The Biban Hail Forum held on Oct. 2 witnessed the signing of a memorandum of understanding (MoU) between SEDCO Holding Group, the provider of the Riyali Financial Literacy Program, and the General Authority of Small and Medium Enterprises (Monshaat).
The MoU was signed by SEDCO Holding CEO Hassan Al-Jabri and Monshaat Vice Governor for Funding Mohammed Al-Malki at the Al-Roshan Exhibition Center in Hail.
The signing aims to build a unified framework for cooperating with the program partners to promote financial literacy among entrepreneurs and SME owners, especially in dealing with finance solutions and accessing different financing sources.
The agreement entails preparing an executive plan by both parties to organize financial literacy seminars and events for entrepreneurs and SME owners, in addition to developing content and creating awareness around financing options and tools.
“SMEs play a vital role in supporting the national economy and promoting the development process, and have a positive impact on economic and social levels, increasing exports, providing jobs for Saudi youth, opening new labor markets, diversifying sources of income, and expanding the production base in line with the Kingdom’s Vision 2030,” Al-Jabri said.
“This MoU will enable us to achieve Riyali’s goals of spreading financial literacy among all ages and to contribute effectively in realizing the Kingdom’s visionary objectives.
“This is the start of a long-term partnership with Monshaat to enhance the efficiency of SMEs and empower them with the knowledge and tools to make sound financial decisions. This will be done through joint efforts between both parties, where we will coordinate between the Rowad Riyali Program and the financial literacy program offered by Monshaat to provide an integrated ecosystem,” Al-Jabri added.
Riyali is the CSR flagship program of SEDCO Holding. It is accredited by the Ministry of Education in schools and universities, and primarily aims to introduce future generations to the benefits and importance of financial literacy, develop their skills and equip them with the knowledge needed to face their responsibilities. It also aims to promote greater financial literacy across the Saudi community as a whole.
The program has successfully reached 817,000 beneficiaries to date, and is on target to attain its objective of reaching 2 million beneficiaries by the end of 2020.