Saudi Gazette report

RIYADH — There was a rise of two.6 p.c within the variety of small and Medium Enterprises (SMEs) in Saudi Arabia within the second quarter of 2023 in comparison with the earlier quarter, reaching a complete of 1.23 million institutions.

In keeping with a Report of the observatory of the Small and Medium Enterprises Normal Authority (Monsha’at), 42.3 p.c of SMEs are positioned within the capital metropolis of Riyadh, and it was adopted by the Makkah area with a fee of 18.6 p.c.

The newest report of the observatory, which was issued in each Arabic and English, specifically handled the developments within the southern Asir area and the good funding alternatives it affords to entrepreneurs because of its distinctive benefits within the sectors of tourism, agriculture and business. Monsha’at was additionally eager on this version to honor the late photographer Hani Al-Zahrani, by utilizing considered one of his artworks, highlighting the fantastic thing about the area, as the duvet picture of the observatory report.

The observatory began the quarterly version of its report with a preface by the designated CEO of the Asir Area Improvement Authority Eng. Hashim Al-Dabbagh wherein he defined that the authority has accomplished work on making ready a research of 70 funding alternatives by the mayoralty of the Asir area and its municipalities.

The alternatives will probably be offered via the Furas platform of the Ministry of Municipal and Rural Affairs and Housing over the approaching interval, indicating that the authority signed an settlement with the Social Improvement Financial institution to allocate an quantity of SR1 billion to assist small and medium enterprises within the Asir area.

The report reviewed the most recent figures for enterprise capital financing within the first half of this yr, which witnessed a rise that contributed to creating the Kingdom the second largest nation by way of financing quantity and the variety of offers in comparison with different Center East and North Africa markets. The Kingdom has supplied about SR1.7 billion in financing to startups within the Kingdom, most of that are concentrated within the e-commerce and retail sectors, with a fee of 83 p.c.

The report sheds gentle on the tourism sector, which is without doubt one of the promising sectors for SMEs, via a set of presidency initiatives and packages to assist enterprises, most notably the financing initiatives launched by the Tourism Improvement Fund at a price of SR1 billion, along with the tourism sector product, which is the biggest program allotted from the Kafala program for SMEs.

The report additionally embrace knowledgeable insights and success tales in numerous fields, together with interviews with the CEO of the Tourism Improvement Fund Qusay Al Fakhri; Chairman of the Board of Administrators of the Federation of Saudi Chambers of Commerce and Chairman of the Board of Administrators of Abha Chamber Hassan Al-Huwaizi; Founder and CEO of the Magnet platform Philip Bahushi, Co-Founder and CEO of Beni Programming Firm Iyad Al-Daalouj, and different consultants and specialists within the area of entrepreneurship.

The detailed report of the observatory could be had from the next hyperlink: https://www.monshaat.gov.sa/sites/default/files/2023-08/Monshaat%20SME%20Monitor%20Q2%202023%20AR.pdf