RIYADH: Small and medium enterprises in Saudi Arabia were the biggest beneficiaries of loans handed out by the Kingdom’s Industrial Development Fund as the sector continues to thrive. SMEs received 62.5 percent of the number of payments approved by the organization in the first quarter of 2023, according to SIDF’s official spokesman Khalil Al-Namma. A total of 24 loans were signed off, amounting to SR875 million ($233.3 million), Argaam reported, with a total disbursement of SR440.9 million by the end of March. The industrial sector took SR871.2 million in 23 loans followed by the energy sector with one loan at SR2.9 million. Companies in the Kingdom’s Eastern Province saw 10 loans approved at a value of SR494.6 million, with Riyadh and Makkah both getting seven payments signed off. The industrial sector took SR871.2 million via 23 loans, with the energy sector getting one loan at SR2.9 million. SIDF approved 111 loans amounting to SR14 billion in 2022 in sectors including industry, energy, mining, and logistics, Throughout last year, the SMEs obtained 87 loans, representing 79 percent of the total approved, while 40 were provided to factories. The fund decided last year to launch several new initiatives, products, and programs, most notably the Industrial Investment Fund Co. – the competitive accelerator and facilitated financing tracks under the umbrella of the Local Industry Stimulation Initiative of the Ministry of Industry and Mineral Resources. The number of registered SMEs in Saudi Arabia reached 892,063 at the end of June 2022, representing a 25.6 percent rise from the fourth quarter of 2021. According to a report by Saudi Arabia’s Small and Medium Enterprises General Authority, also known as Monsha’at, Riyadh and Makkah are the most appealing areas for startups, accounting for 35.4 percent and 21 percent, respectively, of such firms in the Kingdom in the first half of 2022. The report also indicated that Saudi Arabia has successfully closed the gender gap in the Kingdom, with women currently leading 45 percent of SMEs. As startups and SMEs employ innovation to create new frontiers in conventional sectors, Saudi Arabia’s entrepreneurial ecosystem has played a significant role in the country"s economic progress. SMEs account for 90 percent of all enterprises in the Kingdom yet are still excluded from key industries, according to data from Monsha’at.