In a significant move to bolster the Kingdom’s small and medium-sized enterprises sector in exporting and streamline their access to global markets, Saudi Awwal Bank has collaborated with the Saudi EXIM Bank and the Kafalah Program. Through the “Guarantee Financing for Export Sector Enterprises” initiative, the collaboration will enhance financing options for enterprises working in the export sector and enable them to ensure sustained growth.

This collaboration will expand financing opportunities for small and medium-scale enterprises across various sectors, fostering an environment that will enable their international product exportation. The initiative marks a significant advancement in the collective efforts to propel SMEs onto the global stage, and is in line with the goals of the Financial Sector Development Program supporting the Kingdom’s Vision 2030.

The Saudi EXIM Bank introduced the “Export Sector Enterprises Financing Guarantees” product, specifically crafted to boost financing for small and medium enterprises engaged in international commerce, facilitating their export activities. This initiative reflects the Saudi EXIM Bank’s commitment to enhancing the operational capabilities of businesses and empowering them to play a significant role in the diversification of the national economy, the increase in non-oil GDP, and the expansion and spread of Saudi non-oil exports in global markets.

Yasser Al-Barrak, chief corporate and institutional banking officer at SAB, said: “This collaboration underscores our dedication to fostering the development of small and medium enterprises, particularly in international trade. Through the ‘Export Sector Enterprise Financing Guarantees’ product, we aim to provide specialized financing to empower these enterprises to reach new milestones on the global stage.”

He added: “Our collaboration with the Saudi EXIM Bank and the Kafalah Program aligns with our strategic goals of supporting the growth of small and medium enterprises. This enables these enterprises to navigate challenges and seize opportunities in the global market, underscoring the sector’s significance in enhancing economic expansion.”

The collaboration is specifically designed to offer tailored support for the Kafala Program beneficiaries through a unique credit track. This track assists local exporters within the program by offering reduced fees compared to the standard track and expanding the coverage volume. The overarching goal is to broaden the range of support, ensuring that a more comprehensive array of local exporters in the Kingdom can leverage these benefits to extend their businesses internationally.

e& life, the business pillar of e& that brings the next-generation digital world to the consumer’s fingertips, has joined the Dubai Fintech Summit, organized by Dubai International Financial Centre, the leading global financial center in the MEASA region.

The summit, scheduled for May 6-7, at Madinat Jumeirah, Dubai, will see an unprecedented gathering of more than 8,000 decision-makers, over 300 thought leaders and 200 exhibitors showcasing cutting-edge technologies.

As a “Powered By” sponsor, e& life is dedicated to supporting innovative and future-thinking businesses on a global scale.

e& life leverages cutting-edge technologies to offer fintech, entertainment, retail, and mobility services through its smart platforms and apps. Their fintech arm, e& money, has become a regional powerhouse, known for its user-friendly mobile financial services and its position as the UAE’s fastest-growing issuer of Mastercard debit cards.

Mohammad Alblooshi, chief executive at DIFC Innovation Hub, said: “The path to true innovation lies in collaboration and the Dubai Fintech Summit strives to bring together global leaders, innovators and disruptive startups to shape the future of finance. The alliance between the summit and e& life demonstrates our mutual commitment to fostering a dynamic fintech ecosystem to strengthen Dubai’s existing reputation as a leading business destination. Transforming challenges into opportunities, our goal is to create the most advanced, inclusive and technologically empowered financial community.”

Khalifa Al-Shamsi, chief executive at e& life, said: “The Middle East is at the forefront of a major transformation in financial services delivery, driven by technology shifting from traditional to innovative solutions. As a pioneer in the region’s flourishing fintech sector, e& is driven by a bold vision to lead this change.

“Through strategic partnerships, we aim to fast-track progress and take the region’s fintech potential to new heights. This partnership represents a valuable opportunity for both e& and its fintech portfolio under the business pillar e& life to collectively imagine new possibilities, inspire breakthrough ideas, and catalyze impactful innovations. By bringing together the talent and resources within our ecosystems, we can accelerate the journey toward a future where financial services truly empower people across societies. We look forward to contributing our expertise to shaping discussions that will steer the direction of the industry and play a role in realizing the UAE’s aspiration to become a global hub for financial innovation.”

In line with the Dubai Economic Agenda to position Dubai as the top four global financial hub by 2033, the second edition of the Dubai Fintech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global fintech sector. It presents a unique opportunity to explore emerging fintech trends and their potential to drive financial progress in the MEASA region.