Riyadh: The banking and finance sectors granted, in the course of six years, till the end of 2023, SAR275.576 billion worth of facilities to small, medium, and micro enterprises.
This marks a 154% growth, or SAR167.1 billion, over 2018, when the figure stood at SAR108.519 billion.
On an annual level, the facilities provided grew by 20.3%, at an estimated value of SAR46.544 billion, compared to SAR229.032 billion by the end of 2022.
According to the monthly statistical bulletin issued by the Saudi Central Bank for March 2024, medium-size enterprises accounted for the largest share of the total facilities, at 57.5%, or SAR158.411 billion. Then came small enterprises, at 33.5% or SAR92.275 billion, and micro enterprises, at 9% or SAR24.890 billion.
The banking sector contributed the largest share of the total facilities provided, at 94%, or SAR258.295 billion. Finance companies contributed SAR17.281 billion, accounting for some 6%.
Quarterly data for the total facilities provided by the banking and fin
ance sectors to these enterprises also show a 3% growth by the end of the fourth quarter of 2023, an increase of about SAR7 billion over the SAR268.574 billion at the end of the third quarter of the same year.
Medium-size enterprises are classified by the Small and Medium Enterprises General Authority as having revenues of SAR40 to SAR200 million, and 50 to 249 employees. 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.
Source: Saudi Press Agency
