The Saudi Development Bank, a leading comprehensive development financial institution in the Middle East, has finalized 24 agreements and memorandums of understanding with a diverse array of governmental, private, and non-profit entities, totaling an approximate value of 1 billion Saudi Riyals ($266.6 million).
The signing of these agreements coincided with the ‘Entrepreneurship and Modern Work Patterns 2024’ forum, held in Riyadh under the theme ‘Launch towards the Future.’ This event, spanning two days, provided a platform for these significant collaborations.
The partnerships and understandings are poised to bolster the localization of promising industries, thereby strengthening the local content, and fostering a larger presence for Saudi products in global markets. They aim to augment the national economy by enhancing the exports of small, emerging enterprises and entrepreneurs, and by boosting their competitive quality, reflecting the stature of the Saudi product.
These cooperative agreements focus on the qualification, development, and empowerment of entrepreneurs in various vital sectors, including health, transport, logistics, shared mobility services, export, and national industry.
They comprise the establishment of entrepreneurial financing portfolios in industrial, logistical, and technological sectors, as well as in civil associations and institutions, along with the launch of digital platforms.
A segment of the agreements is dedicated to presenting expansive opportunities for freelance work by providing more sales outlets for productive families, as well as bridging their activities to transition into sustainable business establishments.
Ibrahim Al-Rashed, the CEO of the Saudi Development Bank, underscored that these agreements are aimed at unveiling new horizons for small and emerging businesses through the development of new systems for financing, training, and qualifying entrepreneurs.
He stated, We shoulder the responsibility of continuously expanding and diversifying entrepreneurial sectors to attain the broadest inclusion of the various interests of entrepreneurs and freelancers, enriching the industry of developmental products.
Al-Rashed added that the agreements, which total nearly 1 billion Riyals, pave the way for qualitative entrepreneurial leaps and underscore the concerted efforts of different national sectors to support individual initiative, innovation, and impact. They also focus on creating more rewarding job opportunities, and all agreements are aligned with the principles of financial inclusion, product diversity, and the elevation of the quality and competitiveness of entrepreneurial outputs, both locally and globally.
The cooperation memorandums with private sector companies aim to provide additional training and volunteer work opportunities in the energy, banking, health, and promising sectors. These agreements strive to enhance collaboration with partners to hone the skills of entrepreneurs and increase learning opportunities and experience acquisition. The bank is also collaborating with various entities to launch awards for entrepreneurs to encourage innovation and the entrepreneurial spirit.
