Social Development Bank Partners with NTDP to Enhance SMEs
NTDP's Collaborative Initiatives
The Social Development Bank and the National Technology Development Program ‘NTDP’ have partnered to enhance the competitiveness of small and medium-sized enterprises (SMEs) in the tech sector.
This partnership involves a financing portfolio of 200 million Saudi riyals ($53.3 million) dedicated to emerging tech enterprises.
NTDP’s Collaborative Initiatives
Technical Growth Financing: Initially, NTDP and Kafalah collaborate on an initiative to bolster the ICT system. The plan includes providing up to SAR 700 million, specifically aiming to increase financing for profitable tech startups and SMEs.
Technology Growth Financing: Subsequently, partnering strategically with Kafalah, this initiative will allocate SR700 million to IT and digital project businesses. Consequently, its objective is to strengthen the local IT sector and, furthermore, foster business growth and development.
Broader Investment in Tech Start-Ups
Diverse Funding Sources: Various firms are investing in the tech sector, contributing significant amounts to fund MENA startups, financial technology, space software technology, and other tech-focused ventures.
For instance, Riyadh-based Merak Capital is providing $53 million for ICT, and other firms like Impact46, Bim Ventures, and Shorooq Partners are making substantial contributions.
Vision 2030 Alignment
These efforts align with Saudi Arabia’s Vision 2030, aiming to diversify the economy and position the country as a global tech hub. Consequently, technology is central to this vision, fostering entrepreneurship and attracting investments globally.
Moreover, NTDP’s actions show Saudi Arabia’s drive to become a global tech leader. They focus on building a strong tech ecosystem, offering investment opportunities, and forming strategic partnerships. These steps are key to the Kingdom’s transformation as per Vision 2030.
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