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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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Egypt’s Tender for 20 Winter LNG Cargoes Fully Awarded

Traffic during rush hour in Tahrir Square in downtown Cairo (AFP)
Traffic during rush hour in Tahrir Square in downtown Cairo (AFP)
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Egypt’s Tender for 20 Winter LNG Cargoes Fully Awarded

Traffic during rush hour in Tahrir Square in downtown Cairo (AFP)
Traffic during rush hour in Tahrir Square in downtown Cairo (AFP)

Egypt’s Tender for 20 Winter LNG Cargoes Fully Awarded

Egypt's recent tender seeking 20 cargoes of liquefied natural gas (LNG) to cover winter demand after a steep decline in domestic gas output has been fully awarded, four trading sources told Reuters on Friday.

This is the first time Egypt has issued a tender to cover winter demand since 2018.

The most populous Arab country has returned to being a net importer of natural gas this year, buying more than 50 cargoes so far this year and abandoning plans to become a reliable supplier to Europe.

The tender, which was issued by the Egyptian General Petroleum Corporation (EGPC) and closed on Sept. 12, aims to cover demand for the fourth quarter of 2024 and was awarded on a six-month deferred payment basis.

“Despite the geopolitical challenges in the region and market tightness, EGPC received offers from more than 15 major players at very competitive rates that were 30%-40% less than expected market prices,” a source close to the matter said.

“Offers were around a $1-plus per million British thermal unit (mmBtu) premium to the TTF, without the financial cost, which is around $0.60/mmBtu...this is far less than market expectation of a premium over $2/mmBtu.”

Three other trading sources said the tender was awarded at a premium of between $1.70 and $1.90 to the benchmark gas price at the Dutch TTF hub.

The deals are for 17 cargoes to be delivered between Oct. 4 and Nov. 29 to Egypt's floating terminal in the Red Sea port of Ain Sukhna and three cargoes to Aqaba port in Jordan.

Winners of the tender included TotalEnergies, Shell, BP and commodities traders Glencore and Gunvor. Saudi Aramco won a few cargoes, as did smaller commodities trader Hartree.

Egypt’s domestic gas output fell to a six-year low in May and is expected to drop by a further 22.5% by the end of 2028, consultancy Energy Aspects said, with power consumption expected to jump by 39% over the next decade.