FinTech

Bank AlJazira Signs MoU with Sukna Ventures to Support Startups in Saudi Arabia

Bank AlJazira has signed a Memorandum of Understanding (MoU) with Sukna Ventures to boost innovation and investment, supporting both startups and established companies across Saudi Arabia.

The partnership betweenBank AlJazira and Sukna Ventures aims to foster innovative programs that empower governments and promote entrepreneurial activities, particularly in the fields of digital and technological services, with a specific emphasis on the fintech sector.

Mohammed A. Al Mousa Senior Vice President and Head of Retail Banking Group at Bank AlJazira , highlighted that the MoU focuses primarily on supporting companies specializing in digital transformation.

He added that the agreement seeks to empower entrepreneurs to create value at all stages of building and scaling their startups.

It is worth noting that Bank AlJazira operates under the supervision of the Saudi Central Bank (SAMA) and is one of the leading financial institutions in the Kingdom, offering innovative banking products and services that comply with Islamic Sharia principles for individual and corporate clients.

According to the Capital Market Authority (CMA), the bank’s capital stands at approximately SAR 8.2 billion.

On the other hand, Sukna Ventures is a venture capital fund specializing in early-stage investments.

Headquartered in Riyadh, the company is dedicated to supporting startups and tech companies, particularly in financial and entertainment services, at local, regional, and global levels.

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