Monsha'at revealed that small and medium-sized enterprises in the Kingdom have surged to 1.27 million companies

The results of the third edition of the 2023 SME Monitor, released by the Small and Medium Enterprises General Authority (Monsha'at), show that the number of small and medium-sized businesses in the Kingdom has increased to 1.27 million. This is an increase of 3.5% from this year's second quarter. At 43.3%, Riyadh has the highest concentration of these businesses, followed by the Makkah area with 18.3%.

46-page monitor, published in Arabic and English, highlighted the Al Qassim region and offered noteworthy investment prospects for business owners. This area is notable for its distinct benefits in manufacturing, agriculture, and other areas.

Abdulaziz Al-Humaid, Chairman of the Al Qassim Chamber of Commerce, opened the report with a greeting. He emphasised the Al Qassim region's crucial significance as one of the Kingdom's key investment zones and a crucible for the rise of successful entrepreneurs.

Al-Humaid highlighted the chamber's dedication to helping small and medium-sized businesses by offering courses that improve their financial and management abilities.

The CEO of the Magnitt platform, Philip Bahoshy, was interviewed for the article and affirmed that bold capital scenes will see a comeback in the third quarter of 2023. With high investor interest in daring capital funding reaching SR2 billion in the first nine months of the year, total investments reached SR326.3 million. As a result, the Kingdom was put at the top of the Middle East and North Africa funding ranking.

The Ministry of Industry and Mineral Resources' initiatives to assist small and medium-sized industrial facilities were detailed in the report, which shed light on the industrial sector. The manufacturing industry saw a noteworthy yearly growth rate of 4.6%. By the end of August this year, there were 136 new industrial licences issued, and the number of industrial enterprises increased at a pace of 3.8%, totaling more than 11,000 businesses. By 2035, the lofty goal is to have 36,000 establishments.