RIYADH: Saudi Arabia’s community-focused entrepreneurs are set to receive government-level support after the Ministry of Energy joined hands with the Saudi National Bank.
This social entrepreneurship accelerator is aimed at helping independent business owners, emerging projects, and small enterprises, transforming them from ideas into viable investment opportunities within the energy sector.
The agreement was signed on Jan. 21 in the presence of Minister of Energy Prince Abdulaziz bin Salman, and SNB Chairman Saeed Mohammed Al-Ghamdi.
A key aspect of the ministry’s strategy is to encourage energy companies to engage more actively in socially responsible initiatives locally and internationally.
Furthermore, the body seeks to enhance the technical performance of these organizations, aiding them in overcoming challenges in their development and operation.
The ministry’s goals extend to raising awareness and commitment to sustainable development objectives in the energy division, fostering a culture of volunteer work, and supporting social innovation in the sector.
This collaborative effort between the body and SNB represents a pivotal step in empowering the energy sector’s contribution to societal development and innovation.
The cooperation includes developing suitable mechanisms for the program, exchanging expertise and ideas concerning its implementation, and participating in awareness and promotional campaigns.
The agreement entails the collaborative development of program mechanisms and exchanging ideas between both parties.
It emphasizes the ministry’s commitment to supporting non-profit organizations in the energy sector and aspiring to achieve Vision 2030 goals.
Speaking at the Future Minerals Forum in early January, the Saudi minister of energy emphasized the Kingdom’s commitment to accelerating domestic efforts in transforming the sector.
The minister highlighted the Kingdom’s approach, addressing domestic and global aspects. Currently, Saudi Arabia is saving 1 million barrels of oil consumption within its borders, with a broader objective to ensure responsible utilization of its global exports.
“We are no longer being called a leading oil country or oil-producing country. Our tag now is that we would like to be an energy-producing country of all sorts of energy, so our task is to prove it and we shall,” he said.
