“Saudi Arabia’s SMEs Increase by 4.8% in Q1, Surpassing 1.2 Million”

Saudi Arabia’s small and medium enterprise (SME) sector has seen a surge in activity, with over 1.2 million businesses operating in the first quarter of 2023, marking a 4.8% increase from the previous quarter. The Small and Medium Enterprises General Authority, also known as Monsha’at, reported that 88,858 new businesses were launched during the same period, with the e-commerce and retail sectors being the most active in terms of financing. The Biban 2023 Forum, which took place in Riyadh in March, generated over $13.8bn in agreements and announcements for SMEs in the Kingdom. The SME sector aims to contribute 35% of the gross domestic product by 2030, as part of the Vision 2030 goals.