Riyadh – Sharikat Mubasher: Homam Hashem, CEO of the Small and Medium Enterprises Loan Guarantee Program (Kafalah), revealed that total loans issued through the program by financing entities are expected to reach SAR 24 billion by the end of this year.
He added that Kafalah managed to support SMEs with a total of SAR 127 billion worth of loans through different banks and financing institutions since the program’s launch in 2018, with almost 85% of them within the last 5 years.
Speaking on the sidelines of the first day of the Arab and Regional Guarantee Programs Forum in Riyadh, Hashem said funding for the entertainment, culture, and technology sectors rose sharply to SAR 3 billion by the end of last month, compared to just SAR 224 million previously.
He added that guarantees extended to the tourism sector also exceeded SAR 3 billion, up from an initial capital of SAR 226 million, reflecting growing demand and government-backed support to stimulate investment in key non-oil sectors.
Kafalah continues to play a critical role in enabling SME financing across Saudi Arabia, aligning with the Kingdom’s economic diversification goals.