The General Authority for Small and Medium Enterprises (Monsha’at) has announced that 5 Saudi startups have achieved unicorn status with valuations exceeding $1 billion, while 35 more startups are on the verge of reaching this milestone.
These companies operate in sectors such as artificial intelligence, fintech, tourism, and logistics, which are supported by government policies aimed at improving the regulatory environment and fostering a culture of innovation and entrepreneurship.
Aligned with Saudi Vision 2030, the goal is to increase the contribution of small and medium enterprises (SMEs) to the GDP to 35%, enhance the business environment, and promote innovation across key sectors, thereby diversifying national income sources and boosting economic competitiveness.
Monsha’at highlighted programs like “Tamooh” and “Stimulating Potential Billion-Dollar Companies”, which offer services including consulting, mentorship, training, and support for international expansion, as well as connecting startups with partners and investors.
The “Tamooh” program has helped companies like “Jahez” and “Na3Na3” achieve significant revenue growth and expand into local and international markets through partnerships with entities such as Saudi Tadawul Group and the Saudi Industrial Development Fund.
