The Social Development Bank signs cooperation agreements to finance entrepreneurs through sharing economy applications

As part of the efforts led by the Social Development Bank to stimulate the practice of self-employment for citizens who are able to work and have not found job opportunities, or to create job opportunities for citizens to increase their incomes, the bank signed cooperation agreements today, Tuesday, Dhul-Qi’dah 2, 1441 AH, corresponding to June 23, 2020 AD, in the city of Riyadh. Which has delivery and shared transportation platforms to support and finance citizens who want to work independently by providing easy and quick financing that contributes to enabling them to practice work through the following applications: Ezhalha, Saee, Naqwa, and The Chefs.

By concluding these partnerships, the bank aims to support the self-employment system and empower freelancers working for themselves through sharing economy applications by providing financing of up to 150 thousand riyals to obtain a vehicle that can be used to work through sharing economy applications. These agreements also contribute to financing citizens wishing to practice self-employment through opportunities generated from ride-hailing and ridesharing applications, with a value of up to 60 thousand riyals, and in accordance with the financing policy and requirements for an accessible product for self-employment.
His Excellency the Vice President of the Social Finance Sector at the bank, Mr. Sultan bin Abdulaziz Al-Humaidi, signed cooperation agreements with His Excellency the CEO of Saar Information Technology Company, which owns the (Saei) application, Mr. Ihab Naseer, and His Excellency a member of the Board of Directors of Azhalha Auto Services Company, Mr. Ibrahim Al-Aqili, and His Excellency the CEO of the company. The list of the strength of Mr. Abdullah bin Adel Al-Subaie, and His Excellency the CEO of the Best Chefs Company, which owns the (The Chefs) application, Mr. Abdul Rahman Al-Shabanat.
The conclusion of these agreements stems from the role of the Social Development Bank in enabling social development tools and enhancing the financial independence of individuals through a package of social financing products, programs and non-financial services that contribute to empowering citizens with the aim of providing services in accordance with best practices.
It is worth noting that the Social Development Bank recently launched the Nafath product as the first specialized financing product to finance self-employment and targets unemployed citizens or those with salaries less than 10 thousand riyals who wish to engage in self-employment to increase income or obtain additional income, as the bank is the largest and most extensive financing gateway. Accessible to individuals, emerging and small enterprises, through a number of products and services that it provides, and more than 3 million male and female citizens have benefited from it since the bank was established in 1391 AH, as the volume of support and financing exceeded 107 billion riyals. Those wishing to benefit from the bank’s products and services can visit the website http:/ /www.sdb.gov.sa/