The Saudi Development Bank has inked 24 agreements and memorandums of understanding (MoUs) with a diverse array of governmental, private, and non-profit entities, cumulatively worth approximately one billion Saudi Riyals.
These signings took place on the sidelines of the Entrepreneurship and Modern Work Patterns forum, held in Riyadh on January 22-23, under the theme “Launch Towards the Future”.
According to the Saudi Press Agency “SPA”, the cooperation agreements aim to prepare, develop, and empower entrepreneurs across vital sectors such as health, transportation, logistics, carpooling, export, and national industry.
The agreements also include the establishment of entrepreneurial financial portfolios in the industrial, logistical, and technological sectors, alongside civil associations and institutions, as well as the launch of digital platforms.
A portion of these agreements is designed to present expansive opportunities for freelancers by providing more sales outlets for home-based businesses and helping to transition them into sustainable business establishments.
The agreements and MoUs support the localization of promising industries, which enhances local content and encourages a bigger presence of Saudi products in international markets, thereby supplementing the national economy by boosting the exports of small and emerging establishments and entrepreneurs, and raising their competitive quality, reflecting the stature of Saudi products.
Ibrahim bin Hamad Al-Rashed, the CEO of the Saudi Development Bank, stated: “The cooperation agreements and MoUs with our partners in the governmental, private, and non-profit sectors are aimed at opening new horizons for entrepreneurship and small and emerging enterprises through the development of new financial and training systems, and we are committed to continuously expanding and diversifying the entrepreneurial sectors to achieve the broadest inclusion of the interests of entrepreneurs and freelancers, and to enrich the developmental product industry”.
He added: “The agreements, amounting to nearly one billion Riyals, pave the way for qualitative entrepreneurial leaps and affirm the concerted efforts of different national sectors to support individual initiative and innovation, alongside creating more rewarding job opportunities. All agreements take into account the principles of financial inclusion, product diversification, and the enhancement of the quality and competitiveness of entrepreneurial outputs, both locally and globally.”
MoUs with private sector companies target offering more training and volunteer work opportunities in burgeoning sectors such as energy, banking, and health. These MoUs seek to cement partnerships to hone the skills of entrepreneurs and increase learning opportunities and experience acquisition. In addition, the bank collaborates with various entities to launch recognition awards for entrepreneurs, encouraging innovation and the entrepreneurial spirit.
