Riyadh - Sharikat Mubasher: In a significant move to allure foreign companies and magnet more investments to the Saudi market, the Small and Medium Enterprises Loan Guarantee Program (Kafalah) is gearing up to extend its services to benefit foreign investors within the upcoming period, CEO Homam Hashem announced.

The program’s future plans include guaranteeing financing portfolios and tapping into new sectors in 2025, Hashem stated in an interview with Al Eqtisadiah newspaper.

The CEO added that the program aims to provide its financing guarantee services for businesses working in environment and industry sectors, besides raising the financing provided to businesses working in entertainment, endowment, and culture sectors.

Hashem further affirmed the program’s commitment to offering financing guarantees to empower male and female entrepreneurs across the Kingdom.

He noted that the Kafalah program collaborated with the Small and Medium Enterprise Bank (SME Bank) to develop a strategic plan for 2025 goals that include enhancing the program’s efficiency and achieving unprecedented records. Additionally, the program is currently in talks with several government entities to develop new products.

The Kafalah program targets attracting new segments of business owners who have never dealt with financiers while contributing to the development and growth of these businesses.

It is worth noting that the Kafalah program aspires to reach SAR 200 billion worth of financing guarantees to support small and medium-sized enterprises (SMEs) in Saudi Arabia.