Minister Reveals SMEs Represent 90% of Saudi Industrial and Mining Sectors

KSA, 17 September, 2024 : Small and medium enterprises (SMEs) represent 90% of companies in Saudi Arabia’s industrial and mining sectors, according to Minister of Industry and Mineral Resources Bandar Alkhorayef. Speaking at an event organized by Monsha’at, the General Authority for SMEs, Alkhorayef emphasized the significant role of SMEs in driving innovation and addressing challenges in large-scale industries.

The government has introduced various initiatives to support SMEs, including financing programs like Kafalah and the Saudi Venture Capital Co., aimed at improving access to capital. Additionally, efforts to simplify regulations and promote business development are part of the broader strategy to foster a thriving SME sector.

Alkhorayef highlighted the ease of opening factories and ongoing efforts to build and lease facilities to investors. The mining sector, identified as a key area for growth, offers over 100 initiatives to support entrepreneurs and SMEs.

The Saudi government’s support is geared toward ensuring the long-term sustainability of SMEs, driving economic growth, and contributing to the Kingdom’s Vision 2030 goals.

Source : www.arabnews.com