The Saudi government provides a wide range of services and support to enable entrepreneurs and owners of small and medium industrial enterprises to transform their ideas into successful projects, which contributes to raising the sector’s production and achieving the targets of the National Strategy for Industry.
The strategy aims to realize an industrial economy that attracts investments, contributes to economic diversification and develops domestic product and non-oil exports, in line with the goals of Vision 2030.
A recent report revealed that the number of industrial SMEs grew by 7.65 percent, while the size of the sector in manufacturing activity increased by 3.8 percent, by the end of September.
The report, released by the official website of Saudi Vision 2030, showed that the number of existing small and medium industrial establishments in the Kingdom in September reached about 11,110, while about 136 new industrial licenses were issued during the same month.
The Ministry of Industry and Mineral Resources issued 130 new industrial licenses in November, with small establishments obtaining 93.08 percent of licenses and medium enterprises 6.15 percent.
The Saudi government established the General Authority for Small and Medium Enterprises (Monshaat) in 2016 to organize, support and develop the sector in accordance with international best practices, in addition to enhancing the Kingdom’s entrepreneurship and competitive environment.
The Authority recently said the number of SMEs in Saudi Arabia increased by 3.5 percent in the third quarter of 2023, compared to the second quarter of the same year, to reach 1.27 million.
