INJAZ Al-Arab and HSBC's "Saving for Good" initiative to support 1,950 workers in GCC and Egypt

Dubai, UAE: INJAZ Al-Arab and HSBC have launched a joint initiative - “Saving for Good” – to upskill 1,950 low-income workers through financial literacy programs aimed at alleviating job market challenges. The initiative was announced during a digital event today and will be rolled out across the GCC and Egypt.

With the COVID-19 pandemic leading to abrupt job losses, leaving individuals with little resources to sustain themselves, “Saving for Good” aims to empower low-income workers to ensure their readiness to respond to crises such as COVID-19 in the future. The initiative will focus on helping them open bank accounts, instill saving habits and learn how to manage those savings.

The virtual panel “Building Better: The Importance of Financial Literacy for Low-Income Workers in The Arab World” launched the program and revealed the nature of its implementation in the targeted countries: Bahrain, Kuwait, Qatar, Saudi Arabia, UAE, and Egypt.

The partnership, built on HSBC’s objectives of securing the well-being and the future of all members of the community, plans to reach 9,750 indirect beneficiaries and help 30% to 35% of the total participants open saving accounts by the end of the program.

Commenting on the “Saving for Good” initiative, Akef Aqrabawi, President & CEO of INJAZ-Al Arab, said: “We are pleased to collaborate with HSBC on this educational initiative. “Saving for Good” embodies our shared core values and aims to empower the workforce to handle the inevitable job shifts and fast-paced changes within the job market through sound financial know-how and other essential skills. We know that small measures such as routine saving and prudent management of funds can help create a robust buffer during vulnerable times.”

“Through partnerships with the private, government and semi government sectors as well as financial partners, we have a strong base to enhance the reach of our initiative across the GCC and Egypt and provide the required support to our beneficiaries,” he added.

As part of the Future Skills Sustainability Strategy of HSBC that focuses on employability and financial capability, the program aims to improve the quality of life of low-income workers, which in turn has a positive long-term impact on their nation’s economy.

Sabrin Rahman, Head of Sustainability, HSBC EMEA, said: “Low-income individuals around the world and particularly in the Middle East are highly vulnerable to social upheaval and economic shocks, as they are often the least prepared. With the added context of the global pandemic, it is increasingly important that everyone has access to support that will help to strengthen their resilience to future shocks and stresses, without compromising their welfare.

Evidence suggests that well-designed financial products and services play an important role in increasing resilience by guiding on areas such as risk, savings, and investment in addition to future planning. This is exactly what we are aiming to achieve through Saving for Good.”

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About INJAZ Al-Arab   

Operating in 13 countries across the Middle East and North Africa, INJAZ Al-Arab is the only nonprofit organization in the region that harnesses the mentorship of business leaders to help inspire a culture of entrepreneurship and business innovation among Arab youth. Partnering with leading companies in the private sector, INJAZ Al-Arab equips Arab youth to drive the economies of the Arab World forward through training designed to inspire them to develop ambition, entrepreneurship, and professional skills. Named one of the top 100 NGOs in the world by NGO Advisor for six consecutive years INJAZ Al-Arab has influenced the lives of over 3.7 million students since its inception in 2004. INJAZ Al-Arab is a member of Junior Achievement; the world’s largest and fastest-growing youth business organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs. 

About HSBC in the MENAT region:

HSBC is the largest and most widely represented international banking organization in the Middle East, North Africa, and Turkey (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$68.9bn as of 31 December 2020.

© Press Release 2021