Saudi SMEs Show Strong Growth Ambitions Despite Economic Uncertainty, Mastercard Finds

Small and medium-sized enterprises (SMEs) in Saudi Arabia are among the most growth-focused in the world, even when conditions aren’t stable. Mastercard ’s new Dreamonomics report, which surveyed 18 markets around the world, also found that the Kingdom’s SMEs are focused on expanding their customer reach, and keen on switching to a business card to keep business and personal spending separate.

The Mastercard research shows that while 68% of SMEs globally prioritize predictability over fast growth, only 56% of SMEs in Saudi Arabia say the same, indicating a greater growth mindset even in the absence of stability. When it comes to customers, only 41% (compared to 61% globally) would prefer building deep relationships with customers even if their reach is more limited, reflecting a stronger ambition among Saudi SMEs to scale and reach new customers.

“It takes a lot of perseverance to go from business dream to business success, and this research shows that Saudi Arabia’s SMEs are actively thinking about the technology, business tools, security and customer reach they need to keep growing. As the Kingdom advances towards its Vision 2030 goals, Mastercard remains committed to empowering every business with the secure solutions and products they need, so that we can keep their momentum active.”

– Adam Jones, Division President, West Arabia, Mastercard

Key insights for Saudi Arabia from the Dreamonomics report

• Rising interest in business cards. 100% of Saudi SMEs currently using a personal card are interested in switching to a business card, with 45% citing the need to better separate business and personal spending and 27% encouraged by rewards and benefits. It shows SMEs expect everyday business spending to also work harder for their businesses.
• Tools that work together. Seven in 10 (71%) say it is critical that their business tools are connected and work well together.
• Optimism about AI. Seven in 10 Saudi SMEs (71%) are excited about the possibilities AI opens up for their business.
• A focus on protection. Two-thirds (67%) say protecting their business from cyber threats is a high priority, and 41% are interested in AI-powered fraud and security protection from their financial provider.

Earlier this year, Mastercard launched Built Small. Moving Strong, a regional resilience program designed to help SMEs navigate rising costs, supply chain disruption and economic change. The program brings the ecosystem together, combining financial tools and digital enablement to help SMEs maintain continuity while strengthening their long-term resilience. It also supports Mastercard’s commitment to connect and protect 500 million people and small businesses on their pathways to financial health by 2030.

The Dreamonomics results also build on the recent Mastercard SME Confidence Index, in which seven in 10 SMEs in Saudi Arabia said digital payments are important to help them grow better and faster. As Saudi Arabia advances its Vision 2030 goals, SMEs are playing a central role in the Kingdom’s economic diversification, and Mastercard is ramping up momentum in providing them with the infrastructure, technology and tools to thrive.

“Saudi entrepreneurs are building their businesses with a clear sense of direction and what the next stage of growth looks like. They want tools that keep business and personal finances apart, giving them visibility over spending and new benefits that can be applied to the business. At Mastercard, we are collaborating with banks, fintech companies and the wider ecosystem across the Kingdom to provide payment solutions that are secure, simple and built for growth.”

– Saud Swar, country manager, Saudi Arabia, Bahrain, Jordan and other Levant, Mastercard

As small businesses prepare for what growth may demand next, Mastercard brings the connected system of insights, tools and solutions to help SMEs power every payment, protect every step and propel every dream.