Bank Aljazira has signed a memorandum of understanding with Sukna Ventures to enhance innovation and investment between the two parties. This partnership will support emerging and large companies in the Kingdom of Saudi Arabia.
Under the partnership, there will also be support for governments to promote innovative programs that support entrepreneurial activities, especially in the areas of digital and technological services, specifically the fintech sector.
Mohammed bin Abdulrahman Al-Mousa, Senior Vice President and Head of Retail Banking Group at Bank Aljazira, said that the MoU focused primarily on supporting companies specialized in digital transformation.
He explained that the agreement enhances the ability of entrepreneurs to provide value at all stages of building and growing their start-up projects.
It is noteworthy that Bank Aljazira is subject to the supervision of the Saudi Central Bank (SAMA), and is considered one of the financial groups in the Kingdom of Saudi Arabia that provides advanced banking services and products that comply with the provisions of Islamic Sharia to individual and corporate clients.
The bank’s capital, according to what was announced by the Capital Market Authority, amounts to about 8.2 billion riyals.
Sukna Ventures is an early-stage venture capital fund based in Riyadh that focuses on supporting startups and technology companies, particularly in the financial and entertainment services sectors, at the global, regional and Arab levels.
