Saudi entrepreneurs get $27b funding as SMEs grow by 15% in Q1

RIYADH: Saudi entrepreneurs received funding worth SR100.02 billion ($27 billion) in the first quarter as the number of small and medium-size businesses operating in the Kingdom rose by 15 percent, according to a government report.

The number of SMEs in the Kingdom increased to 755,979 in the first three months of the year from 650,550 a year ago, Saudi Arabia’s General Authority for Small and Medium Enterprises, also known as Monsha’at, said in its “SME Monitor” quarterly report.