SME Bank, Ma’aden Sign Agreement to Support Financing Options
"Wealth" Program Collaboration
The Small and Medium Enterprises (SME) Bank has signed a joint cooperation agreement with the Saudi Arabian Mining Company Ma’aden to support financing options for local small and medium enterprises.
“Wealth” Program Collaboration
This collaboration is part of Ma’aden’s “Wealth” program for local content. It seeks to support the business system development in the mining sector in Saudi Arabia. The agreement aims to establish a strategic relationship between the SME Bank and Ma’aden. This relationship will promote awareness and knowledge transfer regarding available financial services and solutions for SMEs. A series of events, workshops, presentations, and knowledge and data exchange sessions are planned.
These efforts aim to enhance the growth of the SME business ecosystem in Saudi Arabia over the long term.
Benefits of Agreement
The agreement leverages resources and expertise from Ma’aden’s “Wealth” program. It will help in creating customized programs that meet the needs of investors and suppliers to the company.
Local businesses in Ma’aden’s supply chains will gain access to financing and investment. This initiative contributes to the comprehensive development of the mining and minerals sector in the Kingdom.
Economic Importance, Vision 2030
Abdulrahman bin Mansour, the acting CEO of the SME Bank, highlighted the economic significance of the mining and mineral wealth sector. It plays a crucial role in diversifying income sources and leveraging the Kingdom’s vast mineral resources. This aligns with the goals of Saudi Vision 2030.
The agreement continues local partnerships aimed at easing financing options and support for SMEs. It specifically targets those involved in various economic activities, particularly those related to the mining and mineral wealth sector.
Commitment to Sustainable Growth
Bob Wilt, CEO of Ma’aden, stated the company’s commitment to supporting local businesses in their value chain. The goal is to ensure sustainable growth for the mining and minerals sector, a cornerstone of the Saudi economy. This cooperation with the SME Bank aims to support and develop the SME sector in the Kingdom. It is considered a fundamental element in achieving Vision 2030.
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