Saudi Arabia's SMEs increase to 1.27M by Q3 2023-end

Logo of the Small and Medium Enterprises General Authority (Monshaat)

The number of small and medium enterprises (SMEs) operating in the Saudi market increased by 3% quarter-on-quarter (QoQ) to 1.27 million by the end of Q3 2023, a report issued by the Small and Medium Enterprises General Authority (Monsha’at) showed.

The number reached approximately 1.27 million by the end of the third quarter of 2023, compared to the second quarter of 2023.

The number of SMEs rose by around 30% year-on-year (YoY) from 978,400 in Q3 2022. 

The report highlighted that micro enterprises make up approximately 87%, or about 1.1 million, of the total enterprises in the Kingdom, as depicted in the table below:

Riyadh accounted for the largest share of total SMEs in the Kingdom by the end of Q3 2023, comprising over 43%, or about 549,400 enterprises. Makkah came second, representing nearly 18.3% of the total SMEs, as illustrated in the following table: