Saudi Arabia’s King Salman issued in December, 2017 a royal decree approving $19.2 billion worth of measures to stimulate growth in the private sector next year. The plan is expected to receive 200 billion riyals in the next four years, with the aim to boost domestic demand, promote economic transformation, promote development of the Saudi private sector, and increase the contribution of the Saudi private sector to GDP to 65% by 2030.

In the package, three are targeted at SMEs and will be implemented by the Saudi General Authority of Small and Medium Enterprises.

• Firstly, 1.6 billion riyals (about $0.4 billion) will be provided to small and medium-sized enterprises through indirect lending. 

• Secondly, a venture capital fund for SMEs will be established with a total value of 2.8 billion riyals (about $0.7 billion). 

• Thirdly, 7 billion riyals (about $1.8 billion) of government fees paid by SMEs will be refunded, including all government fees paid by SMEs after 2018, such as foreign employee tax, business license fees, municipal license fees, trademark registration fees, etc. SME owners can receive the relevant refunds after being registered online.