AI Opens 10B Riyal Funding for Saudi Small Businesses
Small and medium-sized enterprises in Saudi Arabia have been able to secure financing worth 10 billion riyals over two years, thanks to artificial intelligence technology that manages the creditworthiness assessment process and facilitates financing procedures. Abuab AI, a company specializing in financial solutions using artificial intelligence, succeeded in reducing the time required to obtain funding from 12 weeks to just one day by automatically analyzing financial statements and submitting them to financial institutions. Additionally, the company launched a 15 million riyal investment round led by European firm Speed Invest, aiming to expand its operations both domestically and internationally, and to increase the hiring of AI engineers. These developments come within the framework of a Saudi strategy to promote entrepreneurship, support small and medium-sized enterprises, and develop the financial sector in the Kingdom.
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