Bab Rizq Jameel Microfinance supports entrepreneurs in technical domains and applications

October 28, 2020

With the purpose of financing and supporting entrepreneurs in the domains that are considered quite vital for the labor market today, Bab Rizq Jameel Microfinance has signed a Memorandum of Understanding for cooperation with Business Growth, the business incubator and accelerator. Among the key fields targeted are creative technical projects and applications.

Business Growth is currently supervising 40 projects, 10 of which are in the technical fields and applications done by Saudi youth. Bab Rizq Jameel Microfinance will fund these enterprises as the institution attaches much importance to technical projects and applications and is utterly keen to provide the necessary support and funding for the promising Saudi youth all over the Kingdom. The aim is to enrich economic activity and provide more job opportunities in the Saudi Arabia.

Abdul Rahman Al Fehaid, Executive Director of Bab Rizq Jameel Microfinance, said that the cooperation between the institution and Business Growth underscores the company's goals to support young people in creative fields and to provide more job opportunities in the technical domains so as to harness the existing potentials and contribute to the digital transformation of the kingdom.

"Bab Rizq Jameel Microfinance seeks to enter into more agreements and establish more companies in diverse spheres that would open new horizons for ambitious Saudi youth", Al Fehaid added.

On his part, Hamed Al-Zahrani, CEO of Business Growth said: "We have the capacity to incubate 100 projects during a single cycle with fully equipped offices that provide services and programmes for entrepreneurs and startups. It is a pleasure to cooperate with Bab Rizq Jameel Microfinance, which, since its establishment, has been trying to provide motivation, encouragement and facilitations for entrepreneurs to help them achieve success and expansion all over Saudi Arabia and abroad”.

Bab Rizq Jameel Microfinance is the first Saudi microfinance company licensed by the Saudi Arabian Monetary Authority. With a wide range of branches across Saudi Arabia, the company runs multiple financing operations for micro-entrepreneurs as well as beneficiaries of the productive family and work from home programmes. It is now easy to get the required financing either through the electronic portal or the nearest branch.

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