Monsha'at Reports 78% Surge in Commercial Records for Q2 2024

KSA, 2 September, 2024 : The General Authority for Small and Medium Enterprises (Monsha'at) has announced a 78% increase in new commercial records for Q2 2024 compared to the same period last year. This surge is primarily seen in Riyadh (32%), Makkah (23%), and the Eastern Region (15%).

Women-owned businesses accounted for 45% of the new commercial records, highlighting their growing contribution to the national economy. By the end of Q2 2024, there were 1.5 million active commercial records, with 38% being youth-owned enterprises.

The financial technology sector also experienced significant growth, with 216 active companies since the "Saudi Fintech" initiative began in 2018. This sector has attracted SAR6.9 billion in venture capital investments, reinforcing Saudi Arabia's position as a leading hub for fintech innovation.

Insights from industry leaders such as Salah Khashoggi of "Tamra Financial" and Osama Al-Raei of Lindo, as well as Nora Al-Sarhan of the Saudi Venture Capital Company, emphasized the Kingdom's leadership in global financing and increasing international and institutional funding for SMEs. Notably, liquidity in the fintech sector reached SAR2.8 trillion by May 2024, reflecting an 8.6% year-on-year increase.

The SME Monitor report, accessible at [Monsha'at Q2 2024 Report](https://www.monshaat.gov.sa/sites/default/files/2024-09/Monshaat%20Monitor%20Q2%202024%20AR.pdf), provides valuable data on the entrepreneurial landscape, contributing to Saudi Vision 2030’s economic goals.

Source : www.zawya.com