Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.


19k ‘Made in Saudi Arabia’ products now reaching 180 global markets: industry minister

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19k ‘Made in Saudi Arabia’ products now reaching 180 global markets: industry minister

RIYADH: Products carrying the “Made in Saudi” logo have reached 19,000 and are shipped to 180 countries, according to the minister of industry and mineral resources.

In his opening speech at the third edition of the “Made in Saudi” exhibition, Bandar Alkhorayef indicated that the program now includes 3,700 registered national companies.

He noted that the first half of 2025 recorded the highest semi-annual figure for non-oil exports, valued at SR307 billion ($81.8 billion), after total exports in 2024 reached approximately SR515 billion.

The “Made in Saudi” program was launched in 2021 with the aim of strengthening the presence of local products in domestic and international markets and contributing to the growth of the national economy in line with Vision 2030 targets.

The minister highlighted the efforts of the Saudi Exports Development Authority in facilitating the access of national products to global markets.

This has been achieved through the signing of 108 export agreements, the registration of 433 importers on the Saudi Exports platform, and the licensing of nine export houses whose outbound trade has reached 21 countries with a value of SR390 million.

The “Made in Saudi” program is an initiative of the National Industrial Development and Logistics Program. It is managed by the Saudi Export Development Authority, also known as Saudi Exports, a governmental body tasked with increasing the Kingdom’s non-oil exports. 

Saudi Exports developed and is managing the program with the strategic intent of supporting the nation in achieving the objectives of its transformative Vision 2030.