Saudi Arabia allocates 5B riyals for SMEs

The Small and Medium Enterprises (SME) sector in Saudi Arabia has launched a financing portfolio worth 5 billion riyals to enhance collaboration and facilitate access to innovative digital financial products, aiming to increase productivity and its contribution to the gross domestic product (GDP) in line with Vision 2030. Additionally, the Saudi Cabinet approved a national strategy to support and develop the sector, targeting an increase in the contribution of SMEs to 35% of GDP and creating more than 500,000 jobs. The strategy also seeks to diversify beneficiary sectors, including industry, healthcare services, and tourism. It is based on providing financial facilitation opportunities of up to 10 years and includes support for e-commerce and financing against assets, with the goal of building a sustainable entrepreneurial environment and achieving growth beyond previous levels.

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