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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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ECB's Lagarde Rejects 'Political Pressure' after Italy Seeks Bigger Rate Cuts

President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
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ECB's Lagarde Rejects 'Political Pressure' after Italy Seeks Bigger Rate Cuts

President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)

The European Central Bank (ECB) is an independent institution not subject to any political pressure, its President Christine Lagarde said on Friday, rebuffing Italian calls for bigger interest rate cuts.

Two Italian government ministers had criticized the ECB on Thursday as the Frankfurt-based euro zone central bank cut its deposit rate by 25 basis points to 3.50%, and accused it of a lack of courage.

"The European Central Bank is an independent institution, it's very clearly stated in the treaties," Lagarde said at an informal meeting of EU economy ministers in Budapest.
"We are not subject to political pressure of any sort," she added, according to Reuters.
Italy, with the highest borrowing costs in the euro zone and the bloc's second highest public debt as a proportion of national output, has much to gain from a steep fall in ECB rates.
Foreign Minister Antonio Tajani, one of the members of Prime Minister Giorgia Meloni's government who spoke out against the ECB, also called for the bank's founding treaty to be reformed.
"Today the European Central Bank is only concerned with fighting inflation, (but) it is not enough, we need a central bank that can manage the currency to promote growth," Tajani said.
Speaking on Thursday, Lagarde suggested to reporters that the bar for another cut next month was relatively high, highlighting that policymakers would be unlikely to have enough data to determine whether further easing was appropriate.