Under the Patronage of His Excellency Eng. Ahmed bin Sulaiman Al-Rajhi, Social Development Bank and University of New Haven – Riyadh Sign Cooperation Agreement

Riyadh – 20 July 2026

Under the patronage of His Excellency Eng. Ahmed bin Sulaiman Al-Rajhi, Minister of Human Resources and Social Development and Chairman of the Board of Directors of the Social Development Bank, the Social Development Bank and the University of New Haven – Riyadh signed a cooperation agreement at the Ministry’s headquarters in Riyadh. The agreement will enable students to benefit from the Bank’s education financing product for bachelor’s and master’s degree programs offered by the University.
The agreement marks the Bank’s first partnership with an international university operating in the Kingdom within its education financing ecosystem. It represents an important step toward expanding access to high-quality higher education and enabling national talent to pursue their academic aspirations, contributing to human capital development and the objectives of Saudi Vision 2030.
The agreement was signed on behalf of the Social Development Bank by Abdullah bin Saad Al-Ruwis, Executive Vice President for the Business Sector, and on behalf of the University of New Haven – Riyadh by Dr. Lou Lestir, Senior Vice President of the University.
Through the agreement, students will have access to flexible education financing solutions through the Bank’s education financing portal. Eligible students can receive financing of up to SAR 100,000, repayable over a period of up to 48 months with no fees, with the financing amount transferred directly to the educational institution.
Commenting on the agreement, Eng. Sultan bin Abdulaziz Alhamidi, Chief Executive Officer of the Social Development Bank, said: “At the Social Development Bank, we believe that investing in people is one of the most impactful and sustainable forms of investment. This agreement builds on the Bank’s efforts to provide innovative financing solutions that enable students to continue their education and strengthen their prospects for a successful academic and professional future. It also reflects our commitment to building strategic partnerships with leading educational institutions, contributing to the development of national capabilities and supporting the objectives of Saudi Vision 2030.”
Dr. Lou Lestir, Senior Vice President of the University of New Haven – Riyadh, said: “This agreement reflects our shared commitment to expanding access to internationally recognized higher education within the Kingdom. We value our partnership with the Social Development Bank and look forward to contributing to high-quality educational opportunities that equip students with the knowledge and capabilities needed for the future.”
The Social Development Bank continues to strengthen the development ecosystem through strategic partnerships with educational institutions, expanding access to education and enabling individuals to invest in their capabilities and future potential.
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