Riyadh – Mubasher: Total salaries of small and medium-sized enterprises' (SMEs) employees in Saudi Arabia went up by 1.6% during the second quarter (Q2) of the year, reaching SAR 10.675 billion.

The rate measuring entry of new SMEs into the Saudi market increased by 2% over the April-June period, despite the impacts of the novel coronavirus, according to a recent report by the Saudi General Authority for Small and Medium Enterprises (Monshaat).

The number of SMEs in the Saudi market reached 571,177 by the end of Q2-20.

Moreover, the number of beneficiaries from the non-direct loan initiative reached 170 with SAR 142 million worth of financings. Total amounts of money invested in the government venture capital (VC) fund hit SAR 41.9 million distributed on 129 investment contracts.

According to the report, the total contribution of micro-, small and medium-sized enterprises (MSMEs) to the gross domestic product (GDP) registered 28.7% while recording 43.6% to the non-oil GDP.

Monshaat aims to raise SMEs contribution in GDP to 35% by 2030.