Saudi Arabia’s banking and finance sectors provided SR 275.576B ($73B) in facilities to SMEs over six years, with a growth of 154%, reaching SR 167.1B ($45B) by 2023, compared to SR 108.519B ($29B) in 2018. Annually, facilities extended increased by 20.3%, reaching SR 46.544B ($12B) by 2023, contrasting with SR 229.032B ($61B) by 2022.
According to the Saudi Central Bank’s March 2024 bulletin, medium-sized enterprises received 57.5% or SR 158.411B ($42B), small enterprises 33.5% or SR 92.275B ($25B), and micro enterprises 9% or SR 24.890B ($7B).
The banking sector contributed 94%, providing SR 258.295B ($69B), while finance companies contributed 6%, equating to SR 17.281B ($5B).
Quarterly data shows a 3% growth in total facilities to SR 268.574B ($72B) by the end of Q4 2023, up from SR 261.574B ($70B) in Q3.
Medium-sized enterprises have revenues ranging from SR 40M ($11M) to SR 200M ($53M) and employ 50 to 249 individuals. Small-sized enterprises generate revenues from SR 3M ($800K) to SR 40M ($11M) and employ six to 49 individuals, while micro establishments have revenues up to SR 3M ($800K) or employ one to five individuals.
