Saudi Arabia Approves National SME Strategy for 2030

Saudi Arabia's Cabinet has approved a National Strategy for Entrepreneurship and Small and Medium Enterprises aimed at boosting the role of small businesses in the economy by 2030. The plan sets out ambitious targets for job creation, economic contribution, and the overall business environment.

The strategy targets the creation of more than 500,000 direct and indirect jobs by 2030, while raising the contribution of SMEs to gross domestic product to 35%, up from around 20% today. It also aims to place the Kingdom first globally on the Entrepreneurial Skills and Knowledge Index by 2030.

Built around 13 initiatives, the strategy focuses on financing, market access, enterprise growth, and strengthening the wider entrepreneurship ecosystem. For residents and expats running or planning to start a business, two measures stand out.

Government fee refunds

Eligible SMEs can request refunds of specified government fees paid between 1 January 2024 and 31 December 2028, with applications due by 31 December 2026. Refundable categories include commercial-registration issuance and renewal, company-formation publication, establishment-to-company conversion, Chamber of Commerce subscriptions and renewals, municipal licences, Saudi Post subscriptions, and the registration of one trademark.

Main eligibility requirements include a valid commercial registration, a valid SME-size certificate, a valid activity licence, and Saudi ownership subject to specified exceptions. Applications and eligibility procedures are handled through منشآت.

Entrepreneur financing

Financing through the Social Development Bank ranges from SAR 50,000 to SAR 500,000. Repayment may extend to 108 months, with a grace period of up to 12 months. The stated charges are a 9% administrative fee and a 2% annual service fee, and applications are submitted electronically through the Social Development Bank.

Together, the measures aim to make it easier and cheaper to launch and grow small businesses, a core goal under رؤية السعودية 2030.

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