Rebuilding Lebanon after Israel's war: The vast costs and vexing political challenges
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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The National
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Donald Trump suggests several more countries to join Abraham Accords
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Khaleej Times
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F1: Norris cuts Piastri's lead with one-two win in Austria
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Bridging the liquidity gap for small businesses in the Middle East
Small and medium-sized enterprises (SMEs) in the Middle East and North Africa (Mena) are being called the new engines of economic diversification. From Saudi Vision 2030 to the UAE's Projects of the 50, the region's leadership has placed SMEs at the centre of national development plans. In the UAE alone, the SME base is expected to reach 1 million by 2030. However, a persistent and growing liquidity gap remains the one factor constraining this crucial sector. As Saudi Arabia aims to increase SME contribution to GDP from 30 per cent to 35 per cent, a financing gap of more than SAR 300 billion still hangs over the horizon. The momentum for policy advancement is visible through various efforts across Mena countries; however, a yawning gap exists between the available financial capacity and the needs of evolving high-growth SMEs. Structural barriers like stiff collateral requirements, an underdeveloped credit scoring infrastructure, fragmented regulatory environments, and limited data-sharing frameworks restrict access to financing. Today's reality is stark: unless the financial system evolves to meet the speed, scale, and digital-first expectations of SMEs, economic ambitions risk falling short. A system still built for big corporates The SME financing journey across Mena remains fragmented, outdated, and often exclusionary. Traditional lenders continue to apply legacy credit models that are heavily based on collateral, formal balance sheets, and lengthy disbursement timelines — models designed for corporates, not the agile, tech-driven small businesses driving today's economy. The result: countless SMEs with strong revenue pipelines and growing markets find themselves locked out of the financial system simply because they do not fit a decades-old model. Consider the example of a logistics SME based in Riyadh, which operates with a strong monthly turnover but faces 90-day payment cycles from its corporate clients. Despite its financial health, the company struggled to secure a working capital loan because it lacked three years of audited financial statements — a standard bank requirement that does not reflect the agility demanded in today's supply chain businesses. UAE has initiated the Grand Khalifa Fund, which expanded from Dh300 million ($82 million) in 2007 to Dh2 billion. The Saudi banks have increased SME lending levels under Vision 2030 mandates. However, the extended financing ecosystem does not adequately cater to high-growing SMEs. Such schemes, though sincere, are often hampered by structural inefficiencies, showing limited risk appetite in the conventional banking sector, long time frames in the approval process, a lack of specialised products to customise, and integration inefficiencies vis-a-vis fintechs, from which flow streamlined access. Funding has been mismatched with the active capital requirements of emerging businesses in Mena due to that reason. Many businesses face payment delays, regulatory opacity, and the lack of tailored lending products that recognise the unique rhythms of small enterprise cash flows. Even growth-ready SMEs, which should ideally transition into mid-sized ventures, often stumble at the financing hurdle — not for lack of demand, but because financial institutions have failed to adapt. The urgency of now The timing could not be more critical. As Mena economies intensify their efforts toward non-oil diversification, SMEs are expected to play a crucial role — from creating jobs to driving innovation and enhancing resilience. Yet they remain among the most vulnerable when liquidity tightens, as seen during the COVID-19 pandemic and the ongoing global recalibration of interest rates. New programmes under Saudi Arabia's Financial Sector Development Program (FSDP) aim to raise SME lending from 5.7 per cent to 20 per cent by 2030. Similarly, the UAE's NextGenFDI initiative focuses on enabling digital companies, many of which are SMEs, to scale quickly. These policy shifts are significant. However, bridging the gap between promise and reality requires faster action, deeper innovation, and, above all, a financial system designed around how SMEs operate, not how they have operated in the past. Fintechs are not just filling gaps — they are rebuilding foundations Digital transformation is bringing about one of the greatest changes in current times: the emergence of fintechs, which are redefining SME finance. Unlike conventional banks with legacy systems, fintechs access SME workflows — marketplaces, accounting software, or ERP systems — and deeply embed financial services. This deep-level integration allows SMEs to access financing, effect payments, and track cash flow without leaving the very digital ecosystem through which they run their businesses. Contrary to the old-school thinking where collateral was the only valid form of assessment for lending SMEs, AI-assisted Bright underwriting models today have made it possible for fintech to assess SMEs primarily based on real-time business performance. The alternative data required for building accurate, data-led risk profiles to facilitate faster and more just credit decisions include transactional histories, current inventories, and habits of digital payments. Within the UAE, Beehive and Tabby offer small business lending and buy now, pay later solutions, while Rasan and Tamara target underserved business segments in Saudi Arabia through embedded finance and AI. Payment acceptance instruments embedded in finance allow SMEs instant payments, independent of wallets, net banking, and cards, compressing the payable cycle from months to minutes. Automated invoicing, cash flow, and reconciliation tools effectively eliminate traditional working capital bottlenecks, enabling SMEs to capitalise on unexpected opportunities in the digital economy. Even in supply chain finance, once the preserve of large corporations, new B2B fintech players are democratising access to this market. By enabling instant transfers and dynamic discounting models, they help SMEs smooth out cash flow and invest strategically in growth. Still, a major challenge persists — many SMEs do not have the digital infrastructure or credit visibility to take full advantage of these platforms, so even the most innovative solutions don't go far enough. Evolution is no longer optional but existential. Financial institutions that do not embed these capabilities risk complete obsolescence as SMEs will find greater refuge in responsive and integrated alternatives. Instead, the entire policy ecosystem must focus on underpinning platforms for collaboration and seamless integration on which fintechs and SMEs can mutually thrive. Policy push alone won't close the gap There's no doubt that the Khalifa Fund, Saudi Arabia's SME Bank, and other government-backed initiatives are critical enablers. However, policy alone cannot deliver systemic change unless the underlying financial infrastructure evolves in tandem with it. SMEs do not need more complex loan applications or longer assessment periods; they need real-time credit decisions, cash flow-based underwriting, and flexible financing options that reflect the dynamic nature of modern business. Ultimately, bridging the liquidity gap demands more than capital — it requires control, speed, and digital adaptability. A system that enables SMEs to act like big businesses — fast, flexible, and future-ready — is no longer aspirational. It is essential for the Mena region's economic ambitions. Final reflection The region's SME sector stands at a tipping point. The goals set by Saudi Arabia's Vision 2030 and the UAE's national strategies are bold and achievable. However, they will only be realised if the financing models evolve in tandem with the realities of SMEs. Policymakers, banks, fintechs, and ecosystem players must shift their perspective on SMEs, moving beyond a legacy lens to recognise them as the cornerstone of a diversified, digital-first economy. Liquidity exists in the system. The challenge — and opportunity — lies in connecting it meaningfully to the businesses that can turn national visions into reality. The writer is the founder of airpay.
