Monshaat spends over SR800m on 824 small and medium Saudi enterprises

Small businesses in the Kingdom are now benefitting fromhe government's indirect lending initiative. (SPA file photo)
Updated 21 June 2019

Monshaat spends over SR800m on 824 small and medium Saudi enterprises

RIYADH: The Small and Medium Enterprises General Authority (Monshaat) announced that 824 enterprises (SMEs) had benefitted from its indirect lending initiative to the tune of over SR800 million ($213 million) on Tuesday.

Authorized by the Saudi Arabian Monetary Authority (SAMA), 17 companies have become partners in the initiative, helping to raise the funds. The indirect lending initiative, launched by Monshaat in cooperation with the Social Development Bank, aims to provide low-cost loans for SMEs and entrepreneurs in the Kingdom.

Monshaat designed it so that guarantors and lenders came from a diverse range of backgrounds, sharing the burden across the Saudi private sector and widening the reach of their investments. The initiative was launched with resources of SR1.6 billion.

Monshaat urged male and female entrepreneurs and owners of SMEs to visit its website to benefit from the initiative, where they will be able to check all the details related to the initiative and the partners authorized by SAMA.

The initiative is an important cog in the Kingdom’s broader economic and social outlook, which aims to help boost SMEs to the point that they contribute up to 35 percent of Saudi gross domestic product by 2030.


Saudi envoy receives Libyan ambassador to the UN

Updated 18 January 2020

Saudi envoy receives Libyan ambassador to the UN

NEW YORK: Abdallah Al-Mouallimi, Saudi Arabia’s permanent representative to the UN, held talks in New York with Taher El-Sonni, Libya’s UN ambassador and permanent representative. 

The two sides discussed issues of mutual concern and latest political developments in the region. 

Al-Mouallimi congratulated El-Sonni for his new apppointment and conveyed the Saudi leadership’s best wishes for prosperity, stability and progress to the Libyan people. 

Al-Mouallimi reiterated Saudi Arabia’s rejection of any foreign interference in the Libyan affairs, adding that Riyadh will continue to push all concerned parties to reach a political solution that guarantees the unity of Libya and saves
people’s lives.