11 Hrs
Source:
الاقتصادية
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AI Helps Saudi Firms Access 10B Riyals Funding
Artificial intelligence has helped small and medium-sized enterprises (SMEs) in Saudi Arabia secure financing totaling 10 billion SAR over two years, through 10 financial institutions. Abuab AI, a company specializing in fintech and lending solutions, utilizes AI-powered credit and financial analysis techniques to process funding requests at exceptional speeds, reducing approval time from 12 weeks to just one day. The company also launched an investment round of 15 million SAR, led by Speed Invest, to support the expansion of its operations and hire more AI engineers, with the goal of reaching global markets. The Saudi government has approved a strategy to empower entrepreneurship and SMEs as part of efforts to develop the financial sector and enhance efficiency and growth through technology and innovation.
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