Riyad Bank and Mastercard join forces to empower MSMEs

The launch of the three-tier credit program marks the latest step by Mastercard and Riyad Bank to serve MSMEs of all sizes and business types.
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Updated 08 June 2025
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Riyad Bank and Mastercard join forces to empower MSMEs

Riyad Bank and Mastercard have collaborated to provide small and medium-sized businesses in Saudi Arabia with enhanced access to funding. The two entities have introduced a unique credit card program offering micro, small, and medium-sized enterprises access to financial solutions to grow and thrive.

As part of the agreement, Riyad Bank will enable MSMEs across the Kingdom with a three-tier credit program providing greater choice and flexibility in the form of unique cards: the Mastercard NMOO Business Credit Card, Mastercard NMOO Executive Credit Card, and Mastercard NMOO World Credit Card.

Each of these unique products will offer flexible limits, supporting enterprises and entrepreneurs to take greater control of their futures. They will deliver real-time solutions that support MSMEs to help buy, operate and sell, bridging financing gaps, and providing access to funding by enabling enterprises to get approved for credit facilities, for example, for business expansion.

“As one of the largest financial institutions in the Kingdom, we are fully committed to serving as a trusted financial solutions partner to the people, businesses, and entities we support,” said Mohammed Abo Al-Naja, chief corporate banking officer, Riyad Bank. “Over the years, we have helped to drive the growth and development of Saudi Arabia’s micro, small, and medium-sized enterprises ecosystem, and today, we are more determined than ever to empower businesses to realize their potential. We are pleased to have partnered with Mastercard to launch our truly novel three-tier credit program, powering the future of MSMEs with timely access to crucial funding.”

“At a time when Saudi entrepreneurship is truly beginning to flourish, we recognize that effective partnerships and innovation are essential to empowering micro, small, and medium-sized enterprises to advance and thrive,” said Adam Jones, EVP and division president, West Arabia, Mastercard. “Our partnership with Riyad Bank was launched with this goal in mind. Together, we aim to provide MSMEs with essential access to critical lending and funding. We look forward to expanding our first-of-its-kind program to more businesses across the country and supporting them in achieving their goals.”


New energy vehicles drive next phase of mobility in Saudi Arabia

Updated 06 February 2026
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New energy vehicles drive next phase of mobility in Saudi Arabia

Saudi Arabia stands at a defining moment in its mobility transformation. Under Vision 2030, the Kingdom is accelerating its transition toward cleaner, smarter and more connected transport systems.
New energy vehicles are at the center of this shift, offering a pathway to a more sustainable automotive ecosystem. Yet while consumer interest is rising rapidly, converting intent into everyday adoption will depend on how effectively the wider mobility system evolves alongside electric vehicles.
Recent nationwide research by Al-Futtaim highlights the strength of this momentum. More than 70 percent of Saudi residents surveyed are already familiar with NEVs, while nearly eight in 10 say they would consider purchasing one as their next vehicle. Most notably, 80 percent expect to buy an electric vehicle within the next three years, signaling that the transition is moving from aspiration to reality.
Despite this optimism, important barriers remain. Range anxiety continues to be the most frequently cited concern, alongside high purchase prices and long charging times. Practical considerations dominate purchasing decisions, with affordability and access to charging infrastructure outweighing environmental motivations. These findings underline a pressing reality: consumers will embrace NEVs at scale only when electric mobility feels as convenient, reliable and accessible as conventional driving.
For industry leaders, this represents both an opportunity and a responsibility. Jerome Saigot, managing director of Al-Futtaim BYD KSA, said: “Saudi Arabia is building the foundations for a future-ready mobility system under Vision 2030. The opportunity now is to connect the dots, bringing together vehicles, charging infrastructure, consumer education and service capability to unlock confident, large-scale adoption of new energy vehicles.”
Charging networks therefore play a central role in supporting adoption, but they are not the only requirement. NEV uptake is closely linked to how cities are planned, how people commute and how transport systems connect.
Emerging mobility models also point to a more connected future. High levels of openness to mobility-as-a-service, autonomous vehicles and shared transport indicate that Saudi consumers are receptive to innovation. However, these technologies will succeed only if they are embedded within systems that link vehicles, infrastructure, data and urban design.
Successful electric mobility ecosystems need to be built around coordinated rather than isolated initiatives. Electric vehicles perform best when supported by reliable charging, smart traffic management, efficient public transport and well-designed urban environments. In this context, NEVs benefit directly from parallel investment in rail, bus networks, digital platforms and active mobility infrastructure.
Encouragingly, public confidence in Saudi Arabia’s long-term mobility vision remains strong. More than 85 percent of respondents surveyed by Al-Futtaim believe the Kingdom is on track to lead in future mobility. Consumers also clearly identify priorities for continued progress, including expanding charging infrastructure, improving mass transportation and strengthening regulatory frameworks.
For policymakers, investors and industry players, the message is clear. The next phase of mobility transformation must focus on alignment: aligning infrastructure with consumer expectations, aligning innovation with everyday needs, and aligning public and private investment around shared outcomes.
Saudi Arabia’s mobility transition is no longer a distant ambition. It is unfolding now, shaped by confident consumers, ambitious institutions and accelerating technological change. By building connected systems that place people at their center, the Kingdom can ensure that electric mobility becomes a lasting part of its sustainable future.
To explore these insights and recommendations in more detail, download The Future of Mobility in Saudi Arabia.