Saudi Awwal Bank named ‘Best Bank for Small and Medium Enterprises in the Kingdom’

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Updated 27 September 2023
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Saudi Awwal Bank named ‘Best Bank for Small and Medium Enterprises in the Kingdom’

Saudi Awwal Bank has received the “Best Bank for Small and Medium Enterprises in the Kingdom” award, issued by the international magazine Euromoney. The award comes as a recognition of the bank’s steadfast commitment to empowering and supporting SMEs in Saudi Arabia.

The commitment of SAB to the SME sector is evident through its support for the Financial Sector Program of Saudi Vision 2030, specifically tailored to SMEs.

SAB has taken significant steps in digital transformation and the adoption of innovative digital banking services for SMEs. This includes launching various digital services with multiple features, such as user management without the need for direct communication with the bank and advanced security features. It has also introduced a digital banking account opening service for SMEs, which received the “Outstanding Initiative for Opening and Managing SME Accounts” award at the 2023 SME Banking Innovation Awards. The bank also provides innovative financing programs tailored to SME requirements.

Yasser Al-Barrak, chief corporate and institutional banking officer, said: “This award reflects our continuous efforts to provide the best services to SMEs in the Kingdom. Our investment in people, technology, and innovation not only demonstrates our commitment to growth and development but also our determination to meet the evolving needs of SMEs during this crucial period of their development. With each achievement, we always look forward to providing innovative banking solutions that meet the aspirations of small and medium-sized enterprises. As we continue to evolve to support them in expanding their business, our goal is not only to be the preferred partner but also to be the driving force behind their success.”

SAB supports many SMEs by collaborating with relevant entities such as Monsha’at, Small and Medium Enterprises Bank, Kafalah Program, the Real Estate Development Fund, the National Information Technology Development Program, the Tourism Development Fund, the Industrial Development Fund, and others.

The bank also collaborates with the London Stock Exchange to provide a range of training and awareness sessions as part of the SAB Academy program for SMEs, which are offered through virtual seminars, regardless of whether the SMEs are clients of the bank. The academy aims to empower these enterprises with financial planning and education as the key elements of success.

 


Alfanar Engineering signs MoU with Schneider Electric Saudi Arabia

Updated 02 February 2026
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Alfanar Engineering signs MoU with Schneider Electric Saudi Arabia

Alfanar Engineering Services announced the signing of a strategic MoU with Schneider Electric Saudi Arabia during its participation in the Saudi Arabia Smart Grid Conference. Both Schneider Electric and Alfanar Engineering have committed to further enhancing operational excellence and customer-centric service delivery thereby ensuring long-term asset reliability of their clients in the Kingdom.

Alfanar Engineering brings to the collaboration a strong in-Kingdom service footprint, supported by extensive operations and maintenance capabilities, advanced testing and commissioning equipment, and a network of specialized service centers and labs strategically located across Saudi Arabia. These capabilities enable the delivery of responsive, high-quality technical support tailored to the needs of critical infrastructure and industrial operations. Schneider Electric, with its extensive installed base of energy management and automation solutions, plays a key role in supporting mission-critical facilities and national industries across the Kingdom.

The collaboration was signed by Sattam Al-Motairi, chief operating officer of Alfanar Engineering Services, and Mohamed Shaheen, cluster president — Saudi Arabia, Schneider Electric. It brings together Alfanar’s local operational expertise and service reach with Schneider Electric’s global technologies and service standards. Together, the two companies will enhance service reliability, improve response efficiency, and deliver greater value through sustainable solutions that optimize asset lifecycles. The MoU also supports the development of localized technical services, contributing to the Kingdom’s objectives for sustainable infrastructure, localization, and industrial resilience.

Al-Motairi said: “At Alfanar Engineering Services, we believe that true value is created long after equipment is installed, through reliable service, fast response, and teams that understand the realities of the field. This collaboration with Schneider Electric enables us to enhance the delivery of after-sales services across the Kingdom, combining deep local expertise with world-class technology. Our focus is clear: keeping critical operations running, supporting our customers’ long-term success, and contributing meaningfully to Saudi Arabia’s industrial and infrastructure ambitions.”

Oday Al-Aithan, vice president of field services for Schneider Electric in Saudi Arabia, Pakistan, Yemen, and Bahrain, said: “At Schneider Electric, we are turning advanced energy management and digital solutions into tangible outcomes through our partnership with Alfanar Engineering Services. By combining our integrated technologies, extensive installed base, and global expertise as a leading energy technology partner with Alfanar’s strong in-Kingdom field services, we deliver smarter, faster, and more reliable solutions that optimize asset performance, accelerate response times, and support resilient, sustainable infrastructure, contributing to the Kingdom’s Vision 2030.”