Saudi Fund for Development Signs a $10 Million Loan Agreement to Construct Business Incubation Centers in the Bahamas
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
Saudi Arabia Issues Green, Social, and Sustainable Debt Instruments Guidelines to Support ESG Investment and Align with Global Standards3.11.2025 16:18:00 EET | Press release
The Capital Market Authority (CMA) of Saudi Arabia has issued the Guidelines for Issuing Green, Social, Sustainability, and Sustainability-Linked Debt Instruments, marking a strategic milestone in the Kingdom’s journey to build a diversified and globally integrated capital market under Vision 2030. Effective from May 27, 2025, the Guidelines provide issuers with a framework aligned with international standards. This initiative is part of CMA’s 2024–2026 Strategic Plan and reflects the Kingdom’s ongoing commitment to advancing ESG-aligned capital formation, enhancing transparency, and expanding financing channels across the public and private sectors. Abdullah Al-Moqbel, Director of the Sustainability Department at the CMA, said: “This framework supports the growth of Saudi Arabia’s sustainable finance market. It enables issuers to meet global investors' expectations, enhance investor confidence, and support the Kingdom’s position as a regional center for sustainable finance, in line wi
ZincFive Unveils BC 2 AI to Power the Next Era of AI-Driven Data Centers3.11.2025 16:05:00 EET | Press release
ZincFive®, the world leader in nickel-zinc (NiZn) battery-based solutions for immediate power applications, today announced the upcoming release of BC 2 AI, a breakthrough nickel-zinc UPS battery cabinet engineered to meet the unique power demands of artificial intelligence workloads in mission-critical data centers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251103566680/en/ Building on the proven performance of ZincFive’s BC Series, BC 2 AI is the industry’s first AI-optimized battery system purpose-built for dual-mode operation. Powered by an advanced Battery Management System and NiZn technology engineered for high AI pulse cycling, it supports both AI dynamic workloads and outage protection within a single, compact footprint. With ultra-fast transient response, exceptional power density, and the superior safety and sustainability of this chemistry, BC 2 AI enables data centers to operate with confidence as AI reshap
Merkle Partners with Airship to Create Mobile Loyalty Accelerator Solution for Salesforce Marketing Cloud3.11.2025 16:00:00 EET | Press release
Today Merkle, dentsu's leading customer experience transformation consultancy, announces a new agreement with Airship and Salesforce Marketing Cloud, creating a solution for more connected customer loyalty experiences in mobile. Now, brand marketers and product managers who are leveraging Salesforce for loyalty management can tap into Airship to help turn customers’ mobile signals into action, loyalty and value, faster. The new mobile-first loyalty framework brings the best of each platform together: Salesforce Marketing Cloud’s Loyalty Management provides the scalable foundation for earning and redeeming loyalty across every touchpoint. Airship powers the mobile-first customer experience, delivering personalized, real-time interactions across messaging and app and web experiences that accelerate loyalty. Merkle connects the strategy, data, and orchestration, designing and activating mobile-first customer journeys that turn loyalty into a living, responsive system. “A mobile-first loya
IAMPHENOM Europe Conference Focusing on Applied AI Is Sold Out3.11.2025 15:30:00 EET | Press release
Phenom, the leader in applied AI that helps organisations hire faster, develop better and retain longer, announced its first IAMPHENOM Europe conference — the only applied AI event for human resources in the region — is sold out. A waitlist is available on a first-come, first-serve basis. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251103977081/en/ Phenom announced its first IAMPHENOM Europe conference — the only applied AI event for human resources in the region — is sold out. A waitlist is available on a first-come, first-serve basis. The in-person event taking place in Munich on 6 November will feature visionary keynotes, customer-led breakout sessions, live demonstrations of use-case specific AI agents, and networking opportunities across HR and IT. With 25+ speakers across 15+ sessions and breakouts, session topics will include how to: Assess AI and automation maturity levels Deploy 25+ AI agents Uphold compliance wh
World No.1 Achievement: AGENCIA’s “360°Car®” Certified by GUINNESS WORLD RECORDS™3.11.2025 15:30:00 EET | Press release
AGENCIA Inc. (Headquarters: Nagoya, Japan; CEO: Jean Pierre), a leading innovator in automotive digital transformation through artificial intelligence (AI) and 360° imaging, today announced that its proprietary SaaS platform “360°Car®” has been officially certified by GUINNESS WORLD RECORDS™ as the “Largest online album of 360° car views,” achieving an unprecedented 7,096,049 vehicle images. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251031167896/en/ [GUINNESS WORLD RECORDS™ Title] AGENCIA “360°Car®” Achieves World No. 1 with 7,096,049 360° Vehicle Images This world record establishes AGENCIA as a global pioneer in automotive visualization and AI-driven digital infrastructure, redefining how vehicles are inspected, presented, and traded worldwide. Transforming Automotive Transparency through AI × 360° Imaging Over the past decades, the automotive industry—particularly the used-car segment—has continually sought to enhanc
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