23 Hrs
Source:
الاقتصادية
Saudi SME funding exceeds 100B riyals
The total amount of financial guarantees provided through the "Kafala" SME Financing Guarantee Program has exceeded 100 billion riyals, benefiting 28,000 establishments. These have been able to secure over 140 billion riyals in funding to support their growth and sustainability. This support has translated into the expansion of many businesses, as 51 medium-sized enterprises have transitioned to the parallel market "Nomu," and the proportion of very small and small to medium enterprises has grown to higher tiers. The program helps reduce lending risks and stimulate financing, while studies indicate a 17% increase in employment among beneficiaries. Additionally, it has contributed approximately 27 billion riyals to the gross domestic product over the past five years.
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