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SME Bank Allocates 10.5 Billion Riyals to SME Funding Solutions

SME Bank Allocates 10.5 Billion Riyals to SME Funding Solutions
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SME Bank Allocates 10.5 Billion Riyals to SME Funding Solutions

SME Bank Allocates 10.5 Billion Riyals to SME Funding Solutions

The Small and Medium Enterprises Bank (SME Bank), a development bank under the National Development Fund, announced allocating an amount of 10.5 billion riyals to support the small and medium enterprises sector, through existing and new financing programs offered by the Bank, including direct and indirect lending programs, financing guarantee, and investment solutions during the next three years.

This falls in line with the continuous support provided by the Saudi leadership and the efforts of SME Bank to provide innovative and scalable funding solutions to achieve the goals of the Kingdom's Vision 2030 and raise the sector’s contribution to the GDP to 35%.

SME Bank Acting Chief Executive Officer Abdurrahman bin Mohammed bin Mansour said that “SME Bank” seeks to increase the financing provided to small and medium enterprises,
and enhance the contribution of financial institutions in providing innovative financing solutions, which contributes to the growth and prosperity of this vital sector.

He also confirmed that the bank's business started recently by introducing 6 main financing products that were developed based on the needs of small and medium enterprises. SMEs can now apply for financing through the website of the SME Bank, which provides access to more than 48 financing institutions in the Kingdom.

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Oil Prices Inch Down on Expected Minimal Sanctions Impact

Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Inch Down on Expected Minimal Sanctions Impact

Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while US tariffs ensure demand concerns remain.

Brent crude futures dropped 20 cents, or 0.3%, to $69.08 a barrel by 1100 GMT after settling 0.35% down on Friday. US West Texas Intermediate crude eased by 6 cents, or 0.1%, to $67.28 after a 0.3% decline in the previous session.

The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude, Reuters reported.

"The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions."

Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.

The EU sanctions followed US President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days.

ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce.

Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.

In the US, the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday.

US tariffs on European Union imports are set to kick in on August 1, though US Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc.

"Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore.

"It feels very much like a $64-$70 range in play for the week ahead."

Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.