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Govt Support Ensures Growth of Industrial SMEs in Saudi Arabia

Small industrial establishments account for the largest percentage of factories in Saudi Arabia. (SPA)
Small industrial establishments account for the largest percentage of factories in Saudi Arabia. (SPA)
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Govt Support Ensures Growth of Industrial SMEs in Saudi Arabia

Small industrial establishments account for the largest percentage of factories in Saudi Arabia. (SPA)
Small industrial establishments account for the largest percentage of factories in Saudi Arabia. (SPA)

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.

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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)

US applications for unemployment benefits fell to their lowest level in nearly a year last week, pointing to a still healthy labor market with historically low layoffs.

The Labor Department on Wednesday said that applications for jobless benefits fell to 201,000 for the week ending January 4, down from the previous week's 211,000. This week's figure is the lowest since February of last year.

The four-week average of claims, which evens out the week-to-week ups and downs, fell by 10,250 to 213,000.

The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week, according to The AP.

The US job market has cooled from the red-hot stretch of 2021-2023 when the economy was rebounding from COVID-19 lockdowns.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.

On Tuesday, the government reported that US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,

The weekly jobless claims numbers are a proxy for layoffs, and those have remained below pre-pandemic levels. The unemployment rate is at a modest 4.2%, though that is up from a half century low 3.4% reached in 2023.

To fight inflation that hit four-decade highs two and a half years ago, the Federal Reserve raised its benchmark interest rates 11 times in 2022 and 2023. Inflation came down — from 9.1% in mid-2022 to 2.7% in November, allowing the Fed to start cutting rates. But progress on inflation has stalled in recent months, and year-over-year consumer price increases are stuck above the Fed’s 2% target.

In December, the Fed cut its benchmark interest rate for the third time in 2024, but the central bank’s policymakers signaled that they’re likely to be more cautious about future rate cuts. They projected just two in 2025, down from the four they had envisioned in September.