The Saudi Authority for Small and Medium Enterprises has unveiled a notable increase in the number of small and medium-sized enterprises (SMEs) across the Kingdom. By the end of 2023, there was a 3.1% growth, resulting in a total of 1.3 million establishments, with a significant concentration of 43.7% situated in the capital, Riyadh, followed by the Makkah region at 18.1%.
According to the ‘SME Monitor’ report issued on Thursday, there were 1,138,588 micro-enterprises, while the number of small businesses across all regions amounted to approximately 150.79 thousand, and medium-sized enterprises surpassed the 18.7 thousand mark.
The report highlighted the Riyadh region and the governorate of Diriyah, shedding light on the substantial investment opportunities available for business owners, with a particular focus on the electronic games and esports sector, revealing promising prospects for SMEs and interested entrepreneurs.
Jerry Inzerillo, CEO of the Diriyah Gate Development Authority, opened the report with a speech emphasizing the collaborative efforts with ‘Monsha’at’ through the Diriyah Entrepreneurship Initiative. This initiative aims to support the skills of the next generation of Saudi entrepreneurs, preparing them to continue and celebrate the history of Diriyah.
Inzerillo expressed pride in the national role of the Diriyah Gate Development Authority in advancing development and showcasing the historical significance and rich heritage of the Kingdom. The project aspires to contribute SAR 70 billion to the national GDP, create over 178,000 job opportunities, and enhance the Kingdom’s stature as a cultural and tourist destination. He commended the contributions of entrepreneurs and SMEs in realizing these aspirations and continuing to innovate and turn their dreams into successful ventures.
The capital’s strong economy makes it a cornerstone in national efforts to diversify the Kingdom’s economy, develop the private sector, and empower entrepreneurs and SMEs. Riyadh is home to over 571,000 establishments and employs more than 3 million people in the SME sector.
The report also covered ‘Riyadh Expo 2030’ as a model of promising opportunities for entrepreneurs, focusing on areas that could benefit SMEs, especially those prioritizing innovation, sustainability, and creativity in alignment with the goals of Saudi Vision 2030. The investments earmarked for transforming Riyadh into one of the most sustainable cities by 2030 are estimated at around SAR 345 billion.
Additionally, the report shed light on the Kingdom’s electronic gaming sector, recognized as a global leader with future investments projected to reach approximately SAR 150 billion, offering significant investment opportunities for entrepreneurs and SME owners. The Kingdom’s investment in electronic gaming through the Public Investment Fund’s ‘SAFY’ Gaming Group amounted to SAR 142.5 billion, with expectations that the sector will contribute more than SAR 48 billion to the national GDP by 2030.
‘Monsha’at’s gaming accelerator aims to support technological advancements to enhance the creative quality of electronic games, alongside establishing high-potential companies in the gaming and esports industry in line with Saudi Vision 2030 objectives. This initiative will provide distinctive investment opportunities for SMEs in this sector, supported by leading companies in the industry.
It is worth noting that the ‘SME Monitor’ report for the fourth quarter is part of a series of quarterly reports issued by ‘Monsha’at’, showcasing the latest developments in the entrepreneurial environment and providing the most recent statistics and data. These reports are a reliable reference for entrepreneurs, investors, and those interested in the sector.
