SDB, Jahz creates SAR 30 mn financing portfolio

Riyadh - Sharikat Mubasher: Saudi Arabia’s Social Development Bank (SDB) signed a two-year collaboration agreement with Jahez Group to create a financing portfolio worth SAR 30 million to enhance social responsibility, the bank announced in a statement.

The portfolio will provide finance for entrepreneurs, startups, and job seekers in the logistics sector.

The agreement was signed by Sultan Al-Hamidi, CEO of SDB, and Ghassab Al Mandeel, CEO of Jahez Group, and targets establishing national logistics companies, creating an enabling environment for entrepreneurs, and creating job opportunities for Saudi youth.

It also aims to finance, foster, and empower entrepreneurs and startups in the logistics sector.

Commenting on the partnership, Al-Hamidi stated it aligns with the bank’s commitment to social responsibility and will enhance the sustainability of the Saudi logistics sector, in conjunction with Vision 2030’s goal of creating a more productive and thriving community.

The agreement is expected to increase the contribution of the logistics sector to the national gross domestic product (GDP) alongside making a long-term development impact on the sector.

For his part, Al Mandeel affirmed that the partnership completely aligns with the group’s culture of supporting and enhancing community services, in conjunction with Vision 2030’s objectives to enhance the quality of life.

Contribution Time: 02-Apr-2024 09:25 (GMT)
Last Update Time: 02-Apr-2024 09:25 (GMT)