SMEs financing reaches SAR 70 bln of Saudi banks' loan portfolio: report

Small and medium enterprise (SMEs) financing accounts for SAR 70 billion worth of lending portfolios in Saudi banks, Okaz newspaper reported, citing Talaat Hafez, secretary-general of the Media and Banking Awareness Committee of Saudi Banks.

“SMEs that are not able to repay their loans represent 2 percent of the total number of borrowers, a reasonable rate when compared to other countries,” Hafez said.

“The SMEs sector generates 60 percent to 62 percent of Saudi jobs, which makes it a promising sector in the Kingdom’s economic and business movement,” he added.