The Ministry of Communications signs an agreement with the Social Development Bank to launch the “Emerging Technologies Portfolio”

In the presence and patronage of the Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Sawaha, and the Minister of Labor and Social Development, Chairman of the Board of Directors of the Social Development Bank, Eng. Ahmed bin Sulaiman Al-Rajhi, the Ministry of Communications and Information Technology signed, today (Wednesday), a cooperation agreement with the Social Development Bank, to support, finance and stimulate projects and activities. emerging technologies,

By establishing a financial portfolio amounting to one billion riyals, in line with the objectives of the Kingdom’s Vision 2030 in diversifying sources of national income, advancing the progress of the Saudi economy, and creating more job opportunities for the sons and daughters of the nation.

The agreement was signed by the Undersecretary of the Ministry of Communications and Information Technology for the Technology and Digital Capabilities Industry, Dr. Ahmed bin Hamdan Al-Thunayan, and the Director General of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, in the presence of a number of officials from both sides.

In a statement on this occasion, the Minister of Communications and Information Technology, Engineer Abdullah Al-Sawaha, confirmed that the agreement comes within the ministry’s directions aimed at localizing modern technologies, enhancing the Kingdom’s position and making it one of the most important leading digital centers in the world, pointing in this regard to the ministry’s constant endeavor to create an attractive and stimulating environment. For national cadres to invest in the field of technology, and to encourage digital innovation to achieve the desired digital transformation, to build a digital society, a digital government, and a prosperous digital economy, and achieve a better future for the Kingdom.

Engineer Al-Sawaha explained that the agreement aims to contribute to establishing and launching small projects in emerging technologies, accelerating their pace and increasing their investments, and providing financing solutions for national talents wishing to invest in these technologies, in addition to increasing the confidence of dealers in the market, and helping these companies enter the worlds of transformation. digital; He explained that the agreement works to provide funding to establish projects in various modern technologies, which include artificial intelligence, the Internet of Things, virtual reality, 3D printing, robotics, e-commerce, smart applications, cloud computing, financial technologies, and cybersecurity, in order to localize them and achieve transformation. Digital in the Kingdom.

The Minister of Communications and Information Technology praised the purposeful and fruitful cooperation with the Ministry of Labor and Social Development in many fields aimed at localizing the jobs of the communications and information technology sector, and providing the appropriate and stimulating environment for Saudi entrepreneurs in the field of technology and innovation to develop technical solutions and products that serve comprehensive development projects in our dear Kingdom. Stressing the importance of all government agencies and the private sector joining forces to support and develop small and medium enterprises in various fields to raise their contribution to the gross domestic product from 20% to 35% by 2030 AD, in accordance with the Kingdom’s Vision 2030 as it is the basic pillar of economic growth.

For his part, the Minister of Labor and Social Development, Chairman of the Board of Directors of the Social Development Bank, Engineer Ahmed Al-Rajhi, explained that this agreement is distinguished by providing a package of capabilities represented in financing products and non-financial services for the emerging and small enterprise category to benefit from opportunities in digital projects in the emerging technologies sector, with the aim of generating... Rehabilitating 3,500 small projects in the targeted sectors with technical and economic feasibility, with a value exceeding one billion riyals.

Engineer Al-Rajhi stated that the agreement comes to serve strategic objectives parallel to the objectives of the Kingdom’s Vision 2030, to increase the contribution of small and emerging enterprises to the gross domestic product, and to increase localization in the communications sector, indicating that the bank will provide a set of qualitative financing solutions to enable emerging and small enterprises to benefit from opportunities. emanating from this agreement.

It is worth noting that the portfolio targets various government sectors related to supporting and developing technology, investors in the communications and information technology sector, private institutions and companies working in this field, in addition to technology business accelerators and incubators, smart application developers, male and female technology entrepreneurs, and individuals wishing to invest. In the field of emerging technology.
It is worth noting that since its founding in 1391 AH until now, the Social Development Bank has benefited more than 2.6 male and female citizens from the bank’s various services and products, and the volume of lending has exceeded 105 billion Saudi riyals in social and business financing, and it is considered the most effective economic empowerment gateway in the Kingdom.