Riyadh – Mubasher: Riyad Bank has signed a memorandum of understanding (MoU) with the Saudi Basic Industries Corporation (SABIC) to support the industrial projects under the initiative (NUSANED).
Under the deal, Riyad Bank, Saudi Arabia's fourth-largest lender by assets, will finance small and medium-sized enterprises (SMEs) which are managed by NUSANED, according to a statement released on Tuesday.
Supporting the SME sector is part of Saudi Vision 2030 that aims to diversify income resources away from oil revenues and boost the kingdom's gross domestic product (GDP).
