RIYADH: More than 10,000 establishments are now benefiting from the Kafalah Fund in Saudi Arabia, SPA reported.
Guarantees stood at SR30 billion ($7.9 billion) at the end of 2020, double the 2019 figure, the news agency said, citing program CEO Homam Hashem.
The fund aims to assist small and medium-sized enterprises in obtaining Islamic finance needed to develop and expand their businesses.
The wholesale and retail sectors were the biggest beneficiaries with more than 2,000 establishments — a 254 percent increase compared to a year earlier.
Riyadh ranked first in terms of the number of companies benefiting from the fund, followed by the Eastern Province and Makkah in third place.
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Saudi Kafalah loan guarantees double to $7.9bn
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Saudi Kafalah loan guarantees double to $7.9bn
- Guarantees stood at SR30 billion ($7.9 billion) at the end of 2020, double the 2019 figure
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
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