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MSMEs in Saudi Arabia rise to 1.23 mln in Q2 2023: Monsha’at
The number of micro, small and medium-sized enterprises (MSMEs) in Saudi Arabia rose to 1.23 million by the end of Q2 2023, an increase of 3% compared to Q1 2023, the Small and Medium Enterprises General Authority (Monsha’at) said in a report.
MSMES constituted around 99.7% of all companies in the Kingdom during the second quarter of the year.
MSMEs in Saudi Arabia by Size (Q1 2023-Q2 2023)
| |||
| Enterprise size | Q1 2023
| Q2 2023
| Change (%)
|
| Micro enterprises | 1,020,000
| 1,060,000
| 4%
|
| Small enterprises | 155,323
| 152,825
| (2%)
|
| Medium enterprises | 17,929
| 17,888
| --
|
| Total | 1,193,525
| 1,230,000
| 3%
|
In Q2 2023, Riyadh was home to the majority, or more than 42.3% of total MSMEs in the Kingdom, representing about 518,500 enterprises. Makkah followed with 19%, or 228,340 enterprises, then the Eastern Province with 10.9%, or about 134,240 enterprises.
The Kingdom of Saudi Arabia continued to lead the region in terms of the increase of venture capital during H1 2023. It also recorded the second largest number of transactions.
Startups in the Kingdom raised nearly SAR 1.7 billion in H1 2023.
Source : Argaam
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