Latest news with #SR4
Zawya
28-04-2025
- Business
- Zawya
Saudi: Kafalah grants 1,900 loan guarantees worth over $1.28bln to SMEs during 1Q 2025
RIYADH — The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has issued 1,900 loan guarantees to small and medium enterprises (SMEs) with a total financing worth over SR4.8 billion during the first quarter of 2025. This figure marks an increase of 19 percent compared to SR4 billion during the same period last year. The value of credits amounted to more than SR 3.4 billion, compared to SR2.9 billion during the same period last year, an increase of 17 percent. The number of enterprises that benefited from the Kafalah program during the first quarter of the fiscal year 2025 reached 1,610 small and medium enterprises (SMEs). Hammam Hashem, CEO and Board Member of Kafalah, considered SMEs as a fundamental pillar in driving the national economy and a pivotal element in achieving sustainable development and diversifying sources of income, in line with the Saudi Vision 2030. He praised the Kafalah program's experience as a successful model of public-private sector integration in empowering SMEs to meet challenges and achieve growth. "The program, since its launch in 2006 and until the end of the first quarter of 2025, has approved more than 67,700 loan guarantees, benefiting over 25,000 SMEs. The total financing exceeded SR115 billion, compared to guarantees totaling approximately SR82 billion," he said. The Kafalah program seeks to strengthen the national economy by providing loan guarantees to enhance enterprises' access to necessary financing. To reduce lending risks borne by financing entities, the program leverages strategic partnerships and innovative technical tools, supported by the program's knowledge base. This complements the Small and Medium Enterprise Bank, which supports the expansion of financing for small and medium enterprises (SMEs), under the management of the National Development Fund, which works to provide an incubator environment for SMEs in the Kingdom. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
Kafalah grants 1,900 loan guarantees worth over SR4.8 billion to SMEs during 1Q 2025
Saudi Gazette report RIYADH — The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has issued 1,900 loan guarantees to small and medium enterprises (SMEs) with a total financing worth over SR4.8 billion during the first quarter of 2025. This figure marks an increase of 19 percent compared to SR4 billion during the same period last year. The value of credits amounted to more than SR 3.4 billion, compared to SR2.9 billion during the same period last year, an increase of 17 percent. The number of enterprises that benefited from the Kafalah program during the first quarter of the fiscal year 2025 reached 1,610 small and medium enterprises (SMEs). Hammam Hashem, CEO and Board Member of Kafalah, considered SMEs as a fundamental pillar in driving the national economy and a pivotal element in achieving sustainable development and diversifying sources of income, in line with the Saudi Vision 2030. He praised the Kafalah program's experience as a successful model of public-private sector integration in empowering SMEs to meet challenges and achieve growth. "The program, since its launch in 2006 and until the end of the first quarter of 2025, has approved more than 67,700 loan guarantees, benefiting over 25,000 SMEs. The total financing exceeded SR115 billion, compared to guarantees totaling approximately SR82 billion," he said. The Kafalah program seeks to strengthen the national economy by providing loan guarantees to enhance enterprises' access to necessary financing. To reduce lending risks borne by financing entities, the program leverages strategic partnerships and innovative technical tools, supported by the program's knowledge base. This complements the Small and Medium Enterprise Bank, which supports the expansion of financing for small and medium enterprises (SMEs), under the management of the National Development Fund, which works to provide an incubator environment for SMEs in the Kingdom.
Arab News
01-04-2025
- Business
- Arab News
Saudi firms announce 2024 financial results amid Eid trading break
RIYADH: Multiple companies have released their financial results for 2024 despite the Saudi market remaining closed for trading due to the Eid Al-Fitr holiday, which lasts until April 2. Red Sea International Co. reported a turnaround in profitability, announcing a net profit of SR4 million ($1.07 million), compared to a net loss of SR23.1 million in 2023. In a statement on Tadawul, the organization attributed the improvement to the full-year impact of its First Fix acquisition, along with stronger revenues and performance. Operating profit surged to SR70 million from SR6 million in the previous year. Raydan Food Co. posted a net loss of SR73.1 million in 2024, widening from SR30.8 million in 2023, a 136.6 percent increase. The company attributed the losses to declining sales, lower revenues from contracts and franchises, higher selling and marketing expenses, and impairment costs related to right-of-use assets and land. Foreign currency valuation adjustments and investment impairments also contributed to the decline. Sales fell 12.4 percent to SR155.3 million due to weaker branch performance and lower contract revenues. Osool and Bakheet Investment Co. remained profitable despite a drop in net income. The firm's profits dropped to SR19.8 million from SR25.4 million in 2023, largely due to a 24 percent fall in total revenues. A 31 percent reduction in expenses and a 55 percent decrease in financing costs did help offset the impact. Other income surged 152 percent to SR4.2 million, though zakat expenses rose 58 percent to SR3.8 million. Maharah Human Resources Co. reported a robust earnings gain, with net profits rising 27.1 percent to SR127.4 million, driven by an 18 percent revenue increase and a 6 percent improvement in gross profit, supported by corporate services sector growth. The organization benefited from an SR20 million reduction in expected credit losses and an SR11 million boost in other operating income, mainly from increased government incentives for Saudi employment. However, higher investments in human capital pushed general and administrative expenses up by SR3.5 million, while financing costs rose by SR4 million. Additionally, profits from associate companies, including Care Shield Holding Co. and Saudi Medical Systems Co., fell 30 percent, amounting to an SR12.2 million decline, due to weaker results from Care Shield Holding Co. and the absence of Saudi Medical Systems Co.'s financial data for the last six months of 2024.
Arab News
18-03-2025
- Business
- Arab News
$1.06bn deal signed to launch new logistics zone in Riyadh's Falcon City
RIYADH: A new SR4 billion ($1.06 billion) logistics zone will be created within Falcon City in northern Riyadh, after a deal between Saudi firms SAL and Sela Co. The development will provide integrated infrastructure combining Class A warehouses, multimodal connectivity, and smart logistics technologies to enhance supply chain efficiency and facilitate the faster movement of goods locally and regionally. The deal, which aims to strengthen the Kingdom's position as a global logistics hub, is backed by the Private Sector Partnership Program, also known as Shareek. The agreement comes as the Kingdom plans to invest more than SR1 trillion in the logistics sector by 2030, with the number of facilities already up by 267 percent since 2021. Commenting on the Falcon City deal, Omar bin Talal Hariri, CEO of SAL, said: 'The SAL Logistics Zone is not just a development project — it is a model for the future of integrated logistics services. 'We are leveraging technology and sustainability to create an advanced operational environment that attracts investment and supports the Kingdom's economic growth.' The partnership for the 1.5 million sq. meter logistics zone was signed in Riyadh in the presence of Minister of Transport and Logistics Services Saleh Al-Jasser, Minister of Investment Khalid Al-Falih, and CEO of the Shareek Program Center Abdulaziz bin Abdulrahman Al-Arifi, along with senior officials, investors, and business leaders. The zone will serve as a comprehensive hub catering to the increasing demand for custom-designed warehouses. 'Falcon City is more than just a development project; it is an integrated economic destination aimed at providing a modern business environment that supports multiple industries,' Rakan Al-Harthy, managing director of Sela, said. He further emphasized that the partnership with SAL Logistics Services will facilitate the establishment of state-of-the-art facilities that cater to local and international companies and enhance business and investment flow. This logistics zone significantly enhances the company's capabilities due to its strategic location near King Khalid International Airport, major highways, and railway networks. Falcon City spans 14.4 million sq. meters and will feature the Riyadh Exhibition and Convention Center, as well as a modern logistics zone designed to attract major global companies, an aviation runway, and an aircraft maintenance hub. The development also includes economic, commercial, and residential zones, as well as hospitality and entertainment areas and an outlet mall. This strategic partnership directly supports Saudi Vision 2030 by enhancing logistics connectivity, stimulating local and international investments, and developing modern infrastructure to attract businesses and investors. It also reinforces the Kingdom's role in regional and international trade, driving sustainable economic growth and positioning the country as a leading logistics powerhouse.
Gulf Insider
16-03-2025
- Business
- Gulf Insider
Ramadan 2025: Surge in demand for culinary items in Saudi Arabia
Demand is surging in Saudi Arabia for plastic and paper items associated with food gatherings in Saudi Arabia during the current Muslim holy month of Ramadan. Ramadan, which began this year on March 1, is noted for family gatherings and indulgent meals after a day-long fast. Sales of items such as cups, plates and spoons have seen an increase in the run-up and during the Ramadan season from restaurants and families, who use them extensively during the holy month. The upsurge has prompted some shop owners to take advantage and hike up prices. Since the last week of Shaaban, the lunar Islamic month preceding Ramadan, prices have gone up by SR4 for paper cups. Prices of plastic utensils, mainly plates, vary according to size, but generally they have doubled to reach SR10 apiece for large plates, the Saudi newspaper Al Watan reported. Mohammed Al Harabi, a vendor of paper products, said that since the first day of Ramadan, the demand for his items has increased. These items are so widely used at family gatherings during Ramadan that their prices have gone up. 'They are the preferred choice for women in Ramadan,' Al Harbi said. He also cited a rise in demand for all types of paper napkins, whether for the table or scented napkins, aluminum foil rolls and packaging used to preserve food and keep it hot. According to him, the boom in the restaurant and banquet sector in Saudi Arabia is fuelled by an increase in demand for ready-made meals and group fast-breaking Iftars during Ramadan. 'Restaurants and bakeries need paper materials in large quantities, a matter that is positively reflected in the sales,' he added. Chef Maha Taher said most families prefer to use paper to facilitate preparing the sunset Iftar and the pre-dawn Suhur meals. This is particularly true for women workers whose schedules are tight during Ramadan.
