Bank helps Jazan’s budding entrepreneurs with $67 million funding

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Funding value ranges from SR300,000 to SR400,000, depending on the project. (SPA)
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Funding value ranges from SR300,000 to SR400,000, depending on the project. (SPA)
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Funding value ranges from SR300,000 to SR400,000, depending on the project. (SPA)
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Funding value ranges from SR300,000 to SR400,000, depending on the project. (SPA)
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Photo/SPA
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Photo/SPA
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Updated 17 February 2020

Bank helps Jazan’s budding entrepreneurs with $67 million funding

  • A water bottle production plant in Abu Arish’s industrial city is another example of youth fulfilling their ambition and taking advantage of investment opportunities in Jazan

JAZAN: Young Saudi entrepreneurs in Jazan benefited from government plans and programs to help develop promising ideas and fund future projects in line with Saudi Vision 2030.
The projects extended all over Jazan’s governorates, with Social Development Bank funding in the area as part of its leading role in funding micro, small and medium projects.
Since the launch of its funding programs, the bank has funded around 1,600 productive projects in the area, with a value exceeding SR200 million ($53 million), as well as 3,520 microprojects worth SR52 million.
The diverse investment activities funded by the bank include specialized factories, car parts and heavy equipment stores, mechanics’ shops, restaurants, gift shops, coffee shops and photo studios.
Modon, a factory specializing in colors, stands out among the factories in the industrial city in Jazan as a qualitative project in entrepreneurship funded by the Social Development Bank.
The project went into production at the beginning of 2017, delivering 10 tons of paint colorant, sponge and liquid plastic each month. The factory’s owner, engineer Mohammed Nour’s plans have paid off in production growth, marketing success and contracts with specialized companies. Currently, the factory produces 25 tons of the three colorants.
The factory has signed export contracts to the UAE, Kuwait and Yemen.
A water bottle production plant in Abu Arish’s industrial city is another example of youth fulfilling their ambition and taking advantage of investment opportunities in Jazan.
Engineer Ahmed Al-Thayhi set up one production line in 2015 with a production capacity of 2,700 bottles a day. Now the plant has a production capacity of 6,000 bottles, as well as 35,000 bottle caps daily, through three production lines.

HIGHLIGHT

Since the launch of its funding programs, the bank has funded around 1,600 productive projects in the area, with a value exceeding SR200 million ($53 million), as well as 3,520 micro-projects worth SR52 million.

The plant also started producing around 1.5 tons of plastic bags daily in 2018 and has now reached a capacity of four tons of bags, which are used locally all over Jazan’s governorates, as well as Khamis Mushayt and Makkah.
Al-Thayhi’s experience in the last five years has added to his knowledge and skill, and given him the ambition to look for an outstanding product by investing in one of Jazan’s natural resources, and manufacturing and exporting it.
The Social Development Bank empowers small and medium enterprises (SMEs) through a range of projects funding products, including Emerging Project Product, Graduates Product, Excellence Projects Product and Invention Projects Product, to create a generation of entrepreneurs.

 


Saudi CERT warns against phishing attacks in relation to COVID-19

Updated 6 min 41 sec ago

Saudi CERT warns against phishing attacks in relation to COVID-19

JEDDAH: The Saudi Computer Emergency Response Team (Saudi CERT) has warned that people are using the coronavirus disease (COVID-19) pandemic to initiate online phishing scams and attempt to steal personal information.

“Be careful and beware of messages that you could receive from fake accounts under the name of  the Ministry of Health asking you to click on an unknown link,” Saudi CERT wrote on Twitter.

Saudi CERT shared a number of tips to avoid falling for such scams: “Continuously follow reliable news sources from the Ministry of Health’s official accounts, make sure that the messages received are from official accounts and check with the sender before opening anonymous links.”