Alwaleed Philanthropies and Social Development Bank Sign MoU to Advance Economic and Social Empowerment in Saudi Arabia

Strategic Partnership Goals Between Alwaleed Philanthropies and the Social Development Bank

Alwaleed Philanthropies, chaired by HRH Prince Alwaleed bin Talal Al Saud, has signed a strategic memorandum of understanding with the Social Development Bank to strengthen collaboration in entrepreneurship and social development. The partnership aims to create sustainable opportunities for targeted beneficiaries and deliver measurable impact aligned with Saudi Vision 2030.

Key Areas of Cooperation: Concessional Financing, Orphan Support, and Women's Empowerment

Concessional Financing Programs for Targeted Beneficiaries

The agreement includes exploring concessional financing solutions that support beneficiaries while enhancing the effectiveness of financing portfolios, broadening access to financial services for underserved communities.

Supporting Orphan Independence Through Mobility and Vehicle Access Programs

The partnership includes the launch of targeted programs providing mobility support for orphans through vehicle access, designed to improve their independence and overall quality of life.

Women's Economic Empowerment and Workforce Participation

Advancing women's economic empowerment stands as a central pillar of the partnership, reinforcing their active role in the economy in alignment with Saudi Vision 2030 objectives.

Non-Financial Services: Training, Rehabilitation, and Capacity Building

The partnership provides non-financial services including training and capacity-building programs designed to equip beneficiaries with practical skills for financial and professional independence.

Statement by HRH Princess Lamia bint Majed Al Saud, Secretary General of Alwaleed Philanthropies

HRH Princess Lamia bint Majed Al Saud, Secretary General of Alwaleed Philanthropies, said: "We take pride in our partnership with the Social Development Bank, which reflects our commitment to empowering beneficiaries through training, opportunity creation, and support that strengthens their skills and independence. We believe real impact is measured by an individual's ability to shape their future and contribute meaningfully to society, in alignment with the goals of Saudi Vision 2030."

Statement by Eng. Sultan Al-Humaidi, Chief Executive Officer of the Social Development Bank

Eng. Sultan Al-Humaidi, Chief Executive Officer of the Social Development Bank, said: "This partnership underscores our commitment to advancing financial inclusion and expanding empowerment initiatives through innovative solutions that enhance beneficiaries' economic participation. We focus on delivering practical and innovative solutions — whether through concessional financing or supporting orphan independence — to ensure meaningful economic inclusion."

Partnership Impact on Saudi Vision 2030 Targets

This collaboration reinforces both entities' ongoing efforts to foster effective partnerships that contribute to balanced economic and social development, while promoting a culture of entrepreneurship and innovation as foundational pillars for community prosperity and the realization of Vision 2030 goals.