The Small and Medium Enterprises General Authority (Monsha'at) was established in 2016 by Minister Council Decision No. (301) dated 11/07/1437 AH with the aim of regulating, supporting, developing and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their contribution to GDP from 20% to 35% by 2030.

Monsha'at is mandated with developing, implementing, and supporting programs and projects that foster a culture of self-employment, entrepreneurship, and innovation. It strives to diversify the funding sources provided to enterprises, supports the initiatives within the venture capital sector, develops policies and standards for funding small and medium projects. Such measures will uncover a realm of endless possibilities for SMEs to unlock their full potential as they grow their administrative, technical, financial, marketing, and human resources capabilities.

Moreover, Monsha'at supports the process of establishing companies specialized in funding, activating and encouraging banks and loan funds to assume a more prominent role in investing and funding enterprises, creating and supporting programs to develop projects, and establishing comprehensive service centers to issue all statutory requirements through in-person and virtual participation of public and private stakeholders.

To that end, Monsha'at is acting ahead of the curve by anticipating and resolving administrative, organizational, procedural, data, and marketing barriers facing SMEs in collaboration with stakeholders. With a mindset that forecasts untapped opportunities, Monsha'at cultivates and organizes technology and business incubators, developing programs and initiatives to unfold investment opportunities for SMEs to penetrate the market. These initiatives are designed to further technology knowledge transfer and boost SMEs' performance and productivity, including supply chains. Monsha'at is joining forces with ministries, authorities, government entities, and NGOs to further collaboration and alignment in all areas.