Saudi Arabia aims for growth with small businesses

Saudi Arabia, through its national strategy, aims to support and develop small and medium-sized enterprises to enable their sustainability, growth, and increased contribution to the economy. The plan includes creating approximately 500,000 jobs by 2030 and raising the sector's contribution to the gross domestic product (GDP) to 35%, compared to around 22% currently. The initiatives focus on fostering the growth of enterprises both locally and globally, expanding their base, addressing challenges such as rising rental costs and difficulty accessing major markets, with particular attention to non-primary regions. They also involve developing an support ecosystem and strengthening collaboration with large corporations and government entities. Data indicates that 89% of these enterprises are consumer-oriented, with opportunities to increase high-growth enterprises outside major cities, especially in the technology and tourism sectors.

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