SMEs awarded more than 80% of new industrial licenses: Saudi minister of industry

Since the start of 2021 the government has issued 670 new industrial licenses

Small and medium enterprises (SMEs) have scooped up more than 80 percent of all new industrial licences issued since the beginning of the year, the Saudi minister of industry and mineral resources has revealed.

Bandar Al-Khorayef disclosed the information during a meeting organised by the Public Authority for Small and Medium Enterprises, Monshaat.

He added that since the start of 2021 the government has issued 670 new industrial licenses with investments exceeding SR74 billion ($19.7 billion), with 477 factories launching operations, while providing more than 31,000 job opportunities.

Al-Khorayef said that the current opportunities in the industry and mineral resources sectors are not restricted to large capitals but can attract new business startups, highlighting these sectors as the key enablers of Vision 2030.

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