The General Authority for Small and Medium Enterprises (Monsha’at) reported a 78% rise in commercial records in Q2 2024 compared to the same period in 2023. The growth was concentrated in Riyadh (32%), Makkah (23%) and the Eastern Region (15%).
Women-owned businesses accounted for 45% of the new commercial records, reflecting the private sector’s role in national economic development. By the end of Q2 2024, active commercial records totalled 1.5 million, with 38% owned by youth.
The financial technology sector continued its growth, with 216 active companies since the 2018 launch of the “Saudi Fintech” initiative, supported by SAR6.9 billion in venture capital investments. The report included insights from Salah Khashoggi, founder and managing director of Tamra Financial, who addressed Saudi Arabia’s position in global financing and fintech challenges.
The fintech sector’s liquidity reached SAR2.8 trillion by May 2024, an 8.6% year-on-year increase. Osama Al-Raei, co-founder and CEO of Lindo, forecasted increased international and institutional funding for SMEs, driven by Saudi Vision 2030.
Nora Al-Sarhan, Deputy CEO and Chief Investment Officer of the Saudi Venture Capital Company reported that SAR3.1 billion was invested in 49 funds in the first half of 2024, supporting over 700 startups and small enterprises. Spiros Margaris, founder of Margaris Ventures, noted the Kingdom’s regulatory efforts to facilitate fintech innovation, including creating regulatory funds for startups.
