The Social Development Bank signs a memorandum of understanding with the Tourism Development Council in the Hail region, to support tourism projects.

In the presence of His Royal Highness Prince Faisal bin Fahd bin Muqrin, Deputy Emir of the Hail Region, the Social Development Bank signed a memorandum of understanding with the Tourism Development Council in the Hail Region, to support and finance entrepreneurs who own small and emerging enterprises in the tourism project sector in the Hail Region, through the Hail Region Program Initiative. The Hail Tourism Incubator to support entrepreneurs and emerging companies in the region, at the headquarters of the Emirate of Hail Region, today, Tuesday, 21 Jumada Al-Awwal 1442 AH, corresponding to January 5, 2021 AD.

The agreement was signed by His Excellency the CEO of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, and the Secretary-General of the Tourism Development Council in the Hail Region, Engineer Ziyad bin Ayada Al-Masoul.
The agreement aims to build a strategic relationship between the bank and the Tourism Development Council to support and finance entrepreneurs who own small and emerging enterprises in the tourism project sector in the Hail region through the bank’s financing products, as it aims to finance a number of value-added projects.
This comes within the role of the Social Development Bank concerned with economic empowerment with a development impact, by providing financing products and non-financial services for projects in the tourism sector nominated by the Tourism Development Council in the Hail region, with the aim of creating and qualifying projects for Saudi youth in various fields of economic feasibility, as well as providing... Specialized capacity building programs for targeted entrepreneurs in the tourism sector, to raise the level of services in the Hail region to improve
Tourist experience in the region, and providing non-financial services that would qualify and sponsor targeted projects that enhance the region’s economy and raise its competitive value.
It is worth noting that since its founding in 1391 AH until now, more than eight million male and female citizens have benefited from the bank’s various services and products, and the volume of lending has exceeded 120 billion Saudi riyals in social and productive loans. As for financing tourism facilities, more than 2025 have been loaned. An establishment with a financial value exceeding 543 million riyals.