Saudi Arabia’s mid-market enterprises (MMEs), defined as firms with annual sales between of between $50 million to $500 million, generate $232 billion turnover, a report said.

There are an estimated 1,980 MMEs, added the report published by HSBC Group.

The study comes as part of a 15-country research sponsored by HSBC Group and developed with Oxford Economics, and is considered the first of its kind in terms of its focus on MMEs.

Understanding the dynamics and nature of Saudi MMEs is important due to the need to encourage sustainable long-term growth in the Kingdom, the report noted.

With a 10.3 per cent share in Saudi GDP, MMEs provide 930,000 jobs representing 13.9 per cent of the national number of jobs.

The research report estimates the combined indirect and induced effects from all MMEs in Saudi Arabia to be $74.3 billion and support 770,000 jobs in the Kingdom.

Nearly 28.7 per cent of MMEs are in the Saudi manufacturing sector, followed by the wholesale and retail sectors which accounted for 19.9 per cent of all MMEs.

With an estimated $66 billon in turnover, the manufacturing sector enjoyed the largest share of MME turnover in Saudi Arabia.

In Saudi employment terms, the wholesale and retail sector makes the largest contribution with 300,000 jobs. – TradeArabia News Service