Latest news with #RakanAlsheikh
Zawya
03-03-2025
- Business
- Zawya
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.
Arab News
02-03-2025
- Business
- Arab News
Monsha'at report charts sustainable trends among Saudi and Global SMEs
Monsha'at, Saudi Arabia's Small and Medium Enterprises General Authority, has released its latest quarterly SME Monitor, providing an in-depth look at key trends shaping the Kingdom's SMEs ecosystem. This edition highlights a 67 percent quarterly increase in commercial registrations, the expansion of green financing and sustainability programs, and the growing role of Saudi SMEs in the global green economy. With Saudi Vision 2030's commitment to sustainability, the report highlights many of the ways in whichSaudi SMEs can contribute to the Kingdom's ambitious renewable targets, from adopting circular economy principles to investing in renewable energy, reforestation, and environmental megaprojects, eco-tourism, EV adoption, and sustainable reporting. With $186 billion being invested by the Saudi Green Initiative to support the local green economy, the opportunities for sustainable SME growth are ripe. If the Kingdom's private sector is rapidly adopting, it's thanks in large part to ambitious public sector policies supporting green growth and innovation, the report shows. In addition to sizeable investments by the Green Financing Framework (GFF) to create a more circular economy, accelerators like Sidra and Mega Green and a number of VC funds are enabling a surge of investments in food security, water, and agriculture, circular economy, energy transition and storage, sustainable manufacturing, smart cities and sustainable infrastructure, and more. 'At the heart of Saudi Arabia's transformation lies our vibrant SME sector, which serves as a powerful driver of the economy,' Rakan Alsheikh, the deputy minister for policies and economic planning, told Monsha'at. 'They are not just business entities but pioneers of sustainable solutions that create lasting impact. Their agility and adaptability allow them to integrate renewable energy, green technologies, and circular economy principles into their operations, reinforcing Saudi Arabia's commitment to a more sustainable future.' In addition to its coverage of sustainability trends in Saudi Arabia, the latest SME Monitor also has a special section on global developments in SMEs sustainability. In the OECD, for example, three-quarters of SMEs are now actively working to reduce their carbon footprint, while 12 percent of EU SMEs generate renewable energy onsite. With the global market for green technology and sustainability projected to reach $135 billion by 2030, early adopters stand to gain significant competitive advantages. In its survey of broader SMEs developments across Saudi Arabia, the report also reveals a notable uptick in commercial registrations in Q4 2024, a key indicator of the country's consistently dynamic entrepreneurial landscape. In addition to 160,000 new registrations, sectors like e-commerce reached 40,953 total registrations that quarter, an impressive 10 percent year on year increase. Thanks to the variety of enablement, financing, franchising, innovation, and business development programs offered by Monsha'at, more than 100,000 SMEs benefitted from the Kingdom's chief SME enabler in Q4 2024, the report shows. Moreover, Saudi Arabia's VC funding ecosystem continued to lead MENA through Q4 2024, with $750 million deployed to Saudi-based startups over 178 deals that year, representing 39 percent of all investments in the region that year.
Saudi Gazette
02-03-2025
- Business
- Saudi Gazette
Monshaat: 67% increase in commercial registrations during Q4 2024
Saudi Gazette report 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.
Leaders
02-03-2025
- Business
- Leaders
Saudi SME Sector Soars with Record Commercial Registrations
The Saudi Small and Medium Enterprises General Authority (Monsha'at) announced a remarkable 67% quarterly surge in commercial registrations during Q4 2024, totaling 1.6 million. Riyadh led regional registrations with 39%, followed by Makkah (17%), the Eastern Region (16%), Qassim (6%), and Aseer (5%), with the remainder spread across other areas. Highlighting the growing emphasis on sustainability, the latest SME Monitor Report spotlights SMEs' adoption of circular economy models, renewable energy, and reforestation projects. It also underscores collaboration with government programs like the Sustainability Champions Initiative, which connects SMEs with leading firms to share expertise in green technologies and environmental tourism. Empowering SMEs Through Knowledge and Partnerships Rakan Alsheikh, Deputy Minister for Policies and Economic Planning, emphasized Monsha'at's role in preparing SMEs to capitalize on renewable energy and electric vehicle trends. The report features success stories from entrepreneurs and companies integrating sustainability into their operations, aligning with Saudi Arabia's broader vision for a greener economy. Over 51,000 individuals benefited from Monsha'at Academy training, while 41,076 SMEs accessed support centers. The Jadeer service qualified 2,100 businesses, and innovation centers supported 4,258 ventures. Additionally, 205 trademarks were listed on the Franchise Center platform, reflecting expanded opportunities for entrepreneurs. As part of its quarterly series, the SME Monitor Report serves as a vital resource for investors and stakeholders, offering insights into emerging trends and policy updates. Access the full report here . Short link : Post Views: 9
