Saudi Arabia’s banking and finance sectors granted in the last six years (2018-2023) SAR275.576 billion ($73.48 billion) worth of facilities to small, medium and micro enterprises (SMMEs). This marks a 154 percent growth over 2018, when the total reached SAR108.519 billion.
Annually, the banking sector’s facilities saw a 20.3 percent or SAR46.544 billion increase in 2023 compared to SAR229.032 billion by the end of 2022. By the end of Q4 of 2023, the banking and finance sector’s total facilities saw a 3 percent increase from Q3’s SAR268.574 billion.
The Saudi Central Bank also revealed in its monthly statistical bulletin that, in March 2024, medium-sized enterprises accounted for the largest share of the total facilities, at 57.5 percent, or SAR158.411 billion. Following that came small enterprises, at 33.5 percent or SAR92.275 billion, and micro enterprises, at 9 percent or SAR24.890 billion.
Saudi Arabia’s banking sector contributed the largest share of the total facilities at 94 percent, or SAR258.295 billion. Meanwhile, finance companies contributed SAR17.281 billion, accounting for around 6 percent.
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Saudi Arabia’s Small and Medium Enterprises General Authority classifies medium-size enterprises as having revenues of SAR40 to SAR200 million, and 50 to 249 employees. Meanwhile, small-size enterprises have revenues of SAR3 to SAR40 million, and six to 49 employees, while micro establishments have revenues of up to SAR3 million or one to five employees.
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