A recent report from the General Authority for Small and Medium Enterprises revealed a 3% increase in the number of SMEs operating in the Saudi market, reaching 1.31 million establishments by the close of the fourth quarter in 2023. This represents a growth from the figures reported in the third quarter of the same year.
Micro-enterprises comprise a significant portion, accounting for 87% of the total small, medium, and micro establishments in the Kingdom, totaling approximately 1.14 million businesses, as outlined in the table below:
- Micro-enterprises: Increased by 4% from 1,100,000 to 1,138,588
- Small enterprises: Slight decrease of 0.3%, from 151,170 to 150,788
- Medium enterprises: Grew by 3%, from 18,176 to 18,723
- Total: Overall growth of 3%, from 1,270,000 to 1,308,099
The Riyadh region boasts the largest share of SMEs in the country, constituting over 43% or approximately 571.3 thousand establishments by the end of the fourth quarter in 2023. It is followed by the Mecca region with around 18.1%, as the subsequent table illustrates:
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- Riyadh: 571.3 thousand establishments, 43.7% share
- Mecca: 237.3 thousand establishments, 18.1% share
- Eastern Region: 140.1 thousand establishments, 10.7% share
- Other Regions: 359.4 thousand establishments, 27.5% share
This data not only showcases the prevailing dominance of micro-enterprises in the Saudi market but also emphasizes the steady growth of medium-sized businesses, contributing to the diversification and expansion of the Kingdom’s economic landscape.
