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Saudi Arabia’s Vision 2030 Endorses Startups

Saudi Arabia’s small and medium enterprises (SMEs) are not going unnoticed. The kingdom’s startup scene is growing at a rapid rate and being encouraged. Just last week, it was reported that over 140,000 in the kingdom have registered online for SMEs. The online program was launched in August 2016 and offers up digital platforms that encourage and support the SMEs.

This initiative is just one of many via HADAF under Saudi Arabia’s post oil plan, Vision 2030, and the National Transformation Program 2020. That being said, the kingdom’s SMEs form just 20% of its “gross domestic product” (GDP), which fall short in comparison to more advanced economies whose GDPs go up to 70%, in which case the driving force behind Vision 2030 aims to focus on developing SMEs.

Last year, Monsha’at, Saudi Arabia’s Small & Medium Enterprises General Authority, reported that 190,000 startups were registered in the kingdom, accounting for 40% of Saudi’s total amount of SMEs, much of them including e-commerce, fashion, telecoms and food delivery apps.

Most recently, there has been a major spotlight on the most successful SMEs that are being noted across the Arab world, like, Unifonic – a communications company, Saudi’s first online space for home services, Munjz and sought after modest fashion brand, GHAZAL.

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