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Saudi Arabia launches social entrepreneurship accelerator for energy sector

The initiative targets independent entrepreneurs, emerging projects, and small businesses with an emphasis on social responsibility

Saudi Arabia launches social entrepreneurship accelerator for energy sector
[Source photo: Anvita Gupta/Fast Company Middle East]

Saudi Arabia initiated a new program to support independent entrepreneurs, fledgling projects, and small enterprises focusing on social responsibility. It’s a social entrepreneurship accelerator program launched by the Saudi Ministry of Energy and the Saudi National Bank (SNB). 

This initiative aims to transform promising early-stage ventures within the energy sector, propelling them from fledgling ideas to impactful investment opportunities.

This marks a crucial step in the ministry’s strategy to foster active engagement within the energy sector, encouraging domestic and international social impact initiatives.

The ministry also seeks to optimize technical performance, helping fledgling organizations overcome developmental and operational hurdles. Raising awareness of sustainable development goals in the energy realm, promoting volunteerism, and nurturing social innovation initiatives are all integral to the program’s vision.

The ministry and bank will develop suitable program mechanisms, share expertise for efficient implementation, and collaborate on awareness-raising campaigns. 

This approach underscores the ministry’s dedication to supporting non-profit organizations in the energy sector and propelling them towards the goals outlined in Vision 2030, the kingdom’s ambitious blueprint for the future.

Speaking at the Future Minerals Forum in early January, the Saudi Minister of Energy underscored the kingdom’s dedication to expediting domestic initiatives to transform the sector.

“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,” he said.

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