Investment in small and medium enterprises in Saudi Arabia is expected to grow to more than USD 70 billion by the end of 2015, with the government and banks providing much-needed funding, according to industry data compiled by Zawya.
The sector's contribution to the kingdom's gross domestic product could rise to 37% by the end of 2015 from 35% a year earlier; in line with forecast growth in the number of licensed SMEs to some 2.5 million by end-2015 from 1.97 million as of January 2014.
But Mohammed Albelaihed, director of the SME center at the Council of Saudi Chambers, said only 71% of the enterprises were operational, while 29% have shut down due to financial difficulties.