Memorandum of Understanding between the Social Development Bank and the Saudi Basic Industries Corporation (SABIC)

On Monday, Rabi’ al-Thani 14, 1439 AH, the Social Development Bank signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) at the company’s headquarters in Riyadh, where the agreement was signed by His Excellency the Director General of the Bank, Dr. Abdullah bin Abdul Rahman Al-Namla, and on the part of SABIC, Vice Chairman of the Board of Directors and CEO Yousef bin Abdullah Al-Benyan.

On Monday, Rabi’ al-Thani 14, 1439 AH, the Social Development Bank signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) at the company’s headquarters in Riyadh, where the agreement was signed by His Excellency the Director General of the Bank, Dr. Abdullah bin Abdul Rahman Al-Namla, and on the part of SABIC, Vice Chairman of the Board of Directors and CEO Yousef bin Abdullah Al-Benyan.

The memorandum aims to define the foundations of cooperation between the two parties in the field of enabling the implementation of small and medium enterprises in SABK ’s local content programs , as the bank is a specialized entity in providing financing products and non- financial services to the small and medium enterprises category through its multiple financing paths, with the aim of Creating and rehabilitating commercial projects owned by Saudi citizens in various industries and fields of both technical and economic feasibility. SABIC is also considered one of the pioneers in community service initiatives and supporting and creating attractive job opportunities that create job opportunities for all members of society and supporting and raising the level and efficiency of the workforce. In Saudi Arabia .

This memorandum is valid for one year, renewable from 1/1/2018 AD until 12/31/2018 AD.