https://arab.news/bbt5t
RIYADH: The number of small and medium enterprises in 抖阴短视频 reached 1.27 million by the end of the third quarter, propelled by the Kingdom鈥檚 economic diversification efforts.
According to the report released by the Small and Medium Enterprises General Authority, also known as 惭辞苍蝉丑补鈥檃迟, this figure represents a 3.5 percent rise compared to the second quarter of this year.
More than 40,000 new businesses were launched in 抖阴短视频 during the third quarter, with 43.3 percent of SMEs located in Riyadh.
The report highlighted the notable progress in new business creation in Al-Qassim province, particularly in the mining and agriculture sectors, making it home to nearly 60,000 SMEs and 105 active mining licenses.
鈥淲hile its mining industry produces 4 million tons of bauxite each year, the only such source in the Middle East, the region鈥檚 farmers produce 1.22 million tons of dates, lemons, oranges, grapes, and other agricultural products each year, giving credence to its nickname as the breadbasket of the Kingdom,鈥� stated 惭辞苍蝉丑补鈥檃迟.
The report highlighted the ongoing role of the private sector in propelling 抖阴短视频鈥檚 economy in the third quarter of this year.
惭辞苍蝉丑补鈥檃迟 reported an 18.8 percent year-on-year increase in private sector investments in SMEs during the third quarter, reaching SR262.7 billion ($70 billion).
鈥淭he Kingdom鈥檚 robust non-oil growth is a symptom of a rapidly maturing ecosystem whose entrepreneurs are now driving 抖阴短视频鈥檚 ambitious diversification targets,鈥� 惭辞苍蝉丑补鈥檃迟 highlighted in the report.
It added that the National Industrial Development and Logistics Program played a significant role in facilitating the entry of more SMEs into the industrial and manufacturing sectors during the third quarter.
In the Kingdom, where over 11,000 factories are now operational, the Ministry of Industry and Mineral Sources issued 136 new industrial licenses in August 2023 alone.
Furthermore, 惭辞苍蝉丑补鈥檃迟 organized Entrepreneurship Week earlier this month at its enterprise support centers in Riyadh, Jeddah, Madinah, and Alkhobar, aiming to bolster the SME ecosystem in the Kingdom.
The specialized forum, as reported by the Saudi Press Agency, highlighted key initiatives and programs supporting the expansion of startups in the market.