The number of SMEs across the Kingdom of Saudi Arabia increased by 9.3% during the third quarter of 2022, supported by a conducive entrepreneurial ecosystem and driven by strong economic growth. According to Monshat’at (General Authority for SMEs), the number of small firms surged to 978,445 during the three months ended September 2022 from 892,063 at the end of June 2022. Meanwhile, the total venture capital funding across Saudi Arabia during the first nine months of 2022 saw a 93% year-on-year jump and totalled US$820 million (SR3.1 billion). This increase can be attributed to policy changes implemented in the country since 2016.
