SMEs In Saudi Arabia Reached at 25.6%, Monsha'at Says
Riyadh, Capital of Saudi Arabia has the highest shares from the overall enterprises, with a percentage of 35.4%, while coming to the Makkah region,it is recorded 21%, with Al-Shraqiyah at 12.7%, says Monsha'at report.
As per the latest news, the number of small & medium enterprises (SMEs) has reached 892,000, with an increment of 25.6% compared to the Q4 of 2021, announced by the Small and Medium Enterprises General Authority (Monsha'at).
Monsha'at’s declaration came into the limelight while uncovering its Q2 of 2022 report and its perspective on several investment fields and files.
It has been shown by the report that the Riyadh region possesses the highest share of the total organization, with a percentage of 35.4%, while the Makkah region recorded 21% and Al-Shraqiyah 12.7%. Earlier, The Saudi British Bank or SABB introduced inventory financing solutions for KSA importers & exporters.
The Monsha'at expressed that 81% of these organizations are assigned as micro and small enterprises.
The percentage of these enterprises that are operated by women recorded 45% of the total start-up organizations’ owners in Saudi Arabia, which demonstrates the double percentage of what had been accomplished in 2017.
Concerning the investment funding which has been acquired by the Saudi start-up organizations, it has increased by 244%, reaching SR2.19 billion in the Q1 of 2022 on yearly basis. Also, SMEs are genuinely opting for Fintech as a financial growth to survive from pandemic.
With that increment, Saudi Arabia has been assigned as the second most active investment capital market in the Middle East and North Africa regions, during the same period.
The report highlighted that the Makkah region has noticed an immense pioneering movement, as it has over 21% of the total SMEs in Saudi Arabia. It is good to know that Arab Bank was honored with the “Best Trade Finance Provider 2021 in the Middle East” award by Global Finance.
The food and beverages segment has received the greatest level of investment funding in the first half of 2022 compared to the firms operating in other segments.
According to the MAGNiTT platform report for the initial first half of 2022, the food & beverages sector received an investment funding of SR700 million during the first half of this year.
It has also been explained by the Monsha'at report that Saudi coffee manufacturing is experiencing tremendous movement during the present period.
Saudi Arabia is glad to have over 400,000 coffee bean trees, an increment that reached 70% in the Khawlani coffee beans' production.
It affirmed that the venture in the Saudi coffee sector reached SR1.2 billion for the Saudi Coffee Company over the next 10 years.