The total financing provided by Saudi Arabia’s Social Development Bank (SDB) from the beginning of the year until the third quarter reached SAR6.5 billion ($1.73 billion), benefiting more than 90,000 citizens and enterprises across various regions of the Kingdom.

 

This was revealed during the third-quarter meeting, chaired by Eng Ahmed bin Sulaiman Al-Rajhi, Minister of Human Resources and Social Development and Chairman of the Bank’s Board of Directors, with the presence of the board members. 

 

The meeting discussed several topics on the agenda, aiming to enhance efforts to serve citizens and support the development ecosystem in the Kingdom.

 

The board reviewed the performance report, which highlighted the bank’s efforts in empowering entrepreneurship through sustainable financing solutions. 

 

The financing was distributed to support freelancers and family businesses with a value of SAR2.5 billion, benefiting 53,000 men and women, with 14,500 financed during the third quarter; financing small and emerging enterprises with more than SAR2.4 billion, benefiting 7,300 enterprises, of which 2,400 were financed in the third quarter. Additionally, social financing reached SAR 1.6 billion, benefiting 30,000 citizens, with 10,000 financed during the third quarter.

 

The report also highlighted the bank’s efforts in empowering and qualifying beneficiaries. The number of savings accounts reached 58,400 by the third quarter of the year, while around 23,800 beneficiaries utilized empowerment and development services.

 

Eng Al-Rajhi expressed his deep gratitude to the wise leadership for its continuous support of social development and entrepreneurship. He affirmed that these achievements reflect the effectiveness of the bank’s strategic directions in empowering individuals and enterprises, and in creating an attractive labour market for both local and global talent, supporting the national economy’s progress.

 

For his part, the CEO of the Social Development Bank, Eng. Sultan bin Abdulaziz Al-Hamidi, confirmed that these achievements are an extension of the support the bank receives from the wise leadership to enhance comprehensive development. He noted that the bank continues its role as a national development enabler through an integrated system of financial and non-financial solutions that contribute to empowering entrepreneurs, promoting enterprise growth, and transforming innovative ideas into sustainable projects that help build a vibrant and productive economy.

 

The board also praised the bank’s initiatives supporting entrepreneurship and youth empowerment. In the third quarter, Jada Khamis Mushait was launched, one of the bank’s initiatives to provide shared workspaces and a stimulating entrepreneurial environment, bringing the number of branches to 13 across the Kingdom. In addition, the bank organized the Franchise Go Forum, which saw broad participation from local and international brands and experts to promote franchise culture as a pillar of sustainable economic growth.

 

The bank continues to play a pioneering role internationally, participating in the G20 Young Entrepreneurs Alliance (G20 YEA) Summit, showcasing its initiatives in supporting small and emerging enterprises and freelancers, reaffirming its role as a strategic partner in youth empowerment and expanding international cooperation to support innovation and startup growth.  -TradeArabia News Service