Saudi start-ups reached 190,000; SMEs bank underway: Monsha’at

The number of start-ups reached 190,000 by the end of December 2018, accounting for 40 percent of the Kingdom’s total small and medium enterprises (SMEs) of 481,000, Al-Eqtisadiah reported, citing the Small & Medium Enterprises General Authority (Monsha'at).

Monsha’at is currently working with related parties to obtain needed approvals and financing to set up the SMEs bank, it said.

The bank’s feasibility study included an evaluation of its financing needs, the gap in SME financing, the strategic and financial impact on the sector, and setting up a comprehensive plan based on the best international practices, it added.