Riyad Bank’s transformation into the region’s best bank for small and medium-sized enterprises coincides with Saudi Arabia’s Vision 2030 plans to diversify away from oil and towards tourism, manufacturing, clean energy and logistics. SMEs are one of the key planks not only of Riyad Bank chief executive Tareq Al Sadhan’s business strategy but also for Vision 2030. The kingdom has a longstanding aim of boosting the share of loans allocated to smaller firms to 20% by the end of the decade, against 2% in 2015.
July 14, 2021