On 14 February 2024, the Saudi Ministry of Energy (MoE) and the Saudi National Bank (SNB Al-Ahli) signed a cooperation agreement aimed at launching a Social Entrepreneurship Accelerator (SEA) to support entrepreneurs, emerging pioneering projects and small businesses in the energy sector. The goal of this agreement is to transform ideas into real-life investment entities, increase the level of entrepreneurial participation in the regulatory services of the Ministry of Energy (MoE), and strengthen the MoE's partnership with the private sector.

According to the content of the agreement, the two parties will work together to develop appropriate mechanisms for the exchange of experiences and ideas, joint implementation of programmes, and participation in promotional activities. The main objective of the co-operation is to promote a greater role for the Saudi Ministry of Energy in community development and to support the implementation and dissemination of social leadership concepts and solutions in the energy sector, in partnership with other relevant government and private sector organisations.

The implementation of this agreement will not only help to support the Saudi Ministry of Energy's Vision 2030 objectives, activate the socially responsible role of energy companies, and raise awareness and commitment to the SDGs, but also support social innovation in the energy sector.

This co-operation agreement marks an important step for the Saudi Ministry of Energy in fostering innovation, developing diversification in the energy sector and achieving the SDGs. Through the facilitation of the Social Venture Accelerator, the Ministry of Energy will provide broader opportunities for entrepreneurs and innovative projects in the energy sector, further promoting Saudi Arabia as a global leader in the energy sector.