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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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Chinese Students Shun U.S. Education as Concerns Mount Over Safety, Policies

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The longstanding trend of Chinese students pursuing higher education in the United States is shifting as new statistics reveal a decline in their numbers, driven by safety concerns, changing perceptions of the American Dream, and more competitive options abroad.

For the first time since 2009, students from India have overtaken their Chinese counterparts as the largest group of international students in U.S. higher education. According to data released by the U.S. State Department and the Institute of International Education, Indian students accounted for 29% of international students in the 2022-2023 academic year, compared to China’s 25%.

Factors Behind the Decline

Experts attribute the drop in Chinese enrollment to a combination of geopolitical tensions, visa restrictions, and rising concerns about racism and safety in the U.S. These issues have been exacerbated by the COVID-19 pandemic, which saw a surge in anti-Asian hate crimes.

“Chinese students and families have become increasingly disillusioned with the American Dream,” said Mallie Prytherch, a researcher at the University of Hong Kong. “The onslaught of racism during Donald Trump’s presidency and the pandemic caused many to reconsider their options.”

The decline is also linked to U.S. policies. Visa restrictions, particularly for Chinese graduate students in science, technology, engineering, and mathematics (STEM) fields, have made studying in the U.S. more challenging. In 2020, over 1,000 Chinese students had their visas revoked due to national security concerns.

Even under President Joe Biden, many Trump-era policies have remained in place, discouraging Chinese students from pursuing U.S. education.

A Changing Global Landscape

Simultaneously, the global education market has evolved. Countries like Canada, the UK, and Australia have introduced immigration-friendly policies, making them attractive alternatives. Chinese universities, too, are gaining prestige, with many professors returning from the U.S. to teach at home.

“The quality of education in China has improved significantly,” Prytherch noted. “Students no longer feel that an American degree guarantees a competitive edge unless it’s from an Ivy League institution.”

Parents and students are also drawn to the perceived safety and stability of staying within China, particularly as the U.S. grapples with issues like gun violence and political polarization.

A Broader Shift in Priorities

The decline in Chinese students has implications for U.S. universities, which have long relied on tuition from international students. Despite this, some officials continue to promote the U.S. as a welcoming destination.

“We value Chinese students and want to ensure they feel welcome,” said Marianne Craven of the State Department.

However, for many Chinese families, the allure of the U.S. has dimmed. “China is not too bad anymore,” said one student Prytherch interviewed. “At least it’s safe.”

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Misinformation and Foreign Interference Challenge U.S. Election Security, Experts Warn

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While the recent U.S. presidential election was largely smooth, with high voter turnout and minimal disruptions, experts are raising alarms over growing foreign interference and the rise of misinformation aimed at undermining public trust in the electoral system. This trend is expected to escalate in the coming years, experts say.

In the months leading up to the election, Russia, China, and Iran increased their use of English-language disinformation campaigns targeting American voters. Federal officials warned that these adversaries sought to exploit social media platforms and fake websites to sow doubts about election integrity and stir political chaos. Notably, Russia was active in spreading staged videos intended to damage the reputations of Vice President Kamala Harris and her running mate, Minnesota Governor Tim Walz. The Kremlin also paid a Tennessee media company nearly nine million euros to produce pro-Russian content.

“Russia clearly interfered in this election,” said Brian Taylor, a political science professor at Syracuse University. “Their goal was to create division and chaos, though there is no evidence that their activities altered the election outcome.”

Experts argue that foreign adversaries, especially Russia, are playing a long game. Their aim is not only to influence elections but also to undermine American democracy and weaken the U.S. over time. “What Russia is trying to do is steer the United States in a particular direction, regardless of who wins the election,” said Emerson Brooking, a senior fellow at the Atlantic Council’s Digital Forensic Research Lab.

Both Russia and China have denied involvement in U.S. election meddling. Nevertheless, federal agencies, including the FBI, acted swiftly to identify and debunk false claims, such as a viral video alleging voter fraud in Georgia. Steve Simon, president of the National Association of Secretaries of State, praised the federal response, highlighting the importance of quick action to limit the spread of disinformation.

Despite these efforts, the problem of foreign interference persists. Kim Wyman, former head of the U.S. Cybersecurity and Infrastructure Security Agency, warned that such attempts would continue in future elections. “This election demonstrated that foreign adversaries are still trying to influence U.S. elections,” she said.

On Election Day itself, the most significant challenge came in the form of bomb threats reported in five battleground states, which briefly disrupted some polling places. Despite this, the election proceeded largely as expected, with high turnout and relatively few technical issues. The widespread use of early voting, which saw over 84 million ballots cast, helped alleviate pressure on Election Day and ensured election workers had time to handle unexpected challenges.

David Becker, head of the Center for Election Innovation and Research, praised early voting efforts, noting that it helped mitigate some of the threats that emerged. Election officials across the country were also well-prepared for emergencies, with extensive training and coordination with law enforcement in the months leading up to Election Day.

“The system held up well under pressure,” said Carolina Lopez, a former election official. “Professionals knew exactly what to do when the unexpected happened.”

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FBI Warns Trump Attorney of Phone Hack by Chinese Spies Amid Expansive Cyber Operation Targeting U.S. Officials

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The FBI has alerted Todd Blanche, one of President-elect Donald Trump’s primary attorneys, that his cellphone was hacked by Chinese operatives in an extensive campaign aimed at prominent U.S. political figures. According to three sources familiar with the case, this cyber operation, which has been ongoing for months, targeted high-profile Republicans and Democrats alike.

The breach, which allowed hackers access to some voice recordings and text messages from Blanche’s device, was disclosed to him by the FBI last week, according to one source. While no Trump-related information was compromised, Blanche was informed that some personal communications, including family messages, were exposed. Following the breach, Blanche has switched to a new phone number. ABC News first reported on the incident involving Blanche.

Blanche is the second Trump attorney identified as a target of foreign hacking efforts. In August, CNN reported that another Trump attorney, Lindsey Halligan, had been targeted in a separate Iranian hacking operation. It remains unclear to what extent her devices were accessed.

The cyber infiltration is part of a sophisticated hacking campaign that has also targeted individuals close to Trump, including Vice President-elect Sen. JD Vance, Trump’s son-in-law Jared Kushner, and his son Eric Trump, as well as members of the Biden administration and the Harris-Walz campaign, according to CNN reports.

National security officials have expressed deep concern over the level of access achieved by Chinese hackers in what they view as one of the most significant national security breaches in recent years. The campaign appears to have infiltrated major U.S. telecommunications providers, including AT&T, Lumen, and Verizon, gaining access to sensitive call records and phone data of various political figures.

One source familiar with the intelligence suggested that the impact of the hacking effort is more severe than the public has been made aware of, noting that officials are still assessing the scope of the intrusions to understand the full extent of the compromise.

China has denied any involvement in the operation, refuting U.S. allegations of its role in the hacking campaign.

As a result of these recent breaches, U.S. government employees have been urged to adopt stricter security measures. For example, the Consumer Financial Protection Bureau (CFPB) has instructed its staff to limit work-related communications involving non-public information to secure platforms like Microsoft Teams and Cisco WebEx. A CFPB spokesperson told CNN on Thursday that this measure is precautionary and that there is no evidence that the CFPB was specifically targeted. The Wall Street Journal initially reported the CFPB’s tightened security protocols.

The latest revelations underscore heightened cybersecurity concerns as the U.S. government navigates the evolving landscape of cyber threats from foreign actors, with Chinese and Iranian cyber-operations under increasing scrutiny.

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