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Small and Medium Enterprises in Saudi Arabia Grow by 3.5% during 3Q of 2023

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)
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Small and Medium Enterprises in Saudi Arabia Grow by 3.5% during 3Q of 2023

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)

The number of small and medium enterprises (SMEs) in the Kingdom increased by 3.5% quarter-on-quarter in the third quarter of 2023, reaching 1.27 million enterprises.

This growth is attributed to the government's support for the private sector's development and investor confidence in the Saudi economic system, reported the Saudi Press Agency on Wednesday.

The total number of SMEs in the Riyadh region reached 549,346 enterprises, representing 43% of the total small and medium enterprises, while the number of enterprises in the Makkah region reached 232,039, representing 18.3%.

The number of SMEs in the Eastern Region reached 136,689, representing 10.8%, while the total number of SMEs in the rest of the other regions of the Kingdom reached 351,190 enterprises, constituting 27.7%.

The number of micro-enterprises reached 1.1 million, while the number of small enterprises reached 151,170, and the number of medium enterprises reached 18,176.

The success of SMEs boosts Saudi Arabia's position as a regional and industrial hub, diversifies the Saudi economy, and ensures long-term viability, all of which are goals of Saudi Vision 2030.

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Nearly 30% of US Gulf of Mexico Oil Output Offline after Storm

Cars drive off of Interstate 10 in Laplace, La., on Friday, Sept. 13, 2024, as floodwater still covers the roadway two days after Hurricane Francine swept through the area. (Chris Granger/The Times-Picayune/The New Orleans Advocate via AP)
Cars drive off of Interstate 10 in Laplace, La., on Friday, Sept. 13, 2024, as floodwater still covers the roadway two days after Hurricane Francine swept through the area. (Chris Granger/The Times-Picayune/The New Orleans Advocate via AP)
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Nearly 30% of US Gulf of Mexico Oil Output Offline after Storm

Cars drive off of Interstate 10 in Laplace, La., on Friday, Sept. 13, 2024, as floodwater still covers the roadway two days after Hurricane Francine swept through the area. (Chris Granger/The Times-Picayune/The New Orleans Advocate via AP)
Cars drive off of Interstate 10 in Laplace, La., on Friday, Sept. 13, 2024, as floodwater still covers the roadway two days after Hurricane Francine swept through the area. (Chris Granger/The Times-Picayune/The New Orleans Advocate via AP)

Nearly 30% of US Gulf of Mexico crude oil production and 41% of its natural gas production remained offline on Saturday following Hurricane Francine, the US offshore energy regulator said.

There was more than 522,000 barrels of oil production per day and 755 million cubic feet of natural gas offline due to the storm, the Bureau of Safety Engineering and Enforcement said.

There were 52 oil and gas platforms unmanned by energy workers, down from 171 evacuated platforms at its peak earlier in the week.

The storm, which drew fuel from exceedingly warm Gulf of Mexico waters, came ashore Wednesday in Louisiana with 100 mph (160 kph) winds and drenched a large swath of the South, including parts of Arkansas and Florida. Forecasters say the storm's slow progress will mean days of heavy rain in the Southeast, creating a flash flooding risk.

Another 3 to 6 inches (8 to 15 centimeters), with about 8 inches (20 centimeters) in some locations, were expected in parts of central and northern Alabama through Sunday. In northeastern Mississippi, western Tennessee, western Georgia and the Florida Panhandle, another 2 to 4 inches (5 to 10 centimeters) was expected.

No deaths or serious injuries have been reported in Francine's aftermath.