Sipchem supports $266mn fund to aid small Saudi women-led businesses

Sipchem supports $266mn fund to aid small Saudi women-led businesses
Published: 13 October 2019 - 12:15 p.m.
By: Carla Sertin

Jana Centre, a strategic partner to Sipchem, has raised more than $266mn (SAR 1bn) for an investment portfolio which is aimed at supporting small and medium enterprises run by women.

The Saudi Minister of Labor and Social Development HE Eng Ahmad bin Sulaiman honored Sipchem, represented by CEO Eng Saleh Bahamdan, for its efforts to support sustainable projects in collaboration with Jana Centre.

“Sipchem is always committed to empowering women and supporting their professional development," Bahamdan said. "Sipchem adopts and implements several policies and initiatives aimed at enhancing women’s ability to deliver and effectively participate in the Saudi economy."

Sipchem works closely with the centre to empower women socially and economically through social responsibility initiatives, most notably is the establishment of a loans portfolio to support 85 women in SMEs. Sipchem has also sponsored the Jana project to support street vendors by offering dedicated sales kiosks in an initiative to eliminate random selling.

"We are pleased to work with the Jana Center, which is one of the most prominent programs supporting families in need," he added. "Our mutual aim is to reduce poverty and unemployment in the community and empower Saudi women, in line with Vision 2030 objectives to achieve social and economic prosperity."

Jana Centre was established in 2010 as one of the programmes of Sulaiman Bin Abdul Aziz Al Rajhi Charitable Foundation, a socio-economic project that provides goodwill credit services for women to establish businesses in order to improve their financial statuses and to occupy a stronger position in society. It focuses on women – especially the unemployed – in hopes of transforming them into working, self-sustaining businesswomen through microloans and establishing a culture of productivity.

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