A coffee shop is seen empty of customers after Saudi Arabia's decision to ban gatherings, following the outbreak of coronavirus, in Riyadh. While big businesses are cash-abundant and well-equipped to seize growth potentials, micro and small businesses – including hotels, restaurants and cafes – have shifted to Sary's platform to secure purchases after seeing huge declines in demand and being forced to cut jobs, including procurement, Aldossary said. — Reuters
RIYADH: Saudi Arabia's digital marketplace Sary, which connects small businesses with merchant wholesalers, has secured US$6.6mil (RM28.76mil) in financing to boost expansion as coronavirus-driven demand for essential goods boosts appetite for its services.
Under an ambitious reform drive led by Crown Prince Mohammed bin Salman to diversify the economy away from oil, Riyadh plans to boost small and medium enterprises' (SMEs) contribution to GDP to 35% by 2030, from a current 20%.
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