Speaking at an open discussion about the challenges and solutions that startup businesses face in the banking sector, Hafiz said that small businesses contribute 20 percent to the economy.

In Europe and the US small and medium businesses normally contribute by 50 percent and even more to their GDP. According to him the current status of the contribution of small businesses in Saudi is not up to the expected standards but with the establishment of an SMEs authority banks are now more enthusiastic to provide funding.

According to Hafiz while many startup businesses consider funding as their primary issue, he noted that bureaucracy and the different regulations set by all different government departments is the number one issue including the regulations of the municipality, the Civil Defense, the Ministry of Commerce and Investment among others.