Riyadh – Sharikat Mubasher: The Social Development Bank (SDB) signed a cooperation agreement with Namal Impact Investment to establish a joint SAR 10 million financing portfolio aimed at supporting entrepreneurs and startups operating in social investment.
Under the agreement, the bank will manage and operate the portfolio, directing financing to entrepreneurs and small businesses working in areas including human health, environmental responsibility and social impact, according to a recent press release issued by Namal.
The initiative seeks to stimulate innovation, strengthen the contribution of startups to Saudi Arabia’s economy and support the creation of sustainable jobs.
Sultan Al-Humaydi, CEO of the Social Development Bank, said the agreement builds on the bank’s efforts to expand strategic partnerships and channel development financing toward sectors capable of generating long-term social impact.
Abdullah Al-Mutawa, chairman of Namal for Social Investment, said the partnership supports the company’s mission to develop financing and innovation solutions for social entities and position social investment as a key pillar of economic and social development.
The initiative forms part of the bank’s broader plan to build a SAR 1 billion social responsibility portfolio, supporting economic opportunities and the role of the nonprofit and private sectors in Saudi Arabia’s growth.
