Fear of failure a key challenge to growth in new Saudi businesses: Monsha’at official
Mohammed Al-Faqih of Monsha’at says fear of failure and talent shortages are major obstacles to increasing the number of new businesses in Saudi Arabia.
Mohammed Al-Faqih, head of strategic planning at Monsha'at, has identified fear of failure and talent shortages as significant hurdles to expanding the number of new businesses in Saudi Arabia. In an interview on Al Ekhbariya TV, Al-Faqih emphasized that these issues are key obstacles to the growth of entrepreneurship in the country.
He explained that while small and medium enterprises (SMEs) make up 22.9% of Saudi Arabia's gross domestic product, there are currently over 1.8 million such businesses operating in the Kingdom. Al-Faqih further revealed that the government has developed 13 strategic initiatives aimed at tackling the 12 main challenges faced by entrepreneurs and SMEs.
He stressed the necessity of creating a comprehensive national framework to address these challenges, foster a conducive environment for the sector, and enhance the overall entrepreneurial landscape in Saudi Arabia.
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