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
 May 3 2015 - Egypt- Salah said to stay next season in Fiorentina, Mohamady's Hull City reboundsDaily News Egypt
(MENAFN - Daily News Egypt) Italian club Fiorentina's CEO, Sandro Menucucci told Sky News last Friday that coach Vincenzo Montella will keep winger Mohamed Salah, who plays for the side, in the next ...

 May 3 2015 - Qatar's foreign trade surplus decreases to USD4.52b in MarchMENAFN
(MENAFN) Qatar's foreign trade surplus declined to USD4.52 billion in March, marking a decrease by 53.7 percent year-on-year due to lower oil and Nat gas prices, according to the Ministry of ...

 May 3 2015 - Egyptian Ali Farag takes over GillenMarkets Irish Squash OpenDaily News Egypt
(MENAFN - Daily News Egypt) Egyptian squash player Ali Farag, ranked 73rd on the world rankings, has taken the GillenMarkets Irish Open 2015 title, one of the Professional Squash Association (PSA) ...

 May 3 2015 - Triathlon seeks place under Egypt's sunDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's first triathlon was held in 2012. With 17 Egyptian contestants, it was a big deal back then. Now, almost every month there is an event, and 300 Egyptian ...

 May 3 2015 - American Football in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) In a country that knows almost no sport but football, young Egyptian men are getting more and more interested in Gridiron football, or as it is more commonly known, ...

 May 3 2015 - Egypt- Football roundup: Zamalek widens gap with Al-Ahly, ENPPI stands groundDaily News Egypt
(MENAFN - Daily News Egypt) The matches of the 26th and 27th weeks of the Egyptian football premier league were played over the course of the last week, as Zamalek SC retained the top spot, widening ...

 May 3 2015 - Egypt- New training programme seeks 15% return in tourism labour in one yearDaily News Egypt
(MENAFN - Daily News Egypt) During four years of a tourist flow deficit, over 40% of direct tourism sector employees have left the field looking for other jobs. The latest numbers for 2014 recorded ...

 May 3 2015 - Egypt- Tourist flow declines in Luxor, Aswan lowers April occupancy rates: ETAA ChairmanDaily News Egypt
(MENAFN - Daily News Egypt) Occupancy rates in Luxor and Aswan still range between 15% to 20%, according to Chairman of the Egyptian Travel Agents Association (ETAA) Tharwat El-Agamy.El-Agamy added ...

 May 3 2015 - EGP 180bn collected in taxes for first 3 quarters of FY 2014/2015Daily News Egypt
(MENAFN - Daily News Egypt) Taxes collected during the first nine months of the fiscal year FY 2014/2015 registered EGP 180bn, increasing by 20% compared to the corresponding period the year before, ...

 May 3 2015 - Egypt- PHC, Housing Ministry negotiate on 2 real estate projects:PHC Managing DirectorDaily News Egypt
(MENAFN - Daily News Egypt) New real estate law, implemented earlier this year, should help collect the full amount by the end of the current fiscal year, which began on the 1 July. Photo courtesy of ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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