Saudi Social Development Bank Allocates SAR4.6 Billion In Funding For First Half Of 2024

The Saudi Social Development Bank (SDB) held its second-quarter meeting for 2024, chaired by Eng. Ahmad bin Sulaiman Al-Rajhi, the Minister of Human Resources and Social Development. The board members attended the meeting to discuss various agenda topics aimed at enhancing national efforts to serve citizens and support the national entrepreneurship system.

The board reviewed the performance report for the first half of this year, highlighting financing efforts and empowerment services supporting entrepreneurship and developing business models. The total funding for this period reached SAR 4.6 billion, benefiting 70,000 citizens across Saudi Arabia. Freelancers and productive families received SAR 1.7 billion, while small and medium-sized enterprises (SMEs) were allocated over SAR 1.6 billion for 5,000 enterprises.

Social financing amounted to SAR 1.3 billion, benefiting more than 23,000 individuals. The report also indicated that SDB's efforts in financial planning and savings empowerment resulted in supporting 19,000 savings accounts by the end of this quarter. Additionally, empowerment and development programs reached 29,000 entrepreneurs.

The SDB's Dulani Business Center provides various initiatives and services to support and develop businesses through non-financial services such as training, guidance, and building partnerships aimed at entrepreneurs and SME owners. The Jadaah 30 program caters specifically to the needs of entrepreneurs, freelancers, innovators, and SMEs.

The number of SDB branches has increased to 11 with three new branches launched this year in Makkah, Dammam, and Al-Jouf. This expansion demonstrates SDB's commitment to providing diverse services across all regions of Saudi Arabia, ensuring equal access to comprehensive financial and non-financial services packages.

Focus on Digital Economy

The Board of Directors praised efforts to support e-games and sports alongside the information technology program. These sectors are seen as promising for growth and contribute significantly to enhancing Saudi Arabia's digital economy while creating quality job opportunities for citizens.

Notably, financing agreements signed during the first half of this year under the National Development Fund aim to position Saudi Arabia as a global center for these industries in line with Vision 2030 goals.

Leadership Acknowledgement

SDB CEO Engineer Sultan bin Abdulaziz Al-Hamidi affirmed that these achievements result from the generous care provided by wise leadership to enhance development. He highlighted the importance of SDB's role in social and economic development by supporting SMEs owners in achieving their ambitions and implementing their projects on the ground.

The meeting underscored SDB's ongoing commitment to empowering financial planning and savings among beneficiaries while expanding its reach through new branches across different regions.

With inputs from SPA