According to the Saudi Gazeette news; Eng. Osama Al-Mubarak, Acting Director, SME Financing Guarantee Program, Saudi Industrial Development Fund, SIDF (KSA ) received the award.
The Saudi SME Loan Guarantee Program (Kafala) was awarded the “Best Development Fund for 2013 in the Arab world” by “Mohammed Bin Rashid Award For Young Business Leaders” at a ceremony held in Dubai recently under the patronage of Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.
Eng. Osama Al-Mubarak, Acting Director, SME Financing Guarantee Program, Saudi Industrial Development Fund, SIDF (KSA) received the award.
The award was 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, General Manager of Saudi Industrial Development Fund and the Chairman of Advisory Board for Kafala Program, expressed his thanks and appreciation for the continuous support of Sheikh Mohammed Bin Rashid Organization for young business leaders and for creating a competitive environment among the entrepreneurs in the Arab world.
Al Ayed said 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 the Custodian of the Two Holy Mosques King Abdullah and the Crown Prince, along with the support of the Minister of Finance to the program and his role in overcoming the difficulties facing it.
Moreover, Al Ayed disclosed that since its initiation in 1426H up to the end of 1434H, the program has issued a total of 6,757 guarantees to 3,8789 SMEs for a total sum of SR3.4 billion against total approved financing of SR6.8 billion.