Saudi Arabia’s Social Development Bank supported 40 micro-enterprises at the 17th Jouf International Olive Festival to help them gain access to markets.
The bank participated in the festival, held at the Prince Abdulilah Urban Center in Sakaka until Feb. 19, with a pavilion showcasing products and services aimed at promoting comprehensive and balanced development in Saudi regions, as well as providing support for local industries that are distinctive to each of the Kingdom’s cities.
The olive industry and its derivatives, which Al-Jouf region is well-known for, form a viable sector that includes several fruit, oil and wood-processing industries, allowing entrepreneurs to start a variety of promising projects.
Mohammed Al-Shammari, the bank’s branch manager in Al-Jouf, said: “40 productive families in Jouf region received developmental financing, with a ceiling of SR50,000 ($13,000), through non-profit sector financing intermediaries, as well as fully equipped sales outlets, to achieve further financial inclusion.
“These families’ development products ranged from the perfume and moisturiser business, which used natural ingredients and aromatic herbs abundant in the region, to sadu products and souvenirs, as well as popular dishes and food products. The bank has helped provide these families with the possibility to win one of the festival’s prizes for the top three participating productive families,” Al-Shammari said.
He highlighed the bank’s commitment to providing its developmental services, both financial and non-financial, as industries related to olives and their derivatives in Al-Jouf offer diverse opportunities for micro-enterprises, which supports the region’s economy and creates more job opportunities for the local community. He said that the bank looked forward to providing further support for pioneering projects and micro-enterprises in the region.
The productive families benefiting from developmental financing praised the Social Development Bank’s support for their projects, which contributes to their development and increases economic returns.
The Social Development Bank seeks to provide its comprehensive developmental services to all regions of the Kingdom. It also focuses on providing more capacity-building opportunities for peripheral areas to improve production efficiency and maximize economic participation, in line with the objectives of the Kingdom’s Vision 2030.