HRH Crown Prince Mohammed Bin Salman Renews Yousef Al-Benyan’s Chairmanship Of SME Bank

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister, has approved the renewal of Yousef bin Abdullah Al-Benyan's role as Chairman of the Board of Directors at the Small and Medium Enterprise Bank (SME Bank). This renewed term will last three years, beginning on 3/6/1447 AH.

Al-Benyan expressed his gratitude to HRH the Crown Prince for this trust. He praised the ongoing support from His Highness for the SME sector. This backing is crucial for enhancing stability and strengthening its role in economic development. The sector is a vital enabler in achieving Saudi Vision 2030 goals.

The focus on small and medium enterprises by Saudi leadership has been pivotal. It has driven significant growth and increased financial facilities over recent years. Al-Benyan emphasized the board's dedication to fostering SME growth, boosting their GDP contribution, promoting financial sustainability, and supporting economic growth overall.

The SME Bank was established through a Cabinet resolution. It operates under the National Development Fund (NDF) umbrella. The bank aims to expand lending portfolios within the financial sector, address financing gaps, and enhance financial institutions' roles in offering innovative solutions.

The bank's mission includes promoting financial stability in this dynamic sector. It seeks to strengthen contributions from financial institutions through innovative financing solutions. This approach supports overall economic growth and aligns with national development objectives.

Al-Benyan acknowledged that leadership's attention to SMEs has been instrumental in their expansion. The rise in financial facilities provided to these enterprises highlights this commitment. The board remains committed to supporting SMEs' growth and their role in economic development.

This renewal reflects continued confidence in Al-Benyan's leadership at SME Bank. His efforts align with broader national goals under Saudi Vision 2030, focusing on economic diversification and sustainable growth.

With inputs from SPA