Calls to Intensify Financing Programs For Saudi Small Enterprises

 Part of the Riyadh Chamber virtual workshop to discuss financing options for SMEs and entrepreneurs (Asharq Al-Awsat).
Part of the Riyadh Chamber virtual workshop to discuss financing options for SMEs and entrepreneurs (Asharq Al-Awsat).
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Calls to Intensify Financing Programs For Saudi Small Enterprises

 Part of the Riyadh Chamber virtual workshop to discuss financing options for SMEs and entrepreneurs (Asharq Al-Awsat).
Part of the Riyadh Chamber virtual workshop to discuss financing options for SMEs and entrepreneurs (Asharq Al-Awsat).

In light of Saudi Arabia's efforts to increase the participation of the private sector in the new initiatives to boost the Kingdom’s economy, investment and trade, the Chamber of Commerce and Industry in Riyadh recently stressed the need to launch various financing programs to support entrepreneurs and small and medium enterprises (SMEs) in the wake of the pandemic.

In this regard, the Riyadh Chamber launched a virtual workshop on Sunday to study a number of options, programs and financing products to support entrepreneurs and SMEs, based on their vital role in achieving the goals of Saudi Vision 2030.

The workshop, organized by the Entrepreneurship Committee at the Riyadh Chamber in cooperation with the General Authority for SMEs, discussed on Sunday a number of issues and challenges facing these enterprises with regards to obtaining financing to ensure the sustainability of their commercial activities.

Nayef Al-Obaidi, member of the Entrepreneurship Committee, explained that creating financing programs and products to support entrepreneurs and SMEs was “an urgent necessity to maximize their economic role.”

For his part, Munif Al-Otaibi, head of Business Banking for SMEs at the Saudi British Bank (SABB), emphasized “the interest of banks in this large segment of establishments and the endeavor to provide various products to meet their financing needs to help them grow and develop.”

“By the end of the third quarter of last year, the volume of bank financing reached 164 billion riyals ($3.3 billion),” he said, noting SABB has launched a number of financing programs targeting entrepreneurship and small and medium enterprises.

Ibrahim Al-Mansour, Director of the SMEs Finance Center at the Arab Bank stated that the bank’s financing programs targeted all sectors, except for those that do not support the GDP.

He noted that his bank focused in particular on providing financing for SMEs that have entered the operational phase.



Dubai Expects $15.4 Bln in Economic Gains from Metro Blue Line

Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
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Dubai Expects $15.4 Bln in Economic Gains from Metro Blue Line

Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat
Sheikh Mohammed bin Rashid at Blue Line Metro groundbreaking ceremony – Asharq Al-Awsat

Dubai expects its newly launched Blue Line metro project to generate more than 56.5 billion dirhams ($15.4 billion) in cumulative economic, social and environmental benefits by 2040, officials said at a groundbreaking ceremony attended on Monday by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

 

The Blue Line represents one of the emirate’s most significant transport infrastructure investments to date and is a cornerstone of the Dubai 2040 Urban Master Plan and the D33 economic agenda aimed at boosting the city’s global competitiveness and quality of life.

 

Spanning 30 kilometers with 14 stations serving nine districts, the Blue Line is expected to serve nearly one million residents by 2040. Authorities estimate it will reduce road congestion by 20% and increase property values along its route by up to 25%.

 

During the ceremony, Sheikh Mohammed approved the design of the Emaar station, which is set to become the world’s tallest metro station at 74 meters high, with a daily passenger capacity of up to 160,000.

 

Mattar Al Tayer, Director-General and Chairman of the Board of Dubai’s Roads and Transport Authority (RTA), said the new line will expand the city’s rail network to 131 kilometers, with 78 stations and 168 trains in operation.

 

Since its launch in 2009, Dubai Metro has transported more than 2.5 billion passengers and now accounts for around 6% of total public transport ridership in the city, according to figures released on Monday.

 

Preliminary studies show the Blue Line will deliver wide-ranging benefits through reduced fuel consumption, lower carbon emissions and improved traffic safety.

 

The line will also provide direct connectivity between Dubai International Airport and key economic, educational and tourism hubs, with travel times ranging from 10 to 25 minutes.

 

Once completed, the Blue Line will become Dubai’s fifth major mass transit initiative, following the Red and Green metro lines, Dubai Tram, and Route 2020.