Press Releases

<p>Riyad Bank announced the launch of a credit portfolio with amount of 1 Billion USD to finance organizations that working in the communications and information technology sector, as the first bank in the Saudi Arabia financing in communications and information technology field, this announcement comes during LEAP 2023.</p> <p>This investment aims to boost the size of market and the digital infrastructure in the Saudi Arabia in accordance with objectives of the Saudi Vision 2030 which considered the communications and information technology sector as one of the most important sectors due to its reliability in achieving a qualitative and comprehensive leap for all other sectors as it directly contributes to the development of education, health, economy and other quality of life objectives, moreover, it's will place the Kingdom at the forefront of global countries among data-dependent economies, and transform business environments and the local community to be digitally connected in order to achieve an advanced digital economy.</p> <p>In other hand, the strategy of the Ministry of Communications and Information Technology includes an ambitious plan of action based on attracting leading international companies in priority areas of emerging technologies, increasing the share of local content in the information technology sector, in addition to enhancing technical and digital knowledge and awareness, advancing technical innovation through Promoting research and development in the work system of start-up companies in the Saudi Arabia, enabling the development of mega projects, and raising the contribution of the communications and information technology sector to the GDP by 50 billion riyals, all these directions comes aligned with Saudi Vision 2030 which aims to create bright future for ambitious nation with thriving economy.</p> <p>The launching of this credit portfolio that aiming to finance the organizations that working in communications and information technology sector and supporting the efforts that aiming to localize the technology in the Kingdom of Saudi Arabia as clear evidence of Riyad Bank efforts in the digital transformation journey, also, Riyad Bank considered the first bank in Saudi Arabia invest in the venture capital sector with a volume of 100 million riyals directed to invest in financial technology through the Riyad Fund for Fintech managed by the "Riyad Capital". Where its efforts are focused on investing in the future of the digital banking industry and its innovative tools, in accordance with the qualitative changes taking place in the paths of digital transformation and fintech all over the world.</p>