A financing and training agreement between the Social Development Bank and Uber

Media Center – November 2022 AD The Social Development Bank signed a cooperation agreement with Uber Saudi Arabia Ltd., a cooperation agreement to finance Saudis wishing to self-employment through ridesharing, and to provide a package of financial and non-financial services that enable beneficiaries to achieve higher financial returns. The agreement provides greater opportunities for self-employment practitioners to obtain additional financial income by benefiting from the financing options in the bank’s participatory transportation path, provided that the company builds the capabilities of young people by training, qualifying and monitoring their performance during the financing period. The agreement was concluded at the headquarters of the Social Development Bank in Riyadh by the bank’s CEO, Ibrahim Al-Rashed, with the regional director of Uber in the Middle East and Africa, Frans Hiemstra, in the presence of the general manager of Uber in Saudi Arabia, Muhammad Qazzaz. Al-Rashed stressed that the strategic partnership with Uber opens broader horizons for practicing self-employment through conditions that serve the bank’s customers. From obtaining financing of up to 300 thousand riyals, in addition to benefiting from training, financing, and incentive benefits for every driver working in Uber. Al-Rashed pointed out that this agreement is part of a series of agreements recently concluded by the bank to strengthen and build strategic partnerships with vital sectors in the Kingdom, with the aim of empowering young people and encouraging them to practice entrepreneurship and benefit from opportunities and initiatives in promising markets, such as the agreements signed with SABIC, Aramco, and the Royal Institute. For traditional arts and the Riyadh Municipality, with the aim of reaching wider segments of society and raising the contribution of micro, small and emerging enterprises to the gross domestic product in order to achieve the goals of the Kingdom’s Vision 2030 and diversify sources of revenue for citizens to enable them to be financially sustainable by entering new markets such as logistics services, which are enjoying significant growth.