In 2023, funding for SMEs in Saudi Arabia totaled approximately $3.2 billion.
In 2023, funding for SMEs in Saudi Arabia totaled approximately $3.2 billion. Source arabnews.com RIYADH: As of December 2023, SR12.1 billion ($3.22 billion) had been allotted to 5,476 initiatives by Saudi Arabia's Kafalah program, which supports small and medium-sized businesses. Over SR15.6 billion in finance was given to SMEs through the initiative, which also guaranteed 7,178 loan requests in 2023. According to the Saudi Press Agency, the effort gave priority to providing support to businesses located in different parts of the Kingdom. A number of localities, like Asir (66%) and Al-Jouf (45%) and Tabuk (42) have demonstrated significant increases in guarantee values for potential regions. According to SPA, cooperation with numerous government agencies was essential to SMEs' support in 2023. With the help of the Kafalah program, SMEs can obtain the necessary funding for growth, drawing in new owners