Dr. Khaled Al-Ghazzawi, CEO of Ebdaa Microfinance Company, extended his heartfelt congratulations to the Kingdom of Saudi Arabia on its National Day, and noted the company’s plans to expand into the Eastern Province, which will position Saudi Arabia as the second Gulf nation to offer microfinance services.
This move underscores the shared vision and ambition of the microfinance sectors, entrepreneurship, and SMEs in both kingdoms, emphasizing a mutual commitment to developing quality financing programs that drive tangible growth and economic stability.
Dr. Al-Ghazzawi emphasized that Ebdaa, with the Arab Gulf Programme for Development (AGFUND)as its largest shareholder, exemplifies the strong, historic partnership between the Kingdom of Bahrain and the Kingdom of Saudi Arabia in advancing the microfinance industry, and acknowledged microfinance as a crucial financial tool for economic diversification and supporting entrepreneurs, and expressed gratitude for the support of His Majesty King Hamad bin Isa Al Khalifa and the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, in fostering this vital collaboration for mutual benefit.
Dr. Al-Ghazzawi noted that “Ebdaa” was established in 2009 as the first bank specializing in microfinance in the Kingdom of Bahrain, under the patronage of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of the King and President of the Supreme Council for Women, along with the late Prince Talal bin Abdulaziz Al Saud, President of the Arab Gulf Programme for Development (AGFUND). This initiative reflects the belief in the vital role that microfinance banks play in supporting low-income individuals, helping them establish their projects, and contributing to national economic development.
Dr. Al-Ghazzawi added that the partnership between the two kingdoms has fostered a favourable environment for economic cooperation, evident in infrastructure projects like the King Fahd Causeway and various bilateral agreements that enhance trade, finance, and investment. Bahrain has also attracted numerous Saudi investors, opening further avenues for strengthening this partnership.
With the Saudi Vision 2030 and the ongoing renaissance in the Saudi economy, the importance of reinforcing economic and trade relations between Bahrain and Saudi Arabia is clear, as both nations strive for sustainable development and economic diversification.
Dr. Al-Gazzawi concluded by extending his best wishes to the leadership, government, and people of Saudi Arabia for their continued prosperity, safety, and stability.
