Monshaat Reports 67% Increase In Commercial Registrations For Q4 2024 Amid Sustainability Focus

The Small and Medium Enterprises General Authority (Monshaat) has published its SME Monitor Report for the last quarter of 2024. The report shows a significant 67% rise in commercial registrations, reaching a total of 1.6 million. Riyadh leads with 39% of these registrations, followed by Makkah at 17%, the Eastern Region at 16%, Qassim at 6%, and Aseer at 5%. The remaining 17% are spread across other regions.

The report places a strong emphasis on sustainability and emerging trends among SMEs. Key areas include the circular economy, renewable energy, reforestation, major environmental projects, environmental tourism development, and electric vehicle adoption. These initiatives align with government efforts to promote sustainable practices.

Deputy Minister for Policies and Economic Planning Rakan Alsheikh from the Ministry of Economy and Planning introduced the Sustainability Champions Program in the report's opening statement. This program aims to facilitate knowledge exchange between large companies and SMEs, allowing smaller businesses to learn from leading sustainability firms. "Empowering SMEs to seize emerging opportunities in renewable energy, green technology solutions, and circular economy initiatives is crucial," he stated.

The report also features insights from experts and success stories in sustainability. Interviews with officials from various companies and entrepreneurship experts provide valuable perspectives on sustainable practices within the SME sector.

Monshaat's programs have reached numerous beneficiaries by the end of Q4 2024. Over 51,000 individuals have benefited from Monshaat Academy, while 41,076 SMEs accessed support centers. Nearly 6,100 users engaged with the Mazaya platform. Additionally, 2,100 SMEs qualified for Jadeer service, 4,258 utilized innovation centers, and 205 trademarks were listed on Monshaat's Franchise Center platform.

The SME Monitor Report is part of a series of quarterly reports by Monshaat that provide updates on the entrepreneurial environment in Saudi Arabia. These reports offer statistics and figures along with specialized topics relevant to entrepreneurs in the Kingdom.

This comprehensive report serves as a reliable resource for entrepreneurs, investors, and stakeholders interested in understanding the current landscape of small and medium enterprises in Saudi Arabia.

With inputs from SPA