In a significant move to bolster community-driven businesses within the Kingdom, Saudi Arabia’s Ministry of Energy has forged a partnership with the Saudi National Bank (SNB). This collaboration is set to launch a social entrepreneurship accelerator program designed to elevate local enterprises in the energy field.
The initiative is crafted to nurture and convert burgeoning ideas and small businesses into robust investment prospects. This support system for entrepreneurs was formalized through an agreement signed on January 21, witnessed by Energy Minister Prince Abdulaziz bin Salman, and SNB Chairman Saeed Mohammed Al-Ghamdi.
At the heart of this strategy is the ministry’s ambition to motivate energy companies to partake in socially responsible activities both within the region and globally. This extends to bolstering the technical prowess of these entities, equipping them to navigate growth and operational hurdles more effectively.
Moreover, the ministry is keen on spreading awareness about sustainable development goals in the energy sector, nurturing a spirit of volunteerism, and championing social innovation.
The alliance between the Ministry of Energy and SNB is a critical step towards enhancing the energy sector’s role in societal progress and creative solutions.
The partnership will focus on crafting the appropriate mechanisms for the accelerator, sharing knowledge and concepts for execution, and engaging in campaigns to raise awareness and promote the program.
The agreement underscores the ministry’s support for non-profit endeavors in the energy realm and its aspiration to fulfill the ambitious Vision 2030 framework.
During the Future Minerals Forum earlier this year, the Saudi Energy Minister reiterated the nation’s dedication to reshaping the energy sector. The minister outlined initiatives for domestic energy conservation, including reducing oil consumption by 1 million barrels per day within the nation, and promoting responsible management of its energy exports.
With a new strategic identity, Saudi Arabia aspires to be recognized not merely as a leading oil producer but as a diversified energy powerhouse. “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,” the minister stated.