Saudi MSMEs see 20 percent growth in credit offerings

Saudi MSMEs see 20 percent growth in credit offerings

RIYADH: Credit facilities provided to micro, small, and medium enterprises in Saudi Arabia saw a 20 percent rise in 2023 compared to the preceding year, marking the highest growth rate for 3 years.

Data from the Kingdom’s central bank, known as SAMA, showed borrowing lines allocated to this sector reached a total of SR275.66 billion ($73.51 billion) in the 12 months to the end of December, showing a rise from SR229.03 billion in the previous year. Saudi MSMEs see 20 percent growth in credit offerings