Business & Money | Tuesday 31 July, 2018 4:14 pm |

Emirates NBD Saudi Arabia, renewed its partnership with the Kingdom’s KAFALAH Program ((SME Financing Guarantee Program) at a signing ceremony held on the 24thJuly 2018 at the bank’s premises in the capital Riyadh. 

KAFALAH Program is a collaboration between the Ministry of Finance, represented by the Saudi Industrial Development Fund (SIDF) and Saudi banks, and aims to promote financing to Small and Medium Enterprises (SMEs) within the Kingdom of Saudi Arabia. 

Emirates NBD KSA’s Chief Executive OfficerEng. Loai Hassan Abduljawad and Head of Business Banking, Mr. Nawaf Farrash attended the signing ceremony along with KAFALAH Program representatives including General Director, Homam Abdul Aziz Hashim; Credit team leader, Anas Alshaikh; and Study and Contracts team leader Anas Albarrak. 

Emirates NBD’s partnership with KAFALAH Program began in 2015 when KAFALAH program only provided banks with guarantees up to SAR 1.6 Million for SMEs with revenues up to SAR 30 Million.  Following the renewal of the KAFALAH Program partnership, KAFALAH program will include SMEs with revenues up to SAR 200 Million providing banks with guarantees up to SAR 15 Million.

At the ceremony, Homam Abdul Aziz Hashim discussed the program’s contribution to Saudi Arabia’s GDP by empowering SMEs, as a key sector of the Kingdom’s economy. He also stated that with the launch of new products, KAFALAH Program will aim to continue to stimulate the financing of SMEs in line with the Kingdom’s Vision 2030.

Eng. Loai Hassan Abduljawad rejoiced the bank’s long-term commitment to the KAFALAH Programas a key platform to empowering SMEs that provided a vital contribution to the Kingdom’s economy. Following the signing ceremony, Eng. Loai Hassan Abduljawad was presented with a plaque by KAFALAH Program General Director Homam Abdul Aziz Hashim as a token of appreciation for the bank’s continuous contribution.