RIYADH: More than 100 small and medium sized businesses in the tourism and entertainment industry recently received guarantees to the tune of SR 66.9 million from the Kafala program.
Kafala is a joint venture between the Ministry of Finance, which is represented by the Saudi Industrial Development Fund (SIDF), and Saudi banks with the objective of funding small and medium sized enterprises in the Kingdom.
Gen. Ali bin Abdullah Al-Aid, SIDF director, said participating banks have already provided SR 132.6 million to fund 65 businesses in tourism and entertainment.
He said SIDF guarantees loans to tourism and entertainment activities up to 80 percent of the total value of finance, where each guarantee is worth SR 1.6 million.
The tourism and travel sector accounts for 44 percent of total guarantees followed by restaurants and cafes at 32 percent. The entertainment and leisure sector accounts for 22 percent and the hospitality sector the remaining 2 percent.
The Riyadh region obtained the largest number of guarantees accounting for 39 businesses receiving a total of SR 26.1 million. Makkah received SR 14.9 million, the Eastern Province SR 12.4 million, Qasim SR 3.4 million and Madinah SR 2.8 million.
Al-Aid said: “The tourism and entertainment industry is considered the most important business sector within the Kafala Program’s small and medium sized business projects.” SIDF signed a joint cooperation deal with Saudi Commission for Tourism and Antiquities for the provision of financial assistance to owners of tourist and entertainment projects.
Banks offer finance up to SR 2 million and the Kafala Program issues a guarantee to the bank to cover up to 80 percent of the required financing.
The role of the program is not just limited to the issuance of guarantees but includes training and awareness workshops for young entrepreneurs in cooperation with the World Bank, the Institute of Banking and Saudi chambers of commerce and industry.
Kafala approves SR 66.9 million in business guarantees
Kafala approves SR 66.9 million in business guarantees
Experimental farm in Al-Lith looks into future of Saudi Arabian agriculture
- Research initiative reflects strategic transformation
JEDDAH: An experimental farm in Saudi Arabia’s Al-Lith Governorate is one of the research initiatives reflecting the strategic transformation taking place in the Kingdom’s agricultural sector.
The farm uses highly efficient, sustainable production models that combine scientific research with commercial application, contributing to strengthening the country’s food security system and the sustainability of water resources.
Located in the Ghumaiqa Center on an area of about 10 hectares, the cutting-edge farm is a testing platform for modern agricultural technologies that tackle the challenge of water scarcity.
The farm includes developed open fields and modern greenhouses, supported by smart irrigation encompassing drip and sprinkler irrigation alongside surface and subsurface technologies.
All the systems operate via smart controls that enable the monitoring of water consumption and ensure improved efficiency, thereby achieving a balance between agricultural production and water conservation.
The farm also uses treated and diluted low-salinity seawater.
It aims to diversify agricultural water sources, reduce reliance on freshwater, and open new horizons for agriculture in coastal and semi-arid environments.
The project represents a promising investment opportunity in the field of smart agriculture, enabling the development of commercially scalable production models, particularly for high-value vegetables and fruits, while reducing operational costs associated with water and energy, enhancing the economic feasibility of future agricultural projects.
In addition, the project contributes to transferring and localizing agricultural expertise, supporting local food supply chains, and creating an attractive environment for agricultural investment.
This aligns with Sustainable Development Goals and enhances the efficiency of the private sector in adopting innovative agricultural solutions.
Yahya bin Abdulrahman Al-Mahabi, the director of the Ministry of Environment, Water and Agriculture office in Al-Lith Governorate, told the Saudi Press Agency that the project represented the future of agriculture in the Kingdom.
He explained that the vision was based on investing in technology, enhancing the return on water per unit, and integrating scientific research with investment opportunities.
Al-Mahabi spoke of the experimental farm as a modern, scalable and replicable model applicable in several regions of the Kingdom, particularly in coastal environments.
Al-Mahabi highlighted the Ministry of Environment, Water and Agriculture’s commitment to supporting distinctive projects that contributed to achieving food security while developing rural areas and enhancing agricultural production efficiency, in line with the objectives of the Kingdom’s Vision 2030.
