Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - KAFALA program issues 6,757 guarantees for SR3.4bn  Join our daily free Newsletter

MENAFN - Arab News - 22/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The SME Loan Guarantee Program (KAFALA) has achieved Mohammed Bin Rashid Award for Young Business Leaders as Best Development Fund for 2013 in the Arab world.
Osama Al-Mubarak, acting chairman of the program, received the award during the ceremony held recently in Dubai with the support of Sheikh Mohammed bin Rashid Al-Maktoum, UAE vice president, prime minister and ruler of Dubai.
The award has been given to KAFALA from Mohammed Bin Rashid Award For Young Business Leaders as a tribute to its efforts and contributions in enhancing and developing the SMEs' sector in the Kingdom, and also in involving the Saudi banking sector toward expanding its role in supporting and financing SMEs.
Ali Al-Ayed, GM of Saudi Industrial Development Fund and chairman of the advisory board for KAFALA Program, expressed his thanks and appreciation for the continuous support of Sheikh Mohammed Bin Rashid Organization for young business leaders for creating a competitive environment among the entrepreneurs in the Arab world.
On the other hand, Al-Ayed mentioned that the main role of the program is in developing the SMEs' sector, and expanding its beneficiary base and creating new employment opportunities that would contribute to reducing unemployment rates, due to continued support from Custodian of the Two Holy Mosques King Abdullah and the crown prince, as also from the Ministry of Finance to the program and his role in overcoming the difficulties facing it.
Al-Ayed announced that since its initiation at the beginning of 1426H up to the end of 1434H, the Program issued a total of 6,757 guarantees for a total sum of SR3.4 billion against the total approved financing of SR6.8 billion." He added: "Within the framework of balanced regional development, the program management focused on distribution of guarantees in a manner calculated to ensure optimized use of guarantees by all of the Kingdom's administrative regions, and among different economic sectors such as construction, commercial, industrial, finance and business, and others, where it is estimated that the program has created till the end of 1434H around 15,500 jobs."
The KAFALA Program is due to the collaboration between the Ministry of Finance, represented by the Saudi Industrial Development Fund (SIDF), and Saudi banks, which aims to promote financing to small and medium enterprises (SMEs) within the Kingdom.
The programs' activities are not simply limited to the issuing of guarantees for SMEs, but they also embrace training, education, and development of SME owners and related parties in collaboration with the International Finance Corporation, a member of the World Bank Group; the Institute of Banking established by Saudi Arabian Monetary Agency (SAMA); and the participation of the Saudi banks and chambers of commerce and industry.

 


Arab News




  MENA News Headlines
 Dec 21 2014 - Saudi- Muhammad Ali hospitalized with mild pneumoniaArab News
(MENAFN - Arab News) LOUISVILLE: Boxing legend Muhammad Ali was in stable condition after being hospitalized with a "mild" case of pneumonia his spokesman Bob Gunnell said.The 72-year-old Ali was ...

 Dec 21 2014 - Al-Naimi is 'confident' oil prices will improveArab News
(MENAFN - Arab News) ABU DHABI: Petroleum and Mineral Resources Minister Ali Al-Naimi said he was confident world prices would improve after a slide he blamed partly on 'lack of cooperation' by ...

 Dec 21 2014 - Irresponsible non-OPEC output behind oil price plunge: UAEArab News
(MENAFN - Arab News) ABU DHABI: "Irresponsible" levels of output by producers from outside the OPEC oil cartel is among the main causes of the slump in prices the UAE energy minister charged ...

 Dec 21 2014 - Gulf oil producers stand firm on OPEC outputAFP
(MENAFN - AFP) Oil-rich Arab Gulf countries stood firm against non-OPEC crude producers on Sunday, vowing they will not cut output nor hold an emergency cartel meeting to support slumping ...

 Dec 21 2014 - Saudi produces 74 percent of GCC polymer capacityMENAFN
(MENAFN) The National Petrochemical Industrial Co. (NATPET), a Saudi joint stock company, has revealed that 74 percent of the GCC's polymer capacity, totaling 17.6 million tons, was produced in the ...

 Dec 21 2014 - Algeria worried on falling oil pricesMENAFN
(MENAFN) Algeria, which oil revenues make up 97 percent of its hard currency earnings and 60 percent of the government's budget, is beginning to feel the impact of the fall in oil prices that led it ...

 Dec 21 2014 - UAE's non-oil trade hits USD142b in H1MENAFN
(MENAFN) The UAE's Federal Customs Authority (FCA) said that the value of direct total foreign non-oil trade has reached USD142.8 billion during the January-June period of 2014, Arabian Business ...

 Dec 21 2014 - UAE slams non-OPEC members on rising oil productionMENAFN
(MENAFN) The UAE's Ministry of Energy said that the decision made by the Organization of the Petroleum Countries (OPEC) not to cut production was correct despite the prices continuing with their drop ...

 Dec 21 2014 - Oman's OLC, Spanish CLH sign USD320m contractMENAFN
(MENAFN) Orpic Logistics Company (OLC), a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic), announced it has signed an engineering, procurement and construction (EPC) ...

 Dec 21 2014 - UAE's Hakkasan acquires USD36m The Light GroupMENAFN
(MENAFN) Hakkasan Group, the hospitality and entertainment company owned by Abu Dhabi-based Tasameem Real Estate, announced it has acquired The Light Group from Morgans Hotel Group (MHG), Arabian ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help