https://arab.news/5mtw4
RIYADH: Saudi Arabia’s small and medium enterprises totaled 1.3 million in the fourth quarter of 2023, marking a 3.1 percent increase from the previous three months, official data showed.
According to the report released by the Small and Medium Enterprises General Authority, also known as Monsha’at, 43.7 percent of Saudi Arabia’s SMEs, totaling 570,000, are based in Riyadh.
The analysis added that over 3 million people are working in the SME ecosystem in Riyadh, where female workforce participation is witnessing significant growth.
Monsha’at further pointed out that the Kingdom’s Regional Headquarters Program has also played a crucial role in accelerating the economic growth of the capital.
The quarterly SME Monitor report emphasized the expansion of small businesses in Diriyah and the advancement of the Public Investment Fund’s masterplan, spearheading the transformation of the area into a global hub for culture, heritage, and tourism.
“The Kingdom’s bold policymaking and visionary leadership have enabled it to transform its economy, empower society, and diversify away from oil at an unprecedented scale,” Jerry Inzerillo, group CEO of Diriyah Gate Development Authority, told Monsha’at.
“This remarkable transformation is reinvesting the country’s bountiful resources into smart initiatives, historic giga-projects, and people-centric policies that are helping to boost employment, open new sectors, and empower individuals,” he added.
The SME body also projected that the ongoing Diriyah Season which began on Jan. 23 is expected to create 178,000 local jobs and attract over a million visitors.
The report added that Saudi Arabia’s broader economic dynamism helped the Kingdom secure its first World Expo which will be hosted in 2030.
The authority also highlighted significant growth in the gaming and esports sector in the Kingdom, with investments totaling SR150 billion ($40 billion). The industry is anticipated to generate over 30,000 jobs in Saudi Arabia by 2030.
“With over 23.5 million gaming enthusiasts in the Kingdom, the demographics are ripe to develop an indigenous game publishing ecosystem. In the coming years, the report shows, the industry is expected to create more than 30,000 jobs and contribute an additional $13+ billion to GDP by 2030,” added Monsha’at.