Monsha'at Reports Significant Increase In New Commercial Registrations In Q3 2024

The Small and Medium Enterprises General Authority, known as Monsha'at, has published its SME Monitor report for the third quarter of 2024. This report highlights significant developments in Saudi Arabia's vibrant SME sector. Among these are an increase in commercial registrations, totalling 135,909, and a focus on the growing publishing industry. Over 500 local publishing houses now bring works by Saudi and other Arabic-language authors to new audiences.

Since the establishment of the Literature, Publishing, and Translation Commission in 2020, the Kingdom's publishing sector has experienced notable growth. Metrics such as the number of publishing houses and attendance at book fairs have improved. In 2023 alone, Saudi book fairs attracted 2.2 million visitors. The Riyadh International Book Fair 2024 showcased works from over 30 countries and involved 2,000 publishing houses, drawing more than a million visitors and generating $7.5 million in book sales.

The commission has played a crucial role in empowering Saudi SMEs and entrepreneurs within the literary field. Initiatives include forming partnerships with civil society and local cafés, adopting best practices from international publishers, and enhancing professional skills for both print and digital publishing. These efforts have significantly contributed to the progress of the local publishing sector.

Dr. Mohammed Hasan Alwan, CEO of the commission, stated: "The commission has launched five business accelerators that have benefitted over a hundred SME projects whose average revenues increased by 20% and created 115 new permanent jobs." He further noted that through 54 public and private partnerships, Saudi Arabia has attracted regional and global publishers to enrich local production.

The report also highlighted broader SME developments across Saudi Arabia. There was a notable rise in commercial registrations during Q3 2024, reflecting a robust entrepreneurial environment. The new registrations showed not only quarter-over-quarter growth but also a significant year-over-year increase. Nearly half were initiated by female entrepreneurs, while almost 40% came from young business owners.

Monsha'at's various programs have been instrumental in supporting SMEs through enablement, financing, franchising, innovation, and business development initiatives. Over 25,000 Saudi SMEs benefited from these programs in Q3 2024 alone.

Venture Capital Leadership

Saudi Arabia's venture capital funding ecosystem led the MENA region during the first three quarters of 2024. A total of $509 million was invested in Saudi-based startups across 104 deals within this period.

The latest SME Monitor report also includes insights into global trends within the SME publishing space. It covers emerging business models catering to over one billion ebook consumers worldwide. These models range from digital growth to audiobooks and direct-to-consumer subscriptions to self-publishing options that SMEs can leverage.

This comprehensive report underscores Saudi Arabia's commitment to fostering a dynamic SME environment through strategic initiatives and partnerships that enhance competitiveness locally and globally.

With inputs from SPA