Monshaat says 17,000 'fast-growing' SMEs contribute 50% to GDP

Small & Medium Enterprises General Authority (Monshaat) seeks to support and develop 'fast-growing' small and medium-sized enterprises (SME), Saudi Press Agency reported, citing Monshaat Governor Sami Al Hussaini.

He pointed to SMEs' vital role and impact on global economies, noting that their number in the Kingdom reached more than 17,000.

SMEs contribute more than 50% to the local GDP, Al Hussaini said, referring to Tomoh Program that aims to stimulate the growth of enterprises and create opportunities for business and expansions locally and regionally, as it includes more than 1,000 enterprises.

Monshaat supported 160 Tomoh enterprises through qualifying them for listing on the stock exchange.

The total investments of Tomoh enterprises reached more than SAR 1.5 billion since 2022, and their revenues reached SAR 16 billion in 2022, up 40%.

source : Argaam