The Shura Council issued a resolution regarding the annual report of the Cultural Development Fund, calling on the fund to develop indicators to measure the performance of financed entities. It also urged studying the establishment of a strategic financing program to develop cultural infrastructure in needy regions within an investment system that diversifies funding sources and ensures sustainable and balanced impact.

During its fifth regular session of the second year of the ninth term, chaired by Sheikh Dr. Abdullah Mohammed Ibrahim Al Sheikh, the council called on the Real Estate Development Fund to develop performance indicators aligned with its goals and activities. It also urged reviewing financing programs with low demand among target groups and coordinating with relevant authorities to expand developmental housing programs.

The council discussed the annual report of the Human Resources Development Fund, with members providing observations and opinions. Council member Dr. Fahd Al Takhifi called for developing current Saudi employment support programs to align with labor market changes and challenges and the diverse operational requirements of small and medium enterprises. Council member Dr. Turki Al Anzi called for studying the possibility of launching educational programs ending with employment to ensure Saudi youth qualification and job sustainability. Council member Dr. Othman Hakami called for launching an initiative to qualify graduates to work in global companies with regional headquarters in the Kingdom through specialized training programs linked to these companies’ needs to enhance the competitiveness of national competencies in the labor market.

The council reviewed the annual report of the Small and Medium Enterprises Bank. Council member Dr. Rashid Al Sharif urged the bank to increase support for enterprises in the regions and work on their development by providing appropriate financial solutions, services, and products to achieve balanced and comprehensive development.

The council also discussed the annual report of the Tourism Development Fund. Council member Dr. Hassan Al Masloom called on the fund to review its developmental project portfolio and develop a plan to strengthen its financial position and improve financing efficiency. In his interventions, council member Dr. Saleh Al Shamrani called for increasing efforts to employ modern technologies and provide creative and quality advertising campaigns to keep pace with the Kingdom’s tourism renaissance.

Al-Najjar to SME Bank: Lending Efficiency Depends on Credit Analysis

Council member Dr. Abdullah Omar Al-Najjar called on the Small and Medium Enterprises Bank to enhance the accuracy and depth of credit analysis amid the limited traditional financial data available for many SMEs. In his interview with Okaz newspaper, he expressed hope that the bank would innovatively develop advanced credit analysis models relying on artificial intelligence and behavioral and non-financial data analysis, which would enhance lending efficiency, reduce default risks, and support SMEs’ access to sustainable financing. He emphasized considering realistic indicators such as the regularity of digital transactions, repayment behavior, internal governance level, and interaction nature with supply chains. This approach benefits from the information revolution and advances in AI use in administrative and financial operations and includes establishing a unified national system for creditworthiness evaluation of SMEs in cooperation with the Saudi Central Bank and the “Monshaat” Authority.