Saudi Arabia approves SME strategy to create 500,000 jobs

The Saudi Arabian Cabinet has approved the National Entrepreneurship and Small and Medium Enterprises Strategy, a plan aimed at significantly increasing the economic impact of small businesses. The strategy targets the creation of over 500,000 direct and indirect jobs and seeks to raise the contribution of SMEs to the Kingdom’s GDP to 35% by 2030.

Presented by Commerce Minister Dr. Majid Al-Qasabi, the strategy represents a shift in the Vision 2030 economic diversification approach. Rather than focusing solely on the creation of new businesses, the new framework emphasizes helping existing entrepreneurs scale their operations to compete in both domestic and international markets.

The plan is built upon seven pillars, including the development of industrial cities, specialized economic zones, and improved integration of SMEs into government and large-scale enterprise procurement. It also includes measures to attract international technology companies, improve financial literacy, and lower credit costs. To support these pillars, 13 specific programs will address regulatory reform, financing access, and capability building, all linked through a new ecosystem-wide database.