Bab Rizq Jameel Microfinance has signed a memorandum of understanding (MoU) with King Abdullah Economic City (KAEC) to provide financing services and solutions that would help entrepreneurs establish and develop their projects in the city.
The agreement includes the allocation of SR10 million ($2.7 million) to support entrepreneurs and home businesses at KAEC. The aim is to improve the entrepreneurship environment at KAEC, and assist entrepreneurs of both genders with expertise and consultations. The MoU will also contribute to providing various services such as business incubators and accelerators, guidance and professional services, facilitating access to investment opportunities and business development, and providing integrated government services for entrepreneurs.
Abdullah bin Ahmed Al-Harbi, head of the business sector at KAEC, said: “This MoU 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 an additional funding stream to the entrepreneurship paradigm in the economic city, facilitate quality services that encourage and enable entrepreneurs to be more creative and innovative, and stimulate them to develop their own projects in the city.”
Abdul Rahman bin Abdulaziz Al-Fehaid, executive director of Bab Rizq Jameel Microfinance, said: “It is a pleasure to sign this agreement with King Abdullah Economic City, to contribute to the development of the entrepreneurship paradigm in Saudi Arabia, 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 of 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 its establishment in April 2018, Bab Rizq Jameel Microfinance has provided more than 17,000 job opportunities and assisted over 7,302 beneficiaries via its Group Finance program, which aims to enable productivity in households. Its Home Business Finance program, which is aimed at individuals, provided 2,703 job opportunities. Moreover, 435 SMEs were micro-financed using Murabaha to grow and expand their activities. A total of SR245 million in loans were disbursed.
