Press Releases

<p>Riyad Bank was recognized as the top supporter of Kafalah Program, the small and medium-sized enterprises funding Guarantee Program, according to the results of the first quarter of 2018 in terms of the total number of guaranteed enterprises. Riyad Bank has funded more than 34% of the total number of enterprises that have received credit facilities from Saudi banks supporting Kafala program.</p><p>The shared success of Riyad Bank and Kafala Program comes as a part of the Bank's active contributions to develop the private sector in general in order to keep up with the aspirations and requirements of Vision 2030, and to support small and medium-sized enterprises in particular to enable them to play their roles within the Kingdom’s vision, which is to raise the GDP contribution of SMEs in the Kingdom to 35 percent by the year 2030.</p><p>Furthermore, this success is a result of the Bank’s belief that this vital sector substantially contributes to countries’ economies by developing and diversifying the sources of the national income, creating job opportunities, developing exports, empowering the country's young men and women economically, reducing poverty, as well as contributing to provide opportunities for success to everyone.</p><p>The Bank has succeeded in acquiring the largest share in this sector due to the diversity of its programs and funding solutions characterized by flexibility and creativity, which will meet all the funding and non-funding requirements of the small and medium enterprises.</p><p>The Bank also provides all entrepreneurs in the Kingdom with an "SME Toolkit" which is a comprehensive and extensive guide that provides owners of enterprises with free templates and software for business management as well studies and numerous information sources. It also includes self-assessment exercises and useful questions that can help to refine administrative, marketing and financial skills of small and medium-sized enterprises owners, in order to ensure the continuity of these enterprises and their effective contribution to the national economy and to achieve the entrepreneurs’ objectives.</p><p>It is worth mentioning that Riyad Bank is one of the first banks to support Kafala Program since its inception in 2006 and the first bank that applies the method of Finance Portfolios Guarantee.</p>