Nusaned Investment, Banque Saudi Fransi sign SAR 200 million agreement to support SMEs

Nusaned Investment Company and Banque Saudi Fransi signed a cooperation agreement to finance emerging small and mid-sized enterprises (SMEs) in which the company invests and in the companies that benefit from SABIC’s localization initiative, NUSANEDTM.

Naif Alayed, CEO, Nusaned Investment Company, and Majed Alsadhan, Head of Wholesale Banking, Banque Saudi Fransi, signed the SAR 200 million agreement on the sidelines of the Biban 2023 global conference in Riyadh on March 9.

Alayed said the agreement will contribute to creating financing solutions for Nusaned Investment affiliates and the graduates of the NUSANEDTM initiative, and will help overcome financing challenges faced by startups. “The agreement will provide more support for the industry in the Kingdom and raise the percentage of local content in the non-oil sectors, in line with Saudi Vision 2030.”

On his part, Al-Sadhan said that the Banque Saudi Fransi provides innovative products, services and initiatives that support entrepreneurship and SMEs. "This collaboration with our partners in the Nusaned Investment Company and the NUSANEDTM initiative aims to provide comprehensive banking solutions, including working capital and supply chain financing, besides other banking products," he said.

The agreement will enable the two parties to collaborate and improve the services provided to emerging SMEs, enabling them to add further to their innovations. It also aims to explore promising investment opportunities in the industrial sector, and achieve the goals of Vision 2030.