Riyadh: The Ministry of Human Resources and Social Development marked World Entrepreneurs' Day, observed annually on August 21, by highlighting its commitment to enhancing the work environment and empowering youth and entrepreneurs through various initiatives that support Saudi Vision 2030. The number of small and medium-sized enterprises (SMEs) has more than doubled from 429,000 in 2016 to over 1.2 million, reflecting the ministry's success in supporting entrepreneurs and expanding self-employment opportunities.
According to Saudi Press Agency, the ministry has implemented several key programs to achieve its goals. An innovation hackathon initiative provides a platform for young men and women to develop creative solutions for labor market challenges. Additionally, the Youth Development Strategy, launched in 2024, includes over 20 unique initiatives to qualify and empower young people, leading to the establishment of the General Administration for Youth Development and a professional certificate for youth work.
The ministry's social security empowerment program has also been highly successful, achieving a 33.7% empowerment rate for beneficiaries by qualifying and supporting 23,394 individuals in the first quarter of 2025. This was accomplished through employment platforms, entrepreneurial project support, and training programs.
The freelance work initiative has enabled over 400,000 active freelancers to obtain work permits and access government incentives, attracting individuals with diverse qualifications; 62% hold a bachelor's degree.
In a move to foster business growth, the Cabinet approved a three-year extension of the exemption from financial fees for small businesses with nine or fewer workers. This decision aims to support entrepreneurship and ensure the continuity of small businesses, contributing to the nation's sustainable economic development.