Monday 30 January 2023

Saudi Arabia aims to boost SME role in GDP

RIYADH, August 14, 2018

Saudi Arabia’s Vision 2030 aims to increase SME contribution to GDP from 20 per cent to 35 per cent, lower unemployment from 11.6 per cent to 7 per cent, and increase non-oil exports from 16 per cent to 50 per cent, a report said.

Estimates show that SMEs comprise 90 per cent of businesses in Saudi Arabia and account for 60 per cent of total employment, added the report titled “Small & Medium-Sized Enterprise Development in the Kingdom of Saudi Arabia” released by the US-Saudi Arabian Business Council.

The Council’s report aims to support the goals of Vision 2030 by focusing on issues which, if addressed, will contribute to Saudi SMEs playing a greater and more effective role in creating a new economic environment in the Kingdom.

The report provides an overview of the state of Saudi SMEs; identifies gaps and opportunities; offers international best practices for stakeholder consideration; and presents practical recommendations for promoting growth. In developing the report, the Council partnered with AccountAbility, a renowned global research and advisory firm.

In conjunction with the report, the Council, in collaboration with Saudi Aramco and the US Commercial Service, will be convening the “US-Saudi SME Forum: Accelerating Growth and International Partnerships” to be held October 1-2, 2018, in Los Angeles, California.

The SME Forum will facilitate translating the recommendations of the report into concrete gains for Saudi SMEs and bolster their role as a major contributor to the growth of the Kingdom’s economy. The two-day conference will provide a venue where Saudi and American SMEs can network and share their experiences as serious entrepreneurs operating in challenging environments. – TradeArabia News Service

Tags: SME | GDP |

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