Saudi Awwal Bank (SAB) has made history by becoming the first bank in Saudi Arabia to receive the prestigious Local Content Certificate, a significant milestone that underscores the bank’s commitment to supporting local industries and contributing to the nation’s economic diversification goals.
The Local Content Certificate, issued by the Local Content and Government Procurement Authority (LCGPA), recognizes organizations that actively prioritize and integrate local resources, services, and workforce into their operations. This certification is a cornerstone of Saudi Arabia’s Vision 2030, aimed at enhancing the kingdom’s economic sustainability by promoting domestic production and reducing reliance on imports.
SAB’s achievement highlights its dedication to aligning with national objectives and supporting local businesses and talent. By prioritizing local content, SAB is contributing to the creation of job opportunities for Saudi nationals, fostering local industries, and driving economic growth within the kingdom.
“We are incredibly proud to be the first bank in Saudi Arabia to receive the Local Content Certificate,” said David Dew, Managing Director of Saudi Awwal Bank. “This certification is a testament to our commitment to supporting the Kingdom’s Vision 2030 and our role in driving economic development through local engagement.”
The certification process involved a rigorous assessment of SAB’s procurement strategies, supply chain management, and human resource practices to ensure a substantial contribution to local content. The bank demonstrated excellence in various areas, including sourcing from local suppliers, investing in Saudi talent, and supporting small and medium-sized enterprises (SMEs) within the kingdom.
“This achievement reflects our strategic focus on embedding local content principles across our operations,” Dew added. “By supporting local suppliers and developing Saudi talent, we are not only contributing to the economic diversification of the kingdom but also enhancing the resilience and sustainability of our business.”
The Local Content Certificate is part of a broader effort by the LCGPA to encourage private sector entities to support local industries. By recognizing companies that excel in this area, the LCGPA aims to foster a competitive and diversified economy that benefits all stakeholders.
“We congratulate Saudi Awwal Bank on this significant achievement,” said Khalid Al-Salem, Governor of the Local Content and Government Procurement Authority. “Their commitment to local content sets a strong example for other financial institutions and companies in the kingdom. We look forward to seeing more organizations follow in their footsteps.”
SAB’s certification is expected to inspire other banks and corporations in Saudi Arabia to enhance their local content initiatives, thereby supporting the broader goals of Vision 2030. As the kingdom continues to implement its ambitious economic reform agenda, the role of local content in driving sustainable development and economic resilience becomes increasingly vital.
The recognition of Saudi Awwal Bank’s efforts marks a notable step forward in the kingdom’s journey towards a more diversified and self-reliant economy, showcasing the critical role that financial institutions can play in this transformative process.
