SMEs dominate 80% of industrial companies in Saudi Arabia: Minister

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Small and medium-sized enterprises (SME) represent 80% of industrial companies in the Kingdom, said Bandar Alkhorayef, Minister of Industry and Mineral Resources.

There are several programs offered to company owners with regard to improving the investment environment, reducing the cost of obtaining soft loans in the industrial sector, ready-made factories, and industrial lands, in addition to exporting assistance, Alkhorayef told CNBC Arabia TV.

He added that there are plenty of opportunities for large, medium and small-sized enterprises as well as entrepreneurs, including the adoption of technologies and use of available localization opportunities, as well as provision of various services in the industrial sector.

The use of technology in the sector will create greater opportunities for the employment of women and young people, Alkhorayef said, indicating that technology provides qualitative opportunities in a modern environment and work sites close to or within cities.