Riyad Bank, in collaboration with S&P Global, has launched the "Riyad Bank SME Index" at Biban 24. This forum, organized by the Small and Medium Enterprises General Authority (Monsha'at) under the theme "A Global Destination for Opportunities," showcases the bank's commitment to supporting the Kingdom's burgeoning SME sector. This groundbreaking index is the first of its kind in the Saudi economy, specifically designed to track the performance of SMEs, a critical engine for economic growth and job creation.
The index provides a comprehensive and detailed assessment of the SME sector's performance, empowering decision-makers and investors with valuable insights into related economic trends. By measuring key economic activities such as production, new orders, and employment, the index offers an in-depth analysis of market conditions and future performance expectations.
Mr. Nadir Al-Koraya, CEO of Riyad Bank, emphasized the bank's pivotal role in supporting national economic growth by fostering the SME sector. He highlighted that the index will serve as a benchmark to measure the progress of this vital sector, identify its future needs, and guide its efforts to contribute to the goals of Vision 2030. The vision focuses on economic diversification and private sector empowerment to ensure sustainable economic development and comprehensive growth.
The index, which will be issued quarterly, reflects Riyad Bank's dedication to contribute to enhance the economic environment in the Kingdom. It facilitates access for entrepreneurs and business owners to valuable information, enabling them to make informed decisions based on reliable data and bolstering their capacity for expansion and development.
It is worth noting that Riyad Bank also publishes the "Riyad Bank Purchasing Managers' Index (PMI)," a globally recognized economic indicator closely followed by decision-makers and financial markets. This index provides timely and insightful monthly updates on economic patterns.
