Saudi Arabia recorded 135,909 new commercial registrations in Q3 2024, marking significant growth in its SME sector. Nearly 50% of these registrations were initiated by female entrepreneurs, and 40% came from young business owners. Over 25,000 SMEs benefitted from Monsha’at’s enablement, financing, and innovation programs during the quarter.
The Kingdom’s publishing industry also continued to expand, with over 500 local publishing houses now operating. In 2023, Saudi book fairs attracted 2.2 million visitors. The Riyadh International Book Fair 2024 featured participation from over 30 countries, 2,000 publishing houses, and $7.5 million in sales.
The Literature, Publishing, and Translation Commission has supported this growth through initiatives such as five business accelerators, which benefit over 100 SME projects, increase average revenues by 20%, and create 115 permanent jobs. The commission has also facilitated 54 public and private partnerships to attract regional and global publishing houses to the Saudi market.
Saudi Arabia’s venture capital ecosystem continued to lead the MENA region, with $509 million invested in 104 deals for Saudi startups in the first nine months of 2024. The report also noted global publishing trends, including the rise of digital formats, audiobooks, and direct-to-consumer subscription models, which SMEs are increasingly adopting.
