Saudi Arabia’s Small and Medium Enterprise Bank (SME Bank) gave more than SR10bn ($2.7bn) in financing to support small and medium enterprises (SMEs) in the first six months of 2023.The support was delivered in various parts of the Kingdom through all financing and investment agencies, and programs, under the bank umbrella.

The increase is an extension of the effective partnership between SME Bank, government agencies and financing and investment agencies, and comes within the framework of continuous support of the leadership, to strengthen the role of SMEs in the Kingdom’s economy.

Saudi Arabia is backing startups with a $200 million fund

Saudi Arabia is embarking on an ambitious journey to diversify its economy away from oil, and it is betting on technology to play a pivotal role in this transformation.

With a significant move towards strengthening its position in the high-tech industry, the country has launched a $200 million fund for early-stage investments in both domestic and international high-tech companies as part of the King Abdullah University of Science and Technology (KAUST) strategy.

This fund is a pivotal component of the 2030 vision to diversify the kingdom’s economic resources and transform research into economically beneficial innovations in sectors like health, sustainable environment and essential needs, energy and industrial leadership, and economies of the future.

This ambition will be achieved through three major initiatives including the launch of the National Transformation Institute for Applied Research (NTI) to boost technology development and commercialisation; the restructuring of research centres to align with national priorities for research, development and innovation; and the creation of the new fund.