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KSA's Kafala provides SR66.9m in business guarantees
- Saudi Arabia: Thursday, September 27 - 2012 at 09:25
Saudi Arabia's Kafala programme, a joint venture between Saudi banks and the Saudi Industrial Development Fund (SIDF), has provided over 100 small and medium sized businesses in the tourism and entertainment industry with guarantees to the tune of SR66.9m, Arab News has reported. The Riyadh region obtained the largest number of guarantees accounting for 39 businesses receiving a total of SR26.1m. Makkah received SR14.9m, the Eastern Province SR12.4m, Qasim SR3.4m and Madinah SR2.8m. The tourism and travel sector accounts for 44% of total guarantees followed by restaurants and cafes at 32%. The entertainment and leisure sector accounts for 22% and the hospitality sector the remaining 2%, said the SIDF.
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