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Saudi Monshaat: 67% increase in commercial registrations during Q4 2024

RIYADH — There has been a 67 percent increase in commercial registrations, bringing the total number to 1.6 million during the fourth quarter of 2024. According to the quarterly SME Monitor Report released by the Small and Medium Enterprises General Authority (Monshaat), the majority of these registrations were concentrated in Riyadh, accounting for 39 percent, followed by Makkah with 17 percent, the Eastern Province 16 percent, Qassim 6 percent, and Asir 5 percent. The remaining 17 percent were distributed across other regions.

The current edition of the report focuses on sustainability and key trends adopted by SMEs, including the circular economy, renewable energy, reforestation, major environmental projects, environmental tourism development, and the adoption of electric vehicles. It also highlights collaboration with government initiatives and contributions to sustainability reports.

The report opens with a statement by Rakan Alsheikh, deputy minister for Policies and Economic Planning at the Ministry of Economy and Planning, who discussed the Sustainability Champions Program launched by the ministry. The program aims to enhance the exchange of knowledge and best practices between large companies and SMEs, ensuring that small businesses benefit from the expertise of leading sustainability companies. He emphasized the importance of empowering SMEs to seize emerging opportunities in renewable energy, green technology solutions, and circular economy initiatives. The report also highlights expert insights and success stories in sustainability, including interviews with officials from various companies and entrepreneurship experts.

The report provides data on the beneficiaries of Monshaat's programs and services up to the end of fourth quarter of 2024. More than 51,000 individuals have benefited from the Monshaat Academy, 41,076 SMEs accessed the authority’s support centers, and nearly 6,100 beneficiaries used the Mazaya platform. Furthermore, 2,100 small and medium enterprises qualified for the Jadeer service, 4,258 benefited from innovation centers, and 205 trademarks were listed on the authority's Franchise Center platform.

The SME Monitor Report is part of a series of quarterly reports issued by Monshaat, covering the latest updates on the entrepreneurial environment, statistics, and figures, along with specialized reports on topics of interest to entrepreneurs in the Kingdom. The reports serve as a reliable reference for entrepreneurs, investors, and stakeholders, the Saudi Press Agency reported.