Riyadh: The Small and Medium Enterprises General Authority (Monshaat) has unveiled its SME Monitor Report for the fourth quarter of 2024, highlighting a remarkable 67% increase in commercial registrations. This surge brings the total number of registrations to 1.6 million, with Riyadh accounting for 39% of these, followed by Makkah at 17%, the Eastern Region at 16%, Qassim at 6%, and Aseer at 5%. The remaining 17% were spread across other regions.
According to Saudi Press Agency, the report emphasizes sustainability and the key trends adopted by SMEs. These include the circular economy, renewable energy, reforestation, major environmental projects, environmental tourism development, and the adoption of electric vehicles. Collaboration with government initiatives and contributions to sustainability reports are also highlighted.
The report features a statement from Deputy Minister for Policies and Economic Planning Rakan Alsheikh at the Ministry of Economy and Planning. He discussed the Sustainability Champions Program, which aims to facilitate knowledge exchange and best practices between large companies and SMEs. The program seeks to empower SMEs to leverage emerging opportunities in renewable energy, green technology solutions, and circular economy initiatives.
Additionally, the report includes expert insights and success stories in sustainability, with interviews from officials and entrepreneurship experts. It also provides data on the beneficiaries of Monshaat's programs and services up to the end of Q4 2024. More than 51,000 individuals benefited from the Monshaat Academy, while 41,076 SMEs accessed the authority's support centers. Nearly 6,100 beneficiaries used the Mazaya platform, and 2,100 small and medium enterprises qualified for the Jadeer service. Furthermore, 4,258 benefited from innovation centers, and 205 trademarks were listed on the authority's Franchise Center platform.
The SME Monitor Report is part of a series of quarterly reports by Monshaat, offering updates on the entrepreneurial environment, statistics, and figures, along with specialized reports on topics relevant to entrepreneurs in the Kingdom. These reports serve as a reliable reference for entrepreneurs, investors, and stakeholders.
The report is accessible at the following link: SME Monitor Report Q4 2024