The Small and Medium Enterprises General Authority (Monsha'at) unveiled details of 13 initiatives under the Cabinet-approved National Entrepreneurship and SME Strategy to boost competitiveness across market access, funding, business environment, innovation, and expansion.

Monsha'at Governor Sami Al Hussaini said implementation will be coordinated with the public, private, and non-profit sectors to evaluate impact and align efforts.

Market access initiatives focus on developing open innovation, empowering SMEs in industrial cities and special economic zones, supporting international expansion, and increasing SME participation in government and corporate procurement.

Business environment and data initiatives include creating a comprehensive SME database, attracting global innovative startups, reviewing sector-specific Saudization minimums, cutting business costs, and establishing a framework to monitor economic impact.

Funding initiatives aim to enhance financial literacy, simplify lending and investment procedures, attract alternative finance providers, and increase financial supply in the local market.

The strategy rests on three core pillars: building an enabling ecosystem, driving growth for promising enterprises in vital sectors, and fostering an entrepreneurial culture.

Monsha'at said the strategy supports Saudi Vision 2030 targets to increase SME contribution to GDP to 35%, create over 500,000 direct and indirect jobs, and rank Saudi Arabia first globally in entrepreneurial skills and knowledge by 2030.