SABB Launches a New Financing Program for Tech MSMEs

November 2021

The Saudi British Bank (SABB) has launched the Technology Sector Financing Program, specifically designed to finance micro, small and medium-sized enterprises (MSMEs) in the Information Technology sector, in cooperation with the National Technology Development Program and the Kafalah Program.

On this occasion, the Bank hosted a celebration in the presence of Mr. Tony Cripps, Managing Director of SABB, H.E. Eng. Nawaf Al-Hoshan, Deputy Minister for Technology at the Ministry of Communications and Information Technology and Acting Chief Executive Officer of the National Technology Development Program, Mr. Majed Najm, Deputy Managing Director of Corporate and Institutional Banking at SABB and H.E. Eng. Mohammed Al-Khowaiter, Chief Operating Officer at Kafalah Program. In addition to a number of executives from SABB, the National Technology Development Program and Kafalah Program.

Eng. Nawaf Al-Hoshan commented: We appreciate SABB's efforts in the information technology sector in the Kingdom, and its effective and rapid participation in its development. We also congratulate them on the launch of the Technology Sector Financing Program, which contributes to the growth of the mico, small, and medium technology companies, as well as their support by implementing their projects and expansion plans. This will positively benefit the technology industry and boost the Kingdom's position as a regional and global technological center. We look forward to further cooperation to support the Kingdom's IT sector."

Mr. Tony Cripps, said: "The launch of this product demonstrates our commitment to our role as an active partner in achieving Kingdom's Vision 2030 objectives. In addition to developing new products and services, we will continue to use collaborative work in pursuit of common national goals. SABB is eager to contribute to the growth of the small and medium-sized enterprise sector, which is one of the most significant drivers of economic growth.”

For his part, Mohammed Al-Khowaiter said: "We would like to congratulate Kafalah partners, the National Technology Development Program and the Saudi British Bank on this cooperation, which will increase the growth and empowerment of the digital sector in the Kingdom to achieve Vision 2030."