Four local companies specializing in the telecommunications sector and related accessories have secured a financing contract from the Social Development Bank through an agreement signed the day before yesterday. The aim is to leverage the services provided by these companies to customers who have received prior approval from the bank’s Financing Approval Committee, Under the agreement, customers will deal directly with the companies without referring to the bank, through the provision of logistical support to all bank-financed borrowers and the supply of products—including devices, accessories, SIM cards, and financial incentives—to entrepreneurs financed by the bank. It also aims to provide training services to borrowers in the areas of sales and maintenance.
The agreement was signed by the bank’s General Manager, Dr. Abdullah Al-Namla, with Shas Trading and Maintenance Company, Al-Jawwal Trading Establishment, and Union Jura Telecommunications and Information Technology Company «LeBar,» and Saudi Unicom for Communications Technology and Software. Following the signing, Al-Namlah emphasized the Board of Directors’ commitment—represented by the Chairman of the Board and Minister of Labor and Social Development, Dr. Ali Al-Ghafis—to the bank’s support for and focus on the localization of the telecommunications sector and its full support for young men and women, which is part of programs aimed at creating more job opportunities and fostering investment.
Al-Namlah explained that the bank’s role requires it to be among the first contributors to driving development forward to achieve the goals set by our wise government, and what we are doing today through joint cooperation with these companies specializing in an important and vital sector such as telecommunications, noting that the bank’s role is nothing less than a duty toward the people of this beloved country.
He added that the agreement signed by the bank with these companies will provide numerous benefits and incentives to all entrepreneurs financed by the bank in the telecommunications sector, Al-Namlah emphasized that the bank spares no effort in providing financial support and training, as well as guidance and mentorship, to all young men and women of this country.
