Saudi micro firms, SMEs receive SAR 108 bln financing in 2018

Saudi micro businesses and SMEs received SAR 108.5 billion in financing from the banking sector by the end of 2018, Talaat Hafez, secretary-general of the Media and Banking Awareness Committee of Saudi Bank, said in a statement.

The financing accounts for 6 percent of all facilities given to all types of firms, he said.

He recently stated that small and medium enterprise (SMEs) financing accounts for SAR 70 billion worth of lending portfolios in Saudi banks, but that figure didn’t include all firms’ types, and financing given by financing institutions to this sector, he added