Saudi Arabia’s Social Development Bank and Namal for Social Investment have signed an agreement to establish a SAR 10 million ($2.7 million) financing portfolio for entrepreneurs and startups working in human health, environmental compliance and social impact.
The bank will manage and operate the portfolio, directing financing toward selected sectors and projects. According to the announcement, the initiative is intended to help emerging businesses develop solutions, expand their operations and generate sustainable economic, social and environmental impact.
The partnership is part of wider efforts to expand social investment in Saudi Arabia and support projects aligned with the objectives of Saudi Vision 2030. It is also expected to strengthen the resilience of small and emerging enterprises, while supporting their contribution to the local economy and job creation.
Social Development Bank CEO Sultan Al-Hamidi said the agreement reflects the bank’s efforts to build strategic partnerships and direct development financing toward sectors with sustainable social impact. Namal Chairman Abdullah Al-Mutawa said the deal supports innovative financing solutions for social enterprises.
The portfolio forms part of the bank’s plans to establish a SAR 1 billion social responsibility portfolio aimed at expanding economic opportunities and increasing private and nonprofit sector contributions to Saudi Arabia’s growth.
Source: EntArabi
