Startup

Saudi Arabia’s Social Development Bank allocates $53.2m for tech SMEs

Saudi Arabia’s Social Development Bank signs agreement with the National Technology Development Programme (NTDP) to allocate 200 million SAR (which accounts for almost $53.2 million) in funding for the Saudi Arabia’s small and medium businesses operating in the tech sector.

The $53.2 will be allocated to emerging, micro, and small technology enterprises to boost their competitiveness and contribution to Saudi’s economy, this agreement aims to provide easy financing solutions for Saudi entrepreneurs wishing to invest in the information and technology sector.

Saudi Arabia’s PIF recently launched “Ceer” which is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia and will design, manufacture and sell a range of electric vehicles in Saudi Arabia and the MENA region, including sedans and sports utility vehicles.

The post Saudi Arabia’s Social Development Bank allocates $53.2m for tech SMEs appeared first on WAYA.

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