The Social Development Bank Achieves Financing of 1.54 billion Riyals During the Third Quarter of 2024
The Social Development Bank (SDB) held its third-quarter meeting for 2024, chaired by His Excellency Ahmed bin Sulaiman Al-Rajhi, the Minister of Human Resources and Social Development (MHRSD), Chairman of SDB’s Board of Directors, and in the presence of the board members.
During the meeting, several topics on the agenda were discussed, with the aim of strengthening national efforts to serve citizens and support entrepreneurship in the Kingdom.
The board reviewed the performance report for the third quarter, highlighting SDB’s financing efforts and enabling services for entrepreneurship and business model development.
The total value of financing provided during the third quarter amounted to 1.54 billion riyals, benefiting over 18,000 citizens from various regions of the Kingdom.
These funds were distributed as follows: 702 million riyals to support freelancers and productive families, benefiting 9,600 freelancers and families; over 465 million riyals to finance small and emerging enterprises, benefiting 1,500 establishments; and 378 million riyals in social financing, benefiting 7,200 male and female citizens.
The report also noted SDB’s ongoing efforts to empower beneficiaries in financial planning and savings, with 16,300 new supported savings accounts opened during this quarter, and about 20,400 individuals benefiting from SDB’s empowerment and development services.
Additionally, the report mentioned SDB’s contribution to providing a wide range of diverse initiatives and support services through the “Dulani Business Center,” offering specialized non-financial services such as training, guidance, consultation, and partnership-building.
SDB’s support and empowerment initiatives for those wishing to establish projects on sound foundations include the “Shur Dulani” initiative, held simultaneously across 10 different regions of the Kingdom.
furthermore, the “Jada 30” initiative now operates 11 branches after inaugurating new branches in Jeddah and Medina, aimed at providing the needs of entrepreneurs, freelancers, innovators, and small and emerging enterprises. This reflects SDB’s commitment to delivering diverse services across all regions of the Kingdom, ensuring equal opportunities for all.
The board expressed pride in Saudi Arabia’s global leadership in digital services indicators, noting SDB’s role in adopting digital solutions as a key partner in success.
The board also commended efforts to provide support for the e-sports sector and the National Technology Development Program (NTDP), which are promising sectors that contribute to the growth of Saudi Arabia’s digital economy and creating more high-quality job opportunities for citizens.
Moreover, the board commended SDB for achieving a new milestone by receiving the Platinum Award as the Best Financing Entity for Women Entrepreneurs in the Middle East and North Africa during the 2024 Global SME Finance Forum, held alongside the G20 Summit. This forum aims to support inclusive and sustainable economic growth.
The CEO of SDB, Sultan bin Abdulaziz Al-Hamidi, attributed these achievements to the generous support provided by the government, which fosters development.
He highlighted the significant role that SDB plays in the Kingdom’s social and economic development journey, providing essential support and financing, and enabling owners of small and emerging enterprises to achieve their ambitions and bring their projects to fruition.
Finally, His Excellency the Chairman of the Board honored the former members of the Board of Directors, expressing his gratitude and appreciation for their valuable contributions to SDB’s progress.
He highlighted their role in fostering a culture of teamwork and developing innovative initiatives and financing programs that have contributed to SDB’s sustainable development goals.
