Shariah-compliant small and medium enterprises in Saudi Arabia will be helped to access new markets, thanks to a deal involving the Kingdom’s leading export organisations, the CEO of the International Islamic Trade Finance Corporation has told Arab News.

Hani Sonbol set out the new products and services available to SMEs in Saudi Arabia, after the ITFC signed a tripartite Memorandum of Understanding with Monsha’at and Saudi EXIM Bank.

Sonbol told Arab News: “We are going to provide lots of products to support this very important sector which consist of almost 85 percent of the economy in the Kingdom, in areas that will enable them to access new markets and also access financing from financial institutions and be able to submit bankable projects and so on.

“SMEs need capacity building, some need expertise, some need more training in certain areas, in addition we will also support them with advisory services.

“We are signing this very important agreement to support the small and medium enterprises in Saudi Arabia, as part of the 2030 vision, we are also trying to support the diversification of exports of the non-oil sector,” he said.

Sonbol clarified that all business industries are applicable for this program but “of course it has to be Shariah compatible.”

The initial agreement was signed on Tuesday April 19 in Jeddah, in the presence of the Saudi Minister of Commerce Majid Al-Qasabi and Bandar AlKhorayef, the Minister of Industry and Mineral Resources.