Fear of failure a key challenge to growth in new Saudi businesses: Monsha’at official

Mohammed Al-Faqih, head of strategic planning at the Small and Medium Enterprises General Authority (Monsha’at), has highlighted the main challenges facing the growth in the number of new businesses.

Speaking in an interview with Al Ekhbariya TV, Al-Faqih said that among the most significant challenges are the rising fear of failure and the difficulty in attracting specialized talent.

He added that small and medium enterprises (SMEs) contributed 22.9% to Saudi Arabia’s gross domestic product, with the total number of businesses in the Kingdom exceeding 1.8 million in the second quarter of 2026. He noted that 13 strategic initiatives have been developed to address the 12 key challenges facing entrepreneurs and SMEs.

Al-Faqih also stressed the importance of establishing a comprehensive national framework to address these challenges, build an enabling ecosystem for the sector, and strengthen the entrepreneurial environment.

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