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.
