Memorandum of Understanding between the "Social Development Bank" and "Kudo"
Published on 2 Mar, 2017
To mark the beginning of a joint cooperation, the Social Development Bank (“SDB”) and Kudu Company for Food and Catering (“Kudu”) signed a Memorandum of Understanding (MoU) on Thursday, 03/06/1438 AH at the SDB's main office in Riyadh.
The MoU was signed by Dr. Abdullah Al-Namlah, General Manager of SDB, and Mr. Rakan Al-Rashed, Chairman of the Board of Directors of Kudu, in the presence of the Assistant General Manager of SDB and a number of officials from both sides.
By signing the MoU with Kudo, SDB aims at supporting the Saudi youth to become financially self-sufficient through the franchise program. This MoU is the first of a series of agreements to be entered into by SDB with a number of brands operating in various business activities with a view to enable the Saudi youth to realize their business ambitions and to help them to start up their own businesses. In addition to the funding, SDB will work together with Kudo to offer a package of non-financial services.
Dr. Abdullah Al-Namlah, General Manager of SDB, expressed his pleasure for signing this MoU with Kudo, stressing that SDB is keen to work with Kudo, an industry leader, as this will open the door for many brands to cooperate with the SDB to empower the Saudi youth.
Dr. Al-Namlah added that SDB is ready to support, fund and sponsor such agreements in order to achieve the best interest of the KSA and its people. He pointed out that in line with Saudi Vision 2030, SDB seeks to create suitable job opportunities for Saudi youth of both sexes and to enable them to work towards achieving their aspirations and potential through projects that could benefit them and provide them with an adequate return.
Mr. Rakan Al-Rashed, Chairman of the Board of Directors of Kudu, expressed his thanks and appreciation to Dr. Abdullah Al-Namlah for signing this MoU. He also stated that by signing this MoU with SDB, Kudu aims at promoting its franchise program, one of its most important social entrepreneurship projects, which is designed to support small and medium enterprises in line Saudi Vision 2030. This program will create an enabling environment for the small and medium enterprises to grow and succeed. It will target the Saudi young male and female entrepreneurs and provide them with the appropriate opportunities to obtain a franchising agency in order for them to be able to own Kudu-branded restaurants throughout the KSA. Through this one-of-its-kind program, the commercial franchisees will have access to financial, training, operational and advisory support in the future, either directly from Kudo or from one of its experienced partners from the government entities and the Saudi universities participating in this program. There will an announcement about partners in the coming weeks once the program is launched.
Al-Rashed added that besides the ‘Franchise for Entrepreneurship’ program, Kudo would launch various corporate social responsibility (CSR) programs under the theme “Kudo Cares” with a view to support the community through various purposeful programs.
Noteworthy, SDB has supported, funded and sponsored more than 37,000 projects covering all activities in all regions of the Kingdom.