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20 February 2024

Community Jameel Saudi Foundation Signs an Agreement with Abdul Latif Jameel Finance Company to Empower Entrepreneurs

  • Entrepreneurs Advancement
Community Jameel Saudi Foundation Signs an Agreement with Abdul Latif Jameel Finance Company to Empower Entrepreneurs - 1

In alignment with their efforts of empowering entrepreneurs, Community Jameel Saudi Foundation, represented by its subsidiary Nafisa Shams Company, and Abdul Latif Jameel Finance Company, a pioneering organization that in offers financing solutions and services that support entrepreneurs and innovative projects, have signed a cooperation agreement, with the goal of contributing to the development of the entrepreneurship ecosystem in the Kingdom. This agreement marks a strategic move to provide the necessary support and resources to entrepreneurs.

The primary objective of this cooperation is to strengthen collaboration and synergy in the solutions offered by both organizations, through extending support to encourage entrepreneurs to launch their ventures. Community Jameel Foundation and its subsidiaries will focus on attracting entrepreneurial ideas and providing comprehensive training programs, including in entrepreneurial and technical skills. Simultaneously, Abdul Latif Jameel Finance Company will play a crucial role in supporting the growth of these entrepreneurial ventures by providing financing to qualified ventures.

Dr. May Taibah, a Board of Trustees member of Community Jameel Saudi and the Director of Nafisa Shams, stated: “Community Jameel Saudi is committed to providing holistic solutions to beneficiaries, especially in the two areas of development Competencies Development and Entrepreneurs Empowerment. We aim to provide entrepreneurs with innovative ideas the opportunity to access all the necessary resources; hence, ensuring the highest possible success rate for their projects. A crucial element of this support is the provision of financial assistance and suitable financing, which, through this collaboration with Abdul Latif Jameel Finance Company, will overcome obstacles faced by many entrepreneurs.”

Dr. Khaled Al Karimy, Chief Executive Officer and the Senior Managing Director of Abdul Latif Jameel Finance Company, commented: “Supporting entrepreneurs and startups is a central goal for Abdul Latif Jameel Finance Company. We are pleased to solidify this collaboration with the Community Jameel Saudi Foundation, ensuring the creation of a comprehensive incubating environment for the development and empowerment of entrepreneurs. Our joint efforts will simplify the process for those with entrepreneurial ideas to meet the criteria for obtaining financing to initiate their projects. This collaboration aligns with Abdul Latif Jameel United Finance Company’s commitment to contributing significantly to national economic development and financial empowerment of the community.”

Notably, Community Jameel Saudi is actively engaged in Comptencies Development and Empowering entrepreneurs’ areas of Development, through its subsidiaries, such as Nafisa Shams Company and Academy, Bab Rizq Jameel Company, and the StartSmart Entrepreneurship Competition. These initiatives are actively supporting entrepreneurs, facilitating their access to essential leadership training, business mentorship, and providing a conducive environment for launching their business ventures.

Concurrently, Abdul Latif Jameel Finance Company is committed to a strategy centered around empowering its customers. This includes providing reliable and diverse financing options for individuals, SMEs, and entrepreneurs, aligning with the Kingdom’s Vision 2030 goals of promoting entrepreneurship and increasing the contribution of SMEs to the GDP to reach 35%.

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