Dr. Khalid Al-Ghazzawi, CEO of Ebdaa Microfinance Company in Bahrain, has revealed that the company, affiliated with the Arab Gulf Programme for Development (AGFUND), is actively considering the launch of operations in the Eastern Province.
This move aims to make the Kingdom of Saudi Arabia the second Gulf country to benefit from microfinance services, following Bahrain, where Ebdaa Bank was established in 2009. This expansion will integrate with the network of institutions and banks under the “AGFUND” umbrella, which currently operates in eight other Arab countries across Asia and Africa, as well as Sierra Leone.
Dr. Al-Ghazzawi made this announcement during the participation of Ebdaa Microfinance Company in the “Forum for Entrepreneurship and Modern Work Patterns,” organized by the Social Development Bank in Saudi Arabia. The event was held under the theme ” Launch Towards the Future ” and was attended by numerous dignitaries, government officials, experts, academics, consultants, and entrepreneurs.
Ebdaa’s distinguished presence at the forum was an exclusive invitation from the bank, a testament to the exceptional success the company has attained since its inception, as the company has played a pivotal role in empowering over 23 thousand Bahraini business owners, skilfully transforming their projects into resounding success stories.
Dr. Al-Ghazzawi showcased the company’s study on launching operations in the Eastern Province, emphasizing the need to secure approvals from regulatory bodies in both Bahrain and Saudi Arabia, including the Central Bank of Bahrain and the Saudi Central Bank. The comprehensive plan covers logistics, operations, training, recruitment, and various other aspects, signalling the commencement of a new phase in financing activities within the Kingdom. This strategic move aims to support and empower Saudi youth and entrepreneurs.
“Ebdaa envisions further expansion across the entire Kingdom following the initiation of operations in the Eastern Province. This expansion aligns with the growing demand for the company’s financial solutions, products, and financing services. The decision to establish branches in Saudi Arabia is driven by the surge in SMEs, supported by the wise leadership of entrepreneurs and the emphasis placed on Saudi youth within the National Transformation Program initiated by the esteemed Saudi government.” According to Dr. Al-Ghazzawi.
Characterizing this step as a milestone in the company’s history, Dr. Al-Ghazzawi highlighted its strategic importance in strengthening regional presence. He emphasized the commitment to digitize banking services, showcasing advanced, innovative, and comprehensive solutions. The company’s confidence in its business model is evident in its pursuit of sustainable growth and robust performance in all countries of expansion.
Ebdaa’s pavilion at the exhibition, held in conjunction with the forum, attracted numerous visitors interested in the company’s high-quality services and products. Attendees expressed admiration for the Arab Gulf Programme for Development (AGFUND) and its nine affiliated banks. Visitors also commended the modern solutions offered by Ebdaa in the microfinance sector, aligning with the aspirations of Saudi entrepreneurs. The remarkable efficiency demonstrated in completing loan transactions, the swift responsiveness to customer requests, and the company’s streamlined procedures were acknowledged as particularly noteworthy by the attendees.
