Saudi Fund for Development Signs a $10 Million Loan Agreement to Construct Business Incubation Centers in the Bahamas
21.7.2023 16:51:00 EEST | Business Wire | Press release
The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed the first development loan agreement worth $10 million in SFD’s headquarters in Riyadh with Hon. Isaac Chester Cooper, Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230721961355/en/
(from left to right) Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation, Hon. Isaac Chester Cooper & The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad. (Photo: AETOSWire)
The agreement involves the construction of business incubation centers across three islands in the Bahamas to support the growth of tourism, and signifies SFD's commitment to supporting sustainable economic development in developing countries and Small Island Developing States (SIDS) around the world. The signing marks SFD’s first presence in the Bahamas, making it the 89th country to receive funding for a development project from SFD.
The loan will facilitate the establishment of dedicated business incubation centers across three islands to support new business projects. Specifically, these will accommodate 50 small businesses on Nassau Island, 25 small businesses on Exuma Island, and 25 small businesses on Grand Bahama Island.
The project is poised to enhance the tourism sector in the Bahamas, create direct and indirect job opportunities, and contribute towards realizing the United Nations' Sustainable Development Goals (SDGs), specifically SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure.
On this occasion, Hon. Isaac Chester Cooper, Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation, said: "This agreement marks a significant step in our nation's journey towards sustainable growth, with the support of Saudi Arabia through the Saudi Fund for Development. The upcoming business incubation centers will act as catalysts for our aspiring entrepreneurs and help to accelerate job creation and enhance our tourism sector. This partnership reflects a shared vision of prosperity and development."
On his part, H.E. Sultan Al-Marshad, Chief Executive Officer of the Saudi Fund for Development, said: "SFD is committed to promoting sustainable socio-economic development in developing nations and Small Island Developing States, while supporting the journey to achieving the United Nations’ Sustainable Development Goals. This project promises to nurture entrepreneurship in the Bahamas and stimulate economic growth through the provision of new business and job opportunities in the tourism sector. The agreement further solidifies our commitment to achieving a shared, prosperous, and sustainable future for developing countries worldwide.”
Source: AETOSWire
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230721961355/en/
Contact information
Nawaf Alojrush
alojrush@sep.gov.sa
00966506110244
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Ant International’s R2 Enters Brazil, Bringing Embedded Credit Technology to Serve SMBs and Gig Workers27.8.2026 12:00:00 EEST | Press release
R2 today announced its expansion into Brazil, marking the company's entry into Latin America's largest economy. With the support of Ant International, a leading global digital payment, digitisation and FinAI solutions provider, R2 will partner with digital platforms across Brazil to embed working capital solutions directly into the products their merchants and gig workers already use. For digital platforms, marketplaces, payment providers, ecommerce companies, and others serving SMBs and gig workers, R2 provides a proven embedded credit technology solution that enables them to offer financing to their users without building credit operations themselves, and without taking on credit risk. The result is a new revenue stream and a stronger value proposition for their merchant base. For the businesses and workers those platforms serve, it means access to working capital based on how they actually perform, not on documentation that most of them don't have. "Brazil is a defining milestone in
Samsung Display Elevates Gaming Immersion with QD-OLED at Gamescom 202627.8.2026 11:30:00 EEST | Press release
Samsung Display will showcase the gaming performance advantages of QD-OLED through collaborations with global game companies at gamescom 2026, the world’s largest gaming exhibition. The company also announced plans to begin mass production of 24.5-inch QD-OLED panels optimized for eSports and FPS games by the end of this year, underscoring its technology leadership in the gaming monitor market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260827640374/en/ Visitors experiencing PRAGMATA on gaming monitors featuring Samsung Display’s QD-OLED at the CAPCOM booth during gamescom 2026 Highly anticipated titles from CAPCOM, KRAFTON and CD PROJEKT RED take the stage at gamescom with QD-OLED displays Samsung Display announced on August 27 that it will partner with global game companies including CAPCOM, KRAFTON, and CD PROJEKT RED at gamescom 2026, taking place in Cologne, Germany, from August 26 to 30. New and flagship titles fro
SCP Standard Capital Partners AG: VANEA Defence Unveils ATOMZA®, the First Production-Ready Drone Defence System for Civilian Operators27.8.2026 11:13:00 EEST | Press release
VANEA Defence today unveiled ATOMZA, the world’s first drone defence system designed for civilian deployment that can be operated by private organisations without sovereign enforcement powers. The system opens up a previously inaccessible market for active counter-UAS solutions, which until now have largely been restricted to public security authorities legally authorised to intervene against drones. ATOMZA will make its public debut at Drone Days in Bremen, Germany, on 27th and 28th August. A new category of civilian counter-UAS mitigation ATOMZA uses a non-kinetic optical effector that employs directed photonic radiation to disable a drone’s optical sensors without destroying the aircraft. This approach makes ATOMZA the first solution that can be deployed specifically to mitigate a drone threat without constituting an intervention requiring sovereign enforcement powers. While jammers, high-energy lasers and interceptor drones are legally restricted to authorised security authorities,
Grid Dynamics Appoints Industry Veteran Nikita Ivanov as Head of AI26.8.2026 23:05:00 EEST | Press release
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a premier AI transformation partner for the Fortune 1000, is advancing its AI strategy under the leadership of Nikita Ivanov, Vice President, Head of AI. Ivanov is responsible for leading the transition efforts of Grid Dynamics’ clients toward an AI-native software delivery model, and he oversees all elements of Grid Dynamics AI Native (GAIN) platforms. Ivanov brings more than two decades of experience founding and leading technology companies to his role as Vice President, Head of AI. He founded and led GridGain, a distributed computing company built for in-memory data processing. During his 15-year tenure at GridGain, Ivanov also founded the natural language processing framework Apache NLPCraft and, later, Humatron AI, an AI workforce platform. He then served as Field CTO for GenAI at DataStax. That same pattern of building foundational tools now runs through Grid Dynamics’ own AI-SDLC tools, Allium, Rosetta, and SpecFlow
Arc'teryx Introduces System 0™, a New Framework for the Future of Product Design and Circularity26.8.2026 16:00:00 EEST | Press release
Arc'teryx Equipment, the global design company specializing in technical high-performance apparel and equipment, today introduced System 0™, a new framework that reimagines how products can be designed, manufactured, used, repaired, and ultimately regenerated. System 0 represents the next evolution for sustainability in the outdoor industry, as it embeds circular thinking across an entire product lifecycle while maintaining the uncompromising performance standards that define the Arc’teryx brand. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260826686539/en/ Arc’teryx athlete, Craig Murray, wearing the Sperro SV, a multisport mountain-grade hardshell built with circular design principles, available September 4, 2026. The first product being introduced as part of the System 0 platform is the Sperro SV jacket, a multisport mountain-grade hardshell engineered for durability, repairability, and disassembly at end of life – the
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom