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Home > Shell and Saudi Credit & Savings Bank join forces to support Intilaaqah entrepreneurs

Welcome to Shell LiveWIRE International / Shell and Saudi Credit & Savings Bank join forces to support Intilaaqah entrepreneurs

New funding opportunities for young people in Saudi Arabia

Dec 13

Shell Saudi Arabia (KSA) and the Saudi Credit and Savings Bank (SCB) have signed an agreement which will provide entrepreneurs graduating from the Intilaaqah KSA programme with automatic eligibility for funding.

The move will enable the SCB to nominate young people, who fulfil its lending criteria, to undertake the 188 hour intensive Intilaaqah enterprise training programme. Those who successfully complete the training will be provided with the necessary financial backing to launch and grow their businesses.

During the Intilaaqah enterprise training programme, young Saudis benefit from the training, guidance and mentoring they need to develop their business idea, hone their entrepreneurial skills and to produce a viable business plan.

The SCB, which is considered to be one of the cornerstones of the government of Saudi Arabia, acknowledges the importance of entrepreneurs and the contribution they make to the country's economy. Recognising the quality of Intilaaqah, SCB has decided to partner with the programme in order to provide young entrepreneurs with an unrivalled loans package ranging from SR 500,000 (US $130,000) up to SR 8M (US $2.1M).

Speaking at the MoU signing on 25 November, Dr Ibrahim Al-Hunaishel, General Director, Saudi Credit and Savings Bank said, "In the bank, we give social service a high level of consideration, just like financial services, and sometimes more. These programmes are a key to youth development and success. We provide many programmes inside the bank to develop and qualify youth beside agreements with outsourced specialised services such as Intilaaqah.

"The Shell company, represented in its programme Intilaaqah, has a unique programme and great experience in the field, and this is why we are happy to cooperate and achieve our shared goal.”

Patrick Van Daele, Country Chairman of Shell in Saudi Arabia said, "Since 2010, Shell Intilaaqah has trained over 7,500 Saudi's including 3,000 women and 4,500 men. Together, they started 665 enterprises and created 2,174 jobs. We aim to continue to grow this number.”

Nawaf Almusra, Programme Manager, Intilaaqah KSA said, "We are delighted to work in partnership with SCB, as this enables us to further strengthen our programme offer by providing young entrepreneurs with an unrivalled funding opportunity.

"Our partnership with SCB is a groundbreaking initiative that will enable many more young entrepreneurs to secure the funding they need to start and grow their businesses, and to create the wealth and employment opportunities that are important both socially and economically.”

Shell is one of the oldest international companies in Saudi Arabia, having established its presence in 1940. Shell has major Joint Ventures with both Saudi Aramco and SABIC and employs, through its offices and various business partnerships, over 2,000 staff, with a Saudisation rate of over 85%. Shell is committed to the Kingdom and is actively pursuing growth of its investments, both in the Upstream and Downstream sectors.



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