Bab Rizq Jameel Microfinance to fund Business Growth’s tech entrepreneurs

With the purpose of financing and supporting entrepreneurs in domains that are considered vital for the labor market, Bab Rizq Jameel Microfinance has signed a memorandum of understanding with Business Growth, a business incubator and accelerator. Among the key fields targeted are creative technical projects and applications.

Business Growth is currently supervising 40 projects, 10 of which are in the technical fields and applications. Bab Rizq Jameel Microfinance will fund these enterprises as the institution attaches much importance to technical projects and applications and is keen to provide the necessary support and funding for the Saudi youth across the Kingdom. The aim is to enrich economic activity and provide more job opportunities in Saudi Arabia.

Abdul Rahman Al-Fehaid, executive director of Bab Rizq Jameel Microfinance, said that the cooperation between the institution and Business Growth underscored the company’s goals to support young people in creative fields and to provide more job opportunities in technical domains so as to harness existing potential and contribute to the digital transformation of the Kingdom.

“Bab Rizq Jameel Microfinance seeks to enter into more agreements and establish more companies in diverse spheres that would open new horizons for ambitious Saudi youth,” Al-Fehaid added. Hamed Al-Zahrani, CEO of Business Growth, said: “We have the capacity to incubate 100 projects during a single cycle with fully equipped offices that provide services and programs for entrepreneurs and startups. It is a pleasure

to cooperate with Bab Rizq Jameel Microfinance, which, since its establishment, has been trying to provide motivation, encouragement and facilitations for entrepreneurs to help them achieve success and expansion all over Saudi Arabia and abroad.”