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Saudi Arabia: Billions in Financial Support for Establishments Over 6 Years

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saudi arabia Billions in Financial Support for Establishments Over 6 Years

Riyadh, Saudi Arabia — The financial landscape for micro, small, and medium enterprises (MSMEs) in Saudi Arabia has witnessed remarkable growth. By the end of 2023, the volume of facilities provided by banks and finance companies reached an impressive 275.576 billion Saudi Riyals (SAR), equivalent to $73.49 billion. This surge represents a staggering 154% increase over the past six years, with a substantial rise of 167.1 billion SAR ($44.56 billion) compared to 2018 levels, which stood at 108.519 billion SAR ($28.96 billion).

saudi arabia Billions in Financial Support for Establishments Over 6 Years

Key Highlights:

  1. Annual Performance:
    • Facilities provided experienced robust growth, expanding by 20.3%.
    • The estimated value of this growth amounts to 46.544 billion SAR ($12.40 billion).
    • The total facilities extended to MSMEs reached 229.032 billion SAR ($61.13 billion) by the close of the previous year.
  2. Distribution Across Enterprise Sizes:
    • Medium Enterprises: Captured the lion’s share, accounting for 57.5% of the total facilities, equivalent to 158.411 billion SAR ($42.23 billion).
    • Small Enterprises: Received 33.5% of the facilities, totaling 92.275 billion SAR ($24.60 billion).
    • Micro Enterprises: Benefitted from approximately 24.890 billion SAR ($6.63 billion), constituting 9% of the total.
  3. Banking vs. Finance Companies:
    • Banking Sector: Played a pivotal role, providing 94% of the total facilities. Their contribution amounted to 258.295 billion SAR ($68.88 billion).
    • Finance Companies: Accounted for 6.3% of the facilities, offering 17.281 billion SAR ($4.61 billion).
  4. Quarterly Growth:
    • The final quarter of 2023 witnessed a 3% increase.
    • This growth translated to approximately 7 billion SAR ($1.87 billion) compared to Q3 of the same year.
  5. Classification by Establishment Size:
    • Medium Enterprises: Revenues ranging from 40 to 200 million SAR ($10.67 to $53.34 million), or employee count ranging from 50 to 249.
    • Small Enterprises: Revenues ranging from 3 to 40 million SAR ($0.80 to $10.67 million), or employee count ranging from 6 to 49.
    • Micro Enterprises: Revenues ranging from 0 to 3 million SAR ($0 to $0.80 million), or employee count ranging from 1 to 5.

As Saudi Arabia continues to foster its entrepreneurial ecosystem, these substantial financial provisions underscore the nation’s commitment to supporting MSMEs and driving economic growth.

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President Biden Cancels Overseas Trip to Oversee Hurricane Response

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President Joe Biden has canceled his scheduled international trip this week as Hurricane Milton intensifies and heads toward Florida, a decision reflecting the administration’s focus on disaster preparedness and recovery efforts. The White House confirmed the change of plans on Tuesday, with Press Secretary Karine Jean-Pierre stating that the president would remain in the U.S. to oversee the response to both Hurricane Milton and the ongoing recovery from Hurricane Helene, which recently devastated parts of the Southeast.

“Given the projected trajectory and strength of Hurricane Milton, President Biden is postponing his upcoming trip to Germany and Angola in order to ensure full focus on the preparations for and response to the hurricane,” Jean-Pierre said in a written statement.

Biden was originally set to attend a state visit in Berlin, his first as president, and later visit Angola to fulfill a long-standing promise to engage more deeply with sub-Saharan Africa. However, with the hurricane threatening severe damage and recovery from Hurricane Helene still underway, the administration decided that Biden’s presence at home was essential.

This last-minute decision comes as the Biden administration faces political scrutiny, particularly from Republicans who have been critical of the response to Hurricane Helene. With just weeks remaining until Election Day, the president’s handling of storm recovery efforts has become a significant issue. As famous American author John Steinbeck once wrote, “It is the nature of man to rise to greatness if greatness is expected of him,” and Biden’s decision reflects the gravity of the current situation.

The White House acknowledged that the decision to postpone the trip was made with careful consideration. Biden had planned to meet with leaders from France, the United Kingdom, and other European nations to discuss Ukraine and sustain international support for Kyiv amid growing concerns about the ongoing conflict. The cancellation, therefore, impacts multiple diplomatic engagements, but officials say discussions will be rescheduled.

The decision also highlights the administration’s concerns about disinformation surrounding the federal response to Hurricane Helene. Former President Donald Trump has been vocal in his criticism, falsely claiming that Biden and Vice President Kamala Harris were absent during storm recovery efforts.

“The real hard work comes after the storm,” said a senior White House official, stressing that federal efforts in the days and weeks following these storms are crucial to how the government will ultimately be judged.

With time running out before the 2024 election, Biden’s decision to remain in the U.S. underscores his priority to support disaster recovery at a critical moment.

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Chinese Hackers Infiltrate Major U.S. Telecom Firms in Possible National Security Breach

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A sophisticated group of Chinese government-linked hackers has infiltrated several major U.S. telecommunications companies in recent months, potentially compromising sensitive information related to national security, according to multiple sources briefed on the matter. The hack has raised significant concerns among U.S. officials, who are investigating the extent of the breach.

Investigators believe the hackers may have accessed wiretap warrant requests, which are typically used by law enforcement in criminal and national security investigations. The targeted companies include AT&T, Verizon, and Lumen, sources revealed. However, the full scope of the data the hackers may have obtained is still under investigation.

The hack comes at a time of heightened tensions between Washington and Beijing over cyber-espionage and other national security issues. U.S. telecom firms play a critical role in internet and phone communications, making them prime targets for hackers seeking valuable data. These firms maintain large volumes of caller and user data, which is often subject to law enforcement access through warrants.

Some of the investigations affected by this breach could be of particular interest to China, as the U.S. has pursued legal actions against Chinese government agents for allegedly targeting Chinese nationals and political dissidents in the U.S., as well as American companies.

While AT&T and Lumen declined to comment, Verizon did not respond to multiple inquiries. The Department of Justice and the FBI also declined to provide statements on the matter. The Chinese Embassy in Washington, DC, denied the accusations, dismissing the hacking reports as a “distortion of the fact” and accusing the U.S. of politicizing cybersecurity issues to smear China.

The Wall Street Journal first reported the hacking activity, which has since been discussed in classified briefings with the House and Senate intelligence committees. Microsoft and Mandiant, a cybersecurity firm owned by Google, are assisting with the investigation.

The hackers, identified by the cybersecurity industry as Salt Typhoon, are known for their persistence and skill. Microsoft acknowledged tracking the group and noted that it provides customers with information about potential state-sponsored cyber activity.

Salt Typhoon is just one of many Chinese hacking teams, U.S. officials said, highlighting the vast cyber capabilities at China’s disposal. FBI Director Christopher Wray has previously stated that Chinese government-backed hackers outnumber FBI cyber personnel 50 to 1. Another hacking group, also linked to Beijing, has allegedly infiltrated U.S. transportation and communication networks, potentially to disrupt any U.S. response to a Chinese invasion of Taiwan.

As cybersecurity tensions continue, hacking incidents remain a frequent point of contention in U.S.-China relations.

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Trump Campaign Alleges Hack, Points to Foreign Interference Amid Election Concerns

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Trump Campaign

Former President Donald Trump’s presidential campaign claimed on Saturday that it had been the target of a hacking attack, suggesting that Iranian actors were involved in stealing and distributing sensitive documents. This allegation comes just a day after Microsoft released a report detailing foreign attempts to interfere in the upcoming 2024 U.S. presidential election.

While the Trump campaign did not provide specific evidence linking the hack to Iran, their claims align with Microsoft’s findings. The tech giant’s report highlighted a recent incident in which Iranian military intelligence allegedly sent a spear-phishing email to a high-ranking official of a presidential campaign using a compromised email account belonging to a former senior advisor.

Trump campaign spokesperson Steven Cheung attributed the hack to “foreign sources hostile to the United States” but did not elaborate further on the alleged involvement of Iranian actors. The National Security Council responded to the situation, stating that it takes any reports of foreign interference “extremely seriously” and condemns any attempts to undermine confidence in U.S. democratic institutions.

In response to the allegations, Iran’s mission to the United Nations denied any involvement in the hack, dismissing the claims. “We do not accord any credence to such reports,” a spokesperson for the mission said. “The Iranian government neither possesses nor harbors any intent or motive to interfere in the United States presidential election.”

Despite the denial, Iran has previously been suspected of running hacking campaigns against its adversaries in the Middle East and beyond, raising concerns about potential foreign interference in the U.S. election.

As the 2024 presidential race heats up, reports of foreign influence and cybersecurity threats continue to be a focal point, with both the government and private sector remaining vigilant against potential threats to the integrity of the electoral process.

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