The Social Development Bank signs a memorandum of understanding with the University of Jeddah to support graduates of “Tawteen 3”

In the presence of His Royal Highness Prince Mishal bin Majid bin Abdulaziz, Governor of Jeddah, the Social Development Bank signed a memorandum of understanding with the University of Jeddah to support and finance pioneering projects for “Tawteen 3” graduates, and to provide a package of non-financial services such as training and consultations. The memorandum was signed by His Excellency Dr. Adnan bin Salem Al-Humaidan, President of the University of Jeddah, and His Excellency Mr. Ibrahim bin Hamad Al-Rashed, CEO of the Social Development Bank, at the headquarters of the Jeddah Governorate, Monday, Jumada Al-Awal 27, 1442 AH, corresponding to January 11, 2021 AD.

The memorandum of understanding aims to build a strategic relationship between the bank and the University of Jeddah, by providing financial services and solutions and non-financial services to male and female students of the University of Jeddah, as well as those enrolled in the training program for the localization of jobs in Jeddah Governorate in its third phase, “Tawteen 3,” who have entrepreneurial ideas. It is one of the initiatives of the Jeddah Governorate and will The university will operate it, and the bank will also participate in project arbitration and financing.

This comes based on the role of the Social Development Bank in supporting and empowering youth and enhancing the financial independence of individuals through a package of social financing products and non-financial programs and services that contribute to empowering citizens.

“Tawteen 3” is a training program to localize jobs in Jeddah Governorate. It includes many training programs, expanding the economic base and providing job opportunities for Saudis through the Empowerment and Leadership tracks. The program offers many distinctive training opportunities that keep pace with the needs and requirements of the labor market.

It is worth noting that the volume of the bank’s financing in Jeddah Governorate benefited more than 193 thousand citizens, with a financial value exceeding 8.9 billion riyals.