The Board of Directors of the National Development Fund Approves the Appointment of Mr. Ibrahim bin Hamad Al-Rashed as CEO

The Board of Directors of the National Development Fund has approved the appointment of Mr. Ibrahim bin Hamad Al-Rashed as Chief Executive Officer, effective March 23, 2025. In this role, he will lead the bank toward achieving its objectives and advancing its strategies to support the SME sector in the Kingdom. This appointment aligns with the bank’s ongoing efforts to enhance its role in supporting the national economy in line with Saudi Vision 2030.

His Excellency Mr. Yousef bin Abdullah Al-Benyan, Chairman of the Board of Directors of SME Bank, extended his congratulations and appreciation to the new CEO, and wished him success in leading the bank through its next phase of development and growth. This period is expected to be promising in achieving the bank’s developmental and strategic goals.

The Board also expressed gratitude to the former Acting CEO, Mr. Abdulrahman bin Mohammed bin Mansour, for his significant efforts in strengthening the bank’s position and enhancing its services.

Mr. Ibrahim bin Hamad Al-Rashed brings extensive experience in the financial sector, having held several leadership positions, including CEO of the Social Development Bank, Chairman of the Saudi Fund for Startups and Small Enterprises, and board memberships in various organizations, including Yanbu Cement Company, Gasco, and the Saudi Authority for Accredited Valuers. His wealth of experience will enable him to lead the bank toward greater success and expansion in supporting SMEs.

 It is worth noting that the Small and Medium Enterprises Bank (SME Bank) was established under the resolution of the Saudi Council of Ministers, No. (376), dated 4/7/1442 AH (corresponding to 16/2/2021), and Its regulation was issued under Royal Decree No. (M/46) dated 08/04/1444 AH (corresponding to 02/11/2022 AD) as one of the developmental funds and banks under the National Development Fund. The bank aims to increase financing for the SME sector, bridge the financing gap, enhance the contributions of financial institutions in providing innovative financial solutions, and achieve financial stability for this vital sector, positioning it as a key pillar of economic development in the Kingdom of Saudi Arabia and an active contributor of achieving Vision 2030.