Press Releases

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">On Monday, March 20, 2023, the Ministry of Transport and Logistics Services launched, together with Riyad Bank, "Ubour" initiatives, which are: Business Ubour, digital Ubour, quality of life Ubour, and sustainability Ubour. The initiatives aim to contribute to achieving 33 goals of Saudi Vision 2030, 14 economic and social development pillars, and 10 global indicators for the Kingdom of Saudi Arabia.</span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"></span></span></span></span><br /> <br /> <span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">His Excellency Mr. Ahmed bin Sufyan Al-Hassan – Assistant Minister of Transport and Logistics Services – said that these initiatives will serve the transport and logistics services sectors by supporting business enablers in the system, private sector establishments, projects, and users.<br /> He also stressed that care has been taken to ensure that the initiatives include land, air, and sea transportation. The programs and business models of the initiatives will be linked to the main axes of the 2030 Vision, including ease of business, digital transformation, quality of life, and sustainability. The solutions offered will link the advantages and incentives given to foreign and domestic investors and the promotion of local content and localization of the transport and logistics industry.</span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"></span></span></span></span><br /> <span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><br /> He also explained that the initiatives will support other vital sectors such as tourism, investment, education, trade, events, renewable energy, and the Kingdom of Saudi Arabia's Green Initiatives. Digital solutions will be developed to support innovation and development in the system and benefit users of transportation and logistics services.<br /> <br /> <span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">On his part, the CEO of Riyad Bank, Mr. Tariq Abdulrahman Al-Sadhan, expressed Riyad Bank's pride in launching these initiatives and standing as a supportive partner to implement them with the Ministry of Transport and Logistics Services in addition to the partnership with the system entities, pointing out that Riyad Bank is committed to harnessing all its capabilities in order to support economic transformation programs, which the Kingdom of Saudi Arabia is witnessing at more than one level, based on the pioneering developmental role of the bank.&nbsp;</span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"></span></span></span></span><br /> <br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">He also added that the outputs of the initiatives will be through complementary packages of benefits that support business enablers and facilitate access to them by beneficiaries, whether they are establishments or individuals, granting financial and non-financial advantages and incentives for each program. The initiatives also support projects of quality of life, renewable energy, and green environment in means and projects of transport, and logistics services and support the related supply chains.</span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"></span></span></span></span><br /> <br /> <span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">The agreement between both parties aims to motivate and support the private sector participating in the transport and logistics services sector, develop the business of establishments, increase the ratio of the local content in our projects, rely on the digital economy, and achieve a high level of satisfaction and quality in the indicators of the beneficiaries’ experience, in addition to providing job opportunities, raising the skills of human resources in the sector, and providing initiatives and opportunities that attract domestic and foreign investment.</span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"></span></span></span></span><br /> <br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">It is noteworthy that the Ministry of Transport and Logistics Services has launched a number of national initiatives and strategies to develop the sector so that the Kingdom of Saudi Arabia becomes a global center for logistics services and provides capabilities and incentives that enable investors to develop their businesses and raise the quality of transport infrastructure and logistics services. In addition to raising the level of the land, sea, and air transport services, supporting the national initiative for global supply chains (GSCRI), expanding the application of intelligent transport systems, in addition to expanding sources of financing for the establishment and maintenance of transport facilities, and supporting the private sector to establish and operate multimodal transport stations for passengers, goods, and logistics growth centers.</span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"></span></span></span></span><br /> <br /> <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Riyad Bank also seeks to support programs and initiatives that achieve the objectives of Saudi Vision 2030, through its development and innovation of many diverse initiatives that are specifically designed to support business enablers for activities related to target sectors and business establishments, supply chains, and support &amp; logistical service providers, in addition to stimulating foreign investments through bank's branches that are located in strategic places in the world, such as the London, Houston, and Singapore branches, which are managed by specialized professional staff with high qualifications.</span></span></span></span></span></span><br /> <span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif"></span></span></span></span></p>