SMEs said to employ 1m Saudis, set to grow amid reforms

By Sam Bridge / Arabian Business


SOURCE: Arabian Business - SMEs said to employ 1m Saudis, set to grow amid reforms

Small and medium enterprises (SMEs) currently provide employment for 1 million Saudis and 3.7 million foreigners, according to data from the General Authority for Statistics (GaStat).

The statistics, cited in a new research note from Jadwa Investment, show that around 950,000 SMEs are registered for business purposes in Saudi Arabia.

The figures also showed that Saudis working for SMEs, on average, received a monthly salary of SR6,600, compared to SR9,900 per month received by Saudis working in larger enterprises.

The same data showed that of the one million Saudis employed in SMEs, around 33 percent are employed in wholesale and retail, and 10 percent in the manufacturing sector. In terms of Saudization, SMEs in the finance and insurance sector hire the biggest share of Saudis with 61 percent, followed by real estate at 48 percent.