Bab Rizq Jameel Microfinance signs a SAR 10 M MoU with King Abdullah Economic City to support entrepreneurs
- Entrepreneurs Advancement
Within the framework of promoting the mutual cooperation binding the two parties, Bab Rizq Jameel Microfinance has signed a Memorandum of Understanding with King Abdullah Economic City to provide financing services and solutions that would help entrepreneurs establish and develop their own projects at the city.
The agreement includes allocating an amount of SAR 10 million to support entrepreneurs and home businesses at King Abdullah Economic City, with the aim of improving the entrepreneurship environment, following up the entrepreneurs of both genders and considering the possibility of supporting them with expertise and consultations. It also contributes to providing various services such as business incubators and accelerators, guidance and professional services, facilitating access to investment opportunities, business development and providing integrated government services for entrepreneurs.
On this occasion, Mr. Abdullah bin Ahmed Al-Harbi, Head of Business Sector of King Abdullah Economic City, said: “This memorandum aims to attract finance for the startups and SMEs in King Abdullah Economic City. Such partnership forms part of the city’s relentless efforts to develop an attractive and stimulating entrepreneurship environment, and collaboration with Bab Rizq Jameel Microfinance will add to the entrepreneurship paradigm in the Economic City an additional funding stream, and quality services that encourage and enable entrepreneurs to be more creative and innovative, and stimulate them to develop their own projects in the city."
For his part, Abdul Rahman bin Abdulaziz Al Fehaid, Executive Director of Bab Rizq Jameel Microfinance said: “It is a pleasure to sign with King Abdullah Economic City this agreement which would contribute to the development of the entrepreneurship paradigm in Saudi, especially since the Economic City forms part of its economic lifeblood given the pioneering projects it embraces and the attractive business environment it provides. Bab Rizq Jameel Microfinance is a company licensed by the Saudi Arabian Monetary Agency to finance micro-projects. It has a long history in supporting projects and great experience in financing and granting loans to entrepreneurs, which will contribute to promoting the concept of a sustainable knowledge-based economy”.
Since the establishment in April 2018 till the month of November 2020, Bab Rizq Jameel Microfinance managed to provide around 17,000 job opportunities with 7,302 beneficiaries in total financed via Group Finance programme which enables productivity in households. Home Business Finance is yet another programme, which is aimed at individuals, financed 2703 job opportunities. In addition to 435 SMEs micro-financed using Murabah, to grow and expand their activities. For the same period, a total of SAR 245 million loans disbursed.