Riyadh, February 29, 2024, The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor, providing insights into the small and medium-sized enterprises (SMEs) landscape in Saudi Arabia. The report for Q4 shows a notable 3.1% growth in the number of SMEs, reaching a total of 1.3 million, with over 570,000 SMEs located in the capital city, Riyadh.
The SME Monitor report encompasses various aspects of the Saudi economy, including sections on Riyadh Expo 2030, the gaming and Esports sector, and SME growth in Riyadh and Diriyah, a masterplan by the Public Investment Fund (PIF) to transform the UNESCO World Heritage site into a global hub for culture, heritage, and tourism.
Key points highlighted in the report include:
1. SME Growth: The number of SMEs in the Kingdom grew by 3.1% in Q4, reaching a total of 1.3 million.
2. Geographical Distribution: Riyadh accounted for 43.7% of SMEs, totaling over 570,000, showcasing significant growth in the SME sector in the capital.
3. Riyadh Expo 2030: The report discusses Riyadh Expo 2030, a major event with an allocation of $7.8 billion, expected to attract 40 million visitors to a 6-million square meter exhibition site.
4. Gaming and Esports: The gaming and Esports sector in Saudi Arabia, with over 23.5 million enthusiasts, is projected to create more than 30,000 jobs and contribute over $13 billion to GDP by 2030.
5. SME Growth in Riyadh: Riyadh, at the center of the Kingdom's economic transformation, showed significant growth in the SME sector in Q4, with over three million people employed in the capital's SME ecosystem.
6. Multinational Relocation: Riyadh benefited from the relocation of more than 500 multinationals, facilitated by the Regional Headquarters Program (RHP), contributing to the city's growing share of GDP.
7. Diriyah Developments: Historic investments in Diriyah, complementing the UNESCO World Heritage site, include new events and venues like JAX District, Diriyah Season, and Diriyah Biennale, turning the area into a leading cultural hub.
8. Diriyah Entrepreneurship Initiative (DEI): Monsha'at initiatives, such as DEI, are empowering local entrepreneurs, with over 150 entrepreneurs and nearly 20 companies upskilled through a 12-week accelerator program.
9. Private Sector Growth: The private sector continued to propel the Saudi economy in Q4 2023, reflecting the strength and resilience of the booming private sector, employing over 11 million people.
The full report, providing comprehensive details on the SME landscape in Saudi Arabia, is available on the Monsha'at website. The report showcases the Kingdom's commitment to fostering SME growth, innovation, and economic diversification, aligning with its Vision 2030 goals.
