Saudi Arabias Monsha`at Authority supporting entrepreneurs
09/05/23
Saudi Arabia’s support of small and medium enterprises (SMEs) is transforming the Kingdom’s economy and attracting international entrepreneurs.
The Kingdoms Small and Medium Enterprises General Authority (Monsha’at) has developed pioneering initiatives related to the Saudi Vision 2030. As a result, there are currently over 1.14 million operational SMEs in the country. This figure has increased 166% since 2016.
The Authority established the Saudi Venture Capital Company to promote the concept of venture capital and direct investment in startups. The value of venture capital in Saudi Arabia amounts to SAR 3.7 billion (USD 986m). Monsha’at also established the SME Bank which has increased the lending quota by 54% since 2022.
Furthermore, the Financial Sustainability Programme was launched in 2018, which includes the Government Fee Refunding Initiative Estrdad. This inititaive allows SMEs to enter the market by supporting them to achieve growth during the first years of operation.
Monsha’at also launched the University Startups Initiative to promote entrepreneurial culture. It offers many programmes which have supported over 65,000 university students. This has contributed to the Kingdom’s advancement in the Global Entrepreneurship Monitor report from 23rd to 5th ranking in the entrepreneurship index in higher education.
In continuation of the support of the Saudi Vision 2030, Monsha’at has launched several SMEs support centres in four different regions in the Kingdom to upskill small and medium enterprises and entrepreneurs. It has focused on public-private sector co-operation and is building a regional competitive economic system that aims to achieve sustainability and prosperity to boost GDP contributions.
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