Monsha’at most prominent achievements for 2022 .. 83% growth rate for investment tour investors
The General Authority for Small and Medium Enterprises (Monsha’at) issued a 2022 achievement report which included initiatives and services provided last year, all of which contributed to the growth and prosperity of the SME sector and promoted science and technology innovations, thus elevating Saudi entrepreneurs and their establishments.
The report showed a Saudi start-up investor growth rate of 83%, recorded in the third quarter of 2022. The figure far exceeded last year’s, according to the Global Entrepreneurship Monitor report, according to which the number of SMEs and micro businesses exceeded 970 thousand establishments while the volume of credit provided by banks and financing companies amounted to 221 billion Saudi riyals. The total amounts disbursed in the indirect lending initiative for the third quarter amounted to 2.85 billion Saudi riyals, benefiting 2,500 establishments, and boasting a 29% growth rate (compared to 2021).
The report also revealed that financial guarantees provided by the “Kafala” program reached 71.3 billion Saudi riyals and that the total financing portfolio amounted to more than 1.7 billion Saudi riyals. The total number of establishments benefiting from the financing portal during the same quarter reached 3,762, in addition to 1,880 rehabilitated by the “Jadeer” service, and about 26,000 entrepreneurs benefited from the “Nawafth” application by the end of the third quarter. Other facts and figures include 20,000 male and female trainees benefiting from Monshaat e-academies and 48,000 enterprises benefiting from the “Mazaya” platform.
The report also sheds light on Monsha’at’s hosting of the Global Entrepreneurship Congress, during which the value of the agreements and partnerships signed (in the presence of more than 9,300 people from 180 countries) amounted to more than 50 billion Saudi riyals.
The authority's 2022 achievements also included offering 3 companies in the parallel market and supporting more than 130 establishments within the "Elite" program for rapidly growing businesses, accessing more than 37 startups that have adopted emerging technologies (artificial intelligence, the Internet of Things, cybersecurity, and data analytics).
Monshaat is constantly designing specialized programs, services, and initiatives that meet the needs of SMEs and micro businesses of all kinds and in all stages. It aims to stimulate the culture of entrepreneurship and support aspiring entrepreneurs to establish new companies. These efforts include the "Tomouh Program" by Monshaat e-Academy, the Nawafth app, the national commercial innovation portal “Fikra,” the commercial center of excellence, the intelligence center, and the cost calculator service.