Monsha’at Presents 23 Initiatives Envisaged in Vision 2030
The Small and Medium Enterprises General Authority (Monsha'at) has presented 23 initiatives related to seven strategic objectives of the Kingdom's Vision 2030 through five of its programs: national transformation, financial sector development, fiscal sustainability, human capability development, and national industrial development and logistics.
Among Monsha'at’s notable achievements relating to the National Transformation Program is the significant increase in the number of SMEs from 429,026 in 2016 to 1,141,733 in 2022, a 166% growth rate since the launch of Vision 2030. Due to Monsha'at efforts, the Kingdom ranked 2nd in 2022 the National Entrepreneurship Context Index (NECI), up from its ranking of 41 in 2018, according to the Global Entrepreneurship Monitor Report.
Monsha'at contributed to the Fiscal Sustainability Program by establishing a SME Bank and raising the share of lending to SME from 65.4% in 2018 to 68.3% in 2022 with a 54% growth rate. Additionally, a funding portal was launched to connect government and private sector financiers with SMEs seeking funding. The value provided through the portal totaling more than SAR18 billion.
Monsha'at also established the Saudi Venture Capital Company to promote the concept of bold and direct investment in emerging enterprises and stimulate the private sector's investment, reaching SAR 3.7 billion as a value of venture capital in Saudi Arabia. The authority also launched the Government Fee Refund initiative (Estrdad) in 2018, which contributed to encouraging MSMEs to enter the market by supporting them to achieve growth during the first years of operation. The total refunds amounted to SAR3.5 billion since the initiative launch until 2021.
In the National Industry Development and Logistics Program, Monsha'at launched the "Jadeer" service to facilitate MSMEs' access to procurement opportunities in both the public and private sectors, with over 2,300 enterprises qualified through the service.
Regarding the Human Capability Development Program, Monsha'at launched the University Startups Initiatives to embrace the entrepreneurial culture by offering several programs within which supported more than 65,000 university students, improving the Kingdom's ranking in the Global Entrepreneurship Monitor Report, from the 23rd to the 5th place over the past two years in the Entrepreneurship index in higher education.
Building further on the achievements of Vision 2030, Monsha’at has launched several startups support centers in four regions of the kingdom, to upskill SMEs and entrepreneurs through the collaboration between the public and private sectors, to create a regional competitive economic system that achieves sustainability and prosperity in diverse sectors and increases the contributions to the GDP as the number of centers beneficiaries reached more than 66,000.