AI Summary
Riyadh city
The number of micro, small, and medium-sized enterprises (MSMEs) in Saudi Arabia rose 3% to 1.23 million by the end of Q2 2023, compared to Q1 2023, the Small and Medium Enterprises General Authority (Monsha’at) said in a report.
Small and medium-sized enterprises accounted for 99.7% of total companies in the Kingdom, the majority of which are microenterprises that continue to grow in terms of number, size, and scope, reflecting the spirit of innovation and the culture of pioneering work among Saudi citizens.
|
MSMEs in Saudi Arabia by Size (Q1 - 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, with about 518,500 enterprises. Makkah followed with 19%, or 228,340 enterprises, and then the Eastern Province with 10.9%, or about 134,240 enterprises.
The Kingdom 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.
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