Saudi Arabia has pumped SAR 14.1 billion ($3.76 billion) in financing to boost its local economy in the first six months of the year.

The capital, coursed through the National Development Fund (NDF) and its affiliates and banks, benefited various businesses and individuals in different sectors, according to the Saudi Press Agency (SPA).

Around SAR 10.3 billion in support and SAR 5.6 billion in guarantees were also disbursed to support the economic, social and cultural objectives of the kingdom’s transformative program, the Saudi Vision 2030.

Established in 2017, the NDF seeks to inject more than SAR570 billion to boost the country’s gross domestic product (GDP), triple its non-oil GDP to SAR605 billion and create jobs across the kingdom. It oversees the financing activities of several development funds and financial institutions that support various sectors.

Various funds

During the first half of the year, the Saudi Industrial Development Fund (SIDF) allocated approximately SAR1.6 billion in financing to 104 industrial enterprises, including around SAR 1.1 billion to large businesses “of strategic importance” in the industrial sector, and small and medium enterprises.

The Tourism Development Fund (TDF) logged SAR133 million in financing, as well as SAR34 million in support and guarantees worth SAR52 million for 40 businesses in the tourism sector.

Saudi’s Cultural Development Fund (CDF) extended SAR30 million in guarantees to more than 30 enterprises to support cultural activities.

The Human Resources Development Fund (HRDF) provided support worth SAR4.6 billion through empowerment, guidance and training, among other programs. The fund backed the employment of more than 199,000 individuals and provided services to 79,000 businesses.

Saudi’s SME bank offered guarantees worth SAR 5.2 billion through the Kafalah program and an investment worth SAR 172 million through the Saudi Venture Capital Company. Around SAR215 million in financing was also provided through the programs of the SME Bank.

The Social Development Bank (SDB) provided SAR 3.8 billion in financing and support to more than 70,000 individuals, as well as around SAR 2.6 billion in financing to 5,400 SMEs.

More than 31,000 beneficiaries looking to own a house also benefited from the Real Estate Development Fund, with the total support disbursed for subsidised loans amounting to SAR 5.5 billion during the first half of the year.

As for the Agricultural Development Fund, some financing worth SAR 2.9 billion benefited around 6,000 individuals and 63 establishments, while financial guarantees of around SAR 316 million were also granted.

The Saudi Export-Import Bank also extended SAR 2.8 billion in financing. Exports covered by credit insurance policies reached SAR 4.25 billion, while other guarantees, which include credit for exports, amounted to SAR 77 million.

(Writing by Cleofe Maceda; editing by Seban Scaria)