Saudi’s Social Development Bank Signs Agreement with the University of New Haven – Riyadh to Expand Access to Higher Education Financing

Under the patronage of H.E. 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 (SDB) signed an agreement with the University of New Haven – Riyadh to enable eligible students to benefit from the Bank’s education financing products.

The agreement marks the first inclusion of an international university operating in the Kingdom within the Bank’s education financing system, reflecting the Bank’s continued commitment to expanding access to quality higher education and empowering students to pursue their academic aspirations. The initiative also supports the objectives of Saudi Vision 2030 by investing in national capabilities and creating greater opportunities for educational advancement.

The agreement was signed by Dr. Leo Lester, Senior Vice President of the University of New Haven – Riyadh, and Mr. Abdullah Saad Alruwais, Vice President of Business at the Social Development Bank, during a ceremony held in Riyadh. The signing was attended by H.E. 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; H.E Eng. Iyad Algarawi Assistant Minister for Private Education and Investment at the Ministry of Education; and Eng. Sultan Alhamidi, CEO of the Social Development Bank.

Through this partnership, eligible students enrolled at the University of New Haven – Riyadh will have access to the Bank’s education financing solutions, enabling them to pursue internationally accredited academic programs while developing the knowledge and skills needed to meet the evolving demands of the labor market.

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 investments in sustainable development. This agreement reflects our commitment to expanding access to quality educational opportunities by providing innovative financing solutions that enable students to pursue their academic ambitions and build the skills needed for the future. Through strategic partnerships with leading educational institutions, we continue to support the development of national capabilities in line with the objectives of Saudi Vision 2030.”

Dr. Jens Frederiksen, President of the University of New Haven, said:

“We are honored to be the first international university to join the Social Development Bank’s education financing system. This partnership expands opportunities for students across the Kingdom to access internationally accredited higher education and reflects our shared commitment to developing future talent in support of Saudi Vision 2030.”

Dr. Leo Lester, Senior Vice President of the University of New Haven – Riyadh, added:

“This partnership reflects our shared commitment to expanding access to internationally accredited higher education in the Kingdom. We value our collaboration with the Social Development Bank and look forward to creating new educational opportunities for students while contributing to the development of future generations.”

The Bank continues to strengthen its development financing ecosystem through strategic partnerships with leading educational institutions that expand access to quality education, empower individuals to invest in their future, and contribute to building a knowledge economy.

The University of New Haven Riyadh – is scheduled to welcome its first cohort of students in Fall 2026, with the College of Business and Digital Innovation serving as the first phase of its academic expansion in the Kingdom.