New Report Analyzes Strategic Role of Saudi SMEs in Accelerating Economic Diversification
As part of its Vision 2030 strategic plan, Saudi Arabia’s national attention has turned to the small & medium-sized (SME) sector as a fundamental source of economic dynamism whose growth and progress would benefit the country as a whole. With this pivotal focus in mind, the U.S.-Saudi Arabian Business Council (“the Council”) is pleased to release its latest report Small & Medium-Sized Enterprise Development in the Kingdom of Saudi Arabia. The comprehensive report offers a wide range of recommendations for generating, increasing, and maintaining high-quality growth in a vital sector of the Saudi economy.
Today, estimates show that SMEs comprise 90 percent of businesses in Saudi Arabia and account for 60 percent of total employment. Vision 2030’s focus is to increase SME contribution to GDP from 20 percent to 35 percent, lower unemployment from 11.6 percent to 7 percent, and increase non-oil exports from 16 percent to 50 percent.
The Council’s report aims to support the goals of Vision 2030 by focusing on issues which, if addressed, will contribute to Saudi SMEs playing a greater and more effective role in creating a new economic environment in the Kingdom. The report provides an overview of the state of Saudi SMEs; identifies gaps and opportunities; offers international best practices for stakeholder consideration; and presents practical recommendations for promoting growth. In developing the report, the Council partnered with AccountAbility, a renowned global research and advisory firm.
In conjunction with the report, the Council, in collaboration with Saudi Aramco and the U.S. Commercial Service, will be convening the “U.S.-Saudi SME Forum: Accelerating Growth and International Partnerships” to be held October 1-2, 2018, in Los Angeles, California. The SME Forum will facilitate translating the recommendations of the report into concrete gains for Saudi SMEs and bolster their role as a major contributor to the growth of the Kingdom’s economy. The two-day conference will provide a venue where Saudi and American SMEs can network and share their experiences as serious entrepreneurs operating in challenging environments. The gathering will provide a unique opportunity for highly ranked American and Saudi government and corporate leaders, entrepreneurs, and key stakeholders to discuss the main focus areas of the Council’s report:
•Improving Sales Opportunities to Public Private Sector Entities
•Navigating Regulatory Hurdles and Financing Challenges
•Developing Business Management Skills and Financial Literacy
•Building Workforce Technical Skills and Subject Matter Expertise
•Data Sharing
Over the coming weeks, check-in at the Council’s website: www-us-sabc.org for detailed information on forum registration, program agenda, speakers, and much more pertaining to this event.
