It included providing exclusive facilities, services, and financing products to Chamber’s subscribers

Asharqia Chamber and Riyad Bank sign an agreement to support small enterprises and increase their contribution to local content​.

On Wednesday, April 7, 2021, the Asharqia Chamber signed a Memorandum of Understanding with Riyad Bank, which included providing exclusive facilities, services, and financing products to Asharqia Chamber subscribers, in the framework of supporting local small and medium enterprises and contributing to increasing local content in line with the goals of Vision 2030.

The signing of the agreement was attended by the President of the Asharqia Chamber, Abdul Hakim bin Hamad Al-Ammar Al-Khaldi, and its Secretary-General Abdulrahman bin Abdullah Al-Wabel, and representatives of Riyadh Bank, Vice President – Regional Director of Emerging Business Banking in the Eastern Province, Muhammad bin Ali Al Salem, and Assistant Vice President – Emerging Business Banking Team Leader, Nawaf Abdullah Al Dossary, and Senior Manager – Emerging Business Banking Team Leader, Abdulaziz Muzal Al-Enzi.

Al-Khalidi said that the agreement strengthens the existing cooperation between the Chamber and Riyad Bank, and supports the state’s objectives towards the advancement of small and medium enterprises, which are of utmost importance in supporting the national economy and advancing development, because of their positive impact on the economic and social levels, and what they can contribute to In increasing exports and opening new markets for work, he expressed his thanks and appreciation to Riyad Bank for its great efforts in supporting small and medium enterprises and providing many services and financing solutions to their pioneers.

Al-Khalidi explained that the scope of the agreement included many items that would support small and medium enterprises and enhance their role in contributing to the gross domestic product and achieving the goals of the vision, noting that it included establishing a joint working group between the Chamber and the bank to study launching new products and initiatives and providing exclusive financing solutions that serve segments. Various investments, especially from the Chamber’s subscribers.

For his part, Al Salem praised the close and effective cooperation between the Chamber and Riyad Bank in many areas, perhaps the most prominent of which is the interests of small and medium enterprises, and said that this agreement comes as a step for the effective participation between the bank and the Asharqia Chamber in providing a balanced and sustainable development environment that supports the growth of small and medium enterprises and keeps pace with the goals of the vision. Concerning this sector, in particular, he praised the services provided by the Asharqia Chamber to young entrepreneurs, which have a long history of supporting and motivating them to move towards self-employment.

Al Salem indicated that the Memorandum of Understanding is an important step for entrepreneurs to realize the bank’s products through the meetings and workshops that the Chamber holds aiming at introducing them and entrepreneurs to the products and financing solutions provided by the bank, in addition to the fact that the Chamber will provide support to enterprises financed by the bank or Those wishing to finance through training courses, workshops, development programs, and providing advice through the various programs provided by the Chamber.

Al-Wabel praised the agreement and considered it a great opportunity for entrepreneurs from the owners of small and medium enterprises, and that it supports the Chamber’s permanent and continuous efforts towards concerted efforts and integration with various bodies in support of young businessmen, noting that empowering small and medium enterprises is a fundamental pillar of the 2030 Vision. And that this agreement, including the provisions it contained, will have a positive impact on the growth of emerging enterprises and their further spread among the business sector in the eastern region.​​

 

Source: Asharqia Chamber

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