Riyadh: CEO of the Small and Medium Enterprises Bank (SME Bank), Ibrahim Alrashid, has announced that Saudi Arabia's financing sector has undergone a significant transformation following the launch of Vision 2030. This transformation is evident in the evolution of financing tools and policies within the Kingdom.
According to Saudi Press Agency, Alrashid made these comments during the opening session of the 'Funding Week' on Sunday. He emphasized that Saudi Arabia has already achieved its 2025 targets for financing and lending directed at small and medium-sized enterprises (SMEs). The event, organized by the Small and Medium Enterprises General Authority (Monsha'at) in collaboration with SME Bank, is scheduled from May 3 to 7. It is taking place across SMEs Support Centers in Riyadh, Jeddah, Al-Khobar, and Madinah. This initiative is part of a series of business-themed weeks aimed at improving SMEs' access to financing solutions and enhancing their ability to leverage them effectively.
Alrashid highlighted that the total cumulative credit facilities provided to micro, small, and medium enterprises reached approximately SAR467 billion by the end of 2025, reflecting a 33% year-on-year growth. He also noted ongoing efforts to further expand this impact and help bridge the financing gaps within the sector. Alrashid anticipates a qualitative shift in the sector over the next five years, driven by three main pillars: indirect financing, guarantee instruments, and venture capital tools.
The Funding Week is a testament to Monsha'at's commitment to empowering SMEs by connecting them with financing and enabling entities, while also raising awareness of available funding options. These initiatives aim to support the growth and sustainability of enterprises and enhance their contribution to the national economy. The event's first day featured several specialized sessions and gatherings on financing solutions offered by public and private sector entities. It also included discussions on the digital transformation of financial services in the Kingdom and the Saudi Industrial Development Fund's financing and advisory enablers.
Monsha'at has extended an invitation to interested SMEs and entrepreneurs to register for the event through its official website: (https://www.monshaat.gov.sa/ar/node/460497).