Saudi National Bank and Social Development Bank Join Forces to Support Entrepreneurship
In a groundbreaking move, the Social Development Bank of Saudi Arabia has partnered with the Saudi National Bank to launch a financing portfolio aimed at empowering entrepreneurs in the Kingdom.
Under the SNB’s Ahalina program, the agreement will provide a substantial SR10 million ($2.66 million) in funding to support budding entrepreneurs, as reported by the Saudi Press Agency.
Rising Entrepreneurship in Saudi Arabia
This collaboration comes at a time when entrepreneurship is on the rise in Saudi Arabia, with the number of active commercial registrations in the Kingdom reaching an impressive 1.51 million by the end of the third quarter of the year.
Ahalina Strategy: Empowering Society Groups
The SNB’s Ahalina program aims to empower various societal groups, turning them into positive forces that can contribute to the national economy. Tareq Al-Sadhan, CEO of SNB, highlighted the bank’s commitment to supporting entrepreneurs and start-ups as a key component of their corporate strategy.
Building Sustainable Projects with a Tangible Impact
The newly launched financing portfolio will not only provide financial support but also offer entrepreneurial knowledge to individuals, equipping them with the skills needed to secure project funding and drive socio-economic development in Saudi Arabia.
Contributing to Vision 2030
Aligned with Saudi Arabia’s Vision 2030 program, the agreement between SNB and SDB aims to empower individuals and institutions across all regions of the Kingdom. Sultan Al-Hamidi, CEO of SDB, emphasized the importance of promoting entrepreneurship and supporting Saudi youth in building sustainable projects with a significant impact.
Enhancing Cooperation for Entrepreneurial Growth
Both SNB and SDB will collaborate to strengthen cooperation between the public and private sectors, fostering a conducive environment for entrepreneurship in Saudi Arabia.
Supporting SMEs in the Kingdom
In line with these efforts, the General Authority for Small and Medium Enterprises (Monsha’at) organized the Biban 24 event to support SMEs in Saudi Arabia. Agreements worth SR35.4 billion were signed at the event, demonstrating the commitment to boosting the SME sector’s contribution to the national GDP and achieving Vision 2030 objectives.