Saudi Arabia approves national entrepreneurship and SME strategy

Saudi Arabia’s cabinet has approved a national strategy for entrepreneurship and small and medium-sized enterprises, adding a policy framework to the country’s Vision 2030 economic plans. Reports on the decision say the strategy aims to raise the sector’s contribution to GDP to 35% by 2030. Small and medium-sized enterprises include businesses smaller than the country’s major companies, and the strategy signals the government wants them to play a larger role in economic growth as the country pursues a more diversified economy under Vision 2030 over the rest of the decade.