Mineral Resources to support small and medium-sized industrial facilities.
The manufacturing sector witnessed a notable 4.6% annual growth rate.
As of the end of August this year, the number of new industrial licenses reached 136, and the growth rate in the number of industrial establishments reached 3.8%, bringing the total to over 11,000.
The ambitious target is to reach 36,000 establishments by 2035.
