Middle East's best bank for SMEs 2020: Riyad Bank
Awards for Excellence 2020
A great deal of resources have been dedicated to small and medium enterprises in Saudi Arabia as the kingdom looks to increase SME’s contribution to GDP from 20% to 35% under its Vision 2030 programme.
In Saudi Arabia, 99% of private-sector companies are SMEs, although the sector lags behind regional and global peers in terms of size and value. Saudi SMEs contribute around 20% of GDP compared with 53% in the UAE and 45% on average among countries worldwide, according to research by Castlereagh Associates.
SMEs are expected to play a vital role in diversifying the economy away from oil and to provide employment for Saudi’s young population. In March 2020 the government announced SR50 billion ($13.3