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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Social Development Bank signed 24 deals worth SR1 billion ($266 million) to support entrepreneurs across various sectors in the Kingdom.
Signed during the Entrepreneurship and Modern Work Patterns Forum, these memorandums of cooperation encompass a broad spectrum of sectors, including health, transportation, and logistics, the Saudi Press Agency reported.
This aligns with the objectives of Vision 2030, aiming to reduce the unemployment rate, enhance women’s participation in the workforce, and expand the contribution of small and medium enterprises to 35 percent of the gross domestic product by the end of the decade.
Ibrahim Al-Rashid, CEO of SDB, said: “The cooperation agreements and memorandums of understanding with our partners in the government, private and nonprofit sectors come in order to open new horizons for entrepreneurship and small and emerging enterprises by developing new systems for financing, training and qualification.”
He added: “We take it upon ourselves to expand the scope of entrepreneurial sectors and diversifying them constantly with the aim of achieving the greatest degree of coverage of the various interests of entrepreneurs and self-employment practitioners and enriching the development products industry.”
Al-Rashid went on to state that the agreements paved the way for achieving significant entrepreneurial advancements.
Furthermore, he emphasized that these agreements affirm the collaborative efforts of various national sectors to support individual initiatives, innovation, and positive impact. This, he stressed, will also result in the creation of more rewarding job opportunities.
“All agreements take into account the achievement of the principles of financial inclusion and product diversification, improving the quality of entrepreneurial outputs, and enhancing their competitiveness, locally and globally,” Al-Rashid added.
Most of the deals aim to provide expansion opportunities for entrepreneurship by creating additional sales outlets for productive families. Simultaneously, they aim to bridge their activities to transform them into sustainable business establishments.
These agreements also involve establishing financing portfolios for entrepreneurship in the industrial, logistical, and technical sectors, as well as for associations and civil institutions.
Furthermore, the deals include the launch of several digital platforms.
Last year, SDB introduced a range of training programs to assist small businesses across the Kingdom in their growth.
The courses covered key areas such as marketing and administration, providing business owners with the opportunity to meet and discuss their development plans with local and international experts.
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