RIYADH: In a significant catalyst to Saudi Arabia’s entrepreneurial sector, the Social Development Bank provided SR6.4 billion ($1.7 billion) in financing during the first half of 2023, largely targeting small and medium enterprises.
In a board meeting chaired by Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi, SDB announced that over 150,000 beneficiaries availed the bank’s financial services with a total of SR2.6 billion dedicated to supporting 5,700 SMEs through the first half of the year.
The bank reported it enhanced the saving behavior among its clients by 20 percent, with an addition of over 23,000 new savings accounts during the first half of the year.
Highlighting the bank’s achievements, Al-Rajhi mentioned that the SDB’s support to enterprises exceeded its initial targets by 30 percent.
During the meeting, Ibrahim Al-Rashid, CEO of SDB, unveiled plans for the upcoming years as the bank intends to allocate over SR35 billion from the current year to 2025, with SR24 billion earmarked specifically for entrepreneurs, small businesses, and freelancers.
Al-Rashid also discussed the bank’s initiatives to launch specialized platforms, including the Dulani Business Center to further support the entrepreneurial sector.
In an international collaboration effort, SDB, in partnership with the UN Conference on Trade and Development, is preparing to host the annual meeting of Empretec center managers in Riyadh in October 2023.
The event will spotlight two initiatives focusing on Saudi Arabia’s growing technology and logistics sectors.
These efforts by SDB align with the broader objectives of Saudi Vision 2030, emphasizing its role in providing financing, supporting new enterprises, and building a resilient economic framework for the nation.
Moreover, during the first half of the year, SDB introduced several targeted empowerment programs and capacity-building solutions to strengthen SMEs and ensure their sustainability.
One of these programs was the innovative training project launched in May to empower Saudi families and microenterprises.
The project brought together regional and global experts to deliver 13 specialized training programs.
Additionally, SDB was one of the leading partners for this year’s Biban, the Kingdom’s flagship startup and SME conference.
During the event, the bank showcased its efforts to empower entrepreneurs and enhance entrepreneurship in Saudi Arabia by creating greater access to an extensive suite of financial and non-financial services offerings.
