Riyadh – Mubasher: Saudi Arabia’s National Technology Development Program has launched an initiative on Wednesday to offer financing of up to SAR 700 million in total to small and medium-sized enterprises (SMEs) in the technology sector.

In cooperation with Kafala Program, the new initiative will allow tech startups to obtain loans starting from SAR 100,000 and at maximum funding worth SAR 15 million, state-run news agency SPA reported.

The initiative will provide guarantees accounting for up to 90% of the funding amount to tech SMEs in Saudi Arabia.