Naqawa Information Technology Company announced the signing of a landmark project contract with the Social Development Bank , in a move that reflects the company’s commitment to expanding its business and strengthening its presence in the government and financial technology services sector in the Kingdom of Saudi Arabia.
Contract details and services provided
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company explained that the contract primarily aims to provide managed services for cloud systems. The scope of work includes enhancing the maturity level of the bank's cloud technology services, thereby improving the operational efficiency of its digital infrastructure.
The project also focuses on raising customer satisfaction rates with the bank's services by improving the availability of digital services and ensuring their continuity without interruption, which is vital for financial institutions that serve a wide segment of citizens.
Financial value and time period
Naqawa indicated that the total value of the contract is SAR 6.9 million 36-month implementation and operation period . The company expects the financial impact of this contract to begin appearing in its financial statements starting from the 2025/2026 fiscal year.
The importance of digital transformation in the financial sector
This contract comes within the context of Saudi Arabia's drive towards comprehensive digital transformation as part of its Vision 2030 , where the cloud computing sector is a cornerstone in developing the digital infrastructure. Cloud-managed services are considered an ideal solution for ensuring information security and processing speed, especially in the banking and finance sector, which requires high standards of reliability and security.
The role of the Social Development Bank
The Social Development Bank is a key government pillar in empowering citizens and supporting small and medium-sized enterprises (SMEs). Upgrading its cloud-based systems is a strategic investment to ensure the provision of seamless and rapid financing services to beneficiaries, enhancing the bank's ability to meet the growing demand for its digital services and facilitating financing and savings procedures through its online platforms.
This collaboration between “Naqawa” and the Social Development Bank represents a model of successful partnerships between national technology companies and the government sector, with the aim of improving the quality of life and facilitating services provided to citizens.
