Saudi Minister Welcomes Cabinet Approval of National SME Strategy
Saudi Arabia’s Minister of Commerce and Chairman of the Small and Medium Enterprises General Authority, Majid bin Abdullah Al-Kassabi, thanked King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman after the Cabinet approved the National Strategy for Entrepreneurship and Small and Medium Enterprises.
The strategy is designed to build out the Kingdom’s entrepreneurship ecosystem, help businesses grow and expand, and lift their contribution to the national economy, with a target of raising their share of gross domestic product to 35 percent in line with Saudi Vision 2030. Al-Kassabi said the plan is built around 13 initiatives forming an integrated framework meant to improve access to financing and markets, strengthen operational readiness, develop the regulatory and innovation environment, and make it easier to do business overall.
The strategy aims to help create more than 500,000 direct and indirect jobs and push Saudi Arabia to first place globally on the Entrepreneurial Skills and Knowledge Index by 2030. Al-Kassabi described it as reflecting the leadership’s ongoing support for the entrepreneurship and small business sector, framing it as a step toward a more integrated, efficient ecosystem that widens growth opportunities for enterprises and strengthens their role in economic development. He said implementation will depend on coordinating efforts across relevant government bodies, helping businesses tap into opportunities across sectors, expand their presence in value chains and major projects, and access new markets both locally and abroad.
The plan builds on prior efforts under Vision 2030 to empower the private sector, but marks a shift in focus, moving away from simply helping businesses get started toward providing the tools needed for them to grow, expand and compete both domestically and internationally. It joins a broader set of national strategies supporting Vision 2030, together forming a long-term roadmap intended to strengthen Saudi Arabia’s position as a more diversified, innovative and sustainable economy.
Specific initiatives under the strategy include developing open business innovation, supporting small and medium enterprises and startups operating in industrial cities and special economic zones, backing international expansion and exports, and increasing enterprise participation in government procurement and corporate supply chains. The plan also calls for building a comprehensive sector-wide database connected to related ecosystem data, attracting and localizing innovative global startups, reviewing minimum Saudization requirements by sector, lowering the cost of doing business, boosting financial literacy, and expanding financing tools and incentives for institutions that fund small and medium enterprises.
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