Saudi Awwal Bank launches second regional agriculture innovation programme

Saudi Awwal Bank (SAB) and Goumbook, a sustainability organisation, announced on December 15 the second edition of their MENAT Regenerative Agriculture Venture Programme, which expands efforts to develop sustainable farming solutions across the Middle East, North Africa, and Turkey region.

The 2024/2025 programme aims to connect academic research with business applications by supporting food systems, biodiversity, climate change, and water management innovations. Applications are open until 6 January 2025.

"Our support for RAVP is deeply rooted in the belief that regenerative agriculture can lead to substantial environmental and economic benefits," said Faten Abalkhail, Chief Governance and Corporate Affairs Officer at SAB, emphasising the programme's focus on addressing regional challenges in soil health and water scarcity.

According to Samantha Kayruz, Goumbook's Strategy and Sustainability Impact Director, the initiative seeks to transform research and nature-based solutions into scalable outcomes for small and medium-sized farms.

"Through this initiative, we aim to build on last year's success and provide a platform for impactful projects addressing food, water, and climate issues while improving livelihoods across the region," Kayruz said.

The programme aligns with SAB's environmental, social, and governance (ESG) strategy, focusing on sustainable finance and regional climate adaptation.

Regenerative agriculture practices requiring reduced water and chemical inputs can also contribute to carbon sequestration efforts.

SAB, one of Saudi Arabia's major banks, has emphasised ESG principles in its operations as part of broader efforts to support Saudi Arabia's economic diversification and sustainability goals.