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FinancialNews


  • 07-12-22

    Startups in KSA surge 9.3 percent in Q3 motivated by healthy bossiness ecosystem

    (MENAFN) The amount of small and medium-sized startups in Saudi Arabia surged by 9.3 percent in the july-September period of this year, motivated by robust financial expansion and a healthy business ecosystem in the nation, as shown by most recent administration numbers.

    A report issued by the General Authority for Small and Medium Enterprises, recognized as Monsha’at, presented the figures of company reached 978,445 in the stated quarter to the end of September, surging from 892,063 in the quarter before (Q2).

    The Monsha’at report noted that project capital investment in Saudi Arabia in the opening nine months of this year experienced a 93 percent surge on a yearly basis amounting to SR3.1 billion (USD820 million).

    As shown by Monsha’at, policy alterations which have been forced in the nation six years ago are one of the causes around the raise in the figure of SMEs.

    “By increasing access to capital and offering and increased upskilling and specialized training to help people grow their businesses, entrepreneurial culture has taken root in the Kingdom,” according to Monsha’at’s report.

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