Press Releases

<p>Riyad Bank has recently signed a renewal of a cooperation agreement with Kafala Program Funding small and medium enterprises (SMEs) which adds a number of advantages in the development of small and medium enterprises to meet the aspirations and requirements of Saudi Vision 2030. The new advantages include increasing the bank lending for these enterprises and extending the range of beneficiaries (small and medium enterprises) to include tourism sector activities, businesswomen, emerging enterprises as well as increasing the maximum number of kafala issued for enterprises that their sales reach SAR 200 million. As well as, raising the maximum amount of the program coverage to SAR 15 million while raising the coverage of tourism sector activities to 90%. This can contribute in supporting such small and medium enterprises and empowering them to achieve their goals, which would create job opportunities for young people and support the economic growth to produce multiple sources of GDP.</p><p>Riyad Bank is considered one of the most active banks with this program during the first half of this year in terms of the total number of enterprises supported by Kafala where the bank has funded more than 33% of enterprises that obtained credit facilities by the banks cooperating with Kafala program. The bank also provides the SME Toolkit to all of entrepreneurs in Saudi Arabia as a comprehensive and extensive guide that provides business owners with free models and software related to business administration, as well as numerous researches, self-assessment of enterprises to determine their suitability and financial ability. In addition to useful materials that will develop administrative, marketing and financial skills of small and medium enterprises owners in order to ensure the continuity of their enterprises and their effective contribution to the national economy.</p>