Social Development Bank Signs Key Agreements To Boost Entrepreneurship In Qassim Region

Eng. Ahmed Al-Rajhi, Minister of Human Resources and Social Development and Chairman of the Social Development Bank (SDB) board, recently visited the Qassim Region. During this visit, he oversaw the signing of several development agreements. These agreements were made with the Municipality of the Region, Qassim Chamber of Commerce, Al-Rass Chamber, and Sulaiman Al-Rajhi University.

The partnerships aim to bolster sustainable economic and social growth in Qassim. The agreements with the municipality and Qassim Chamber focus on empowering licensed freelancers by providing them with essential financing to sustain and expand their activities. This initiative aligns with the bank's vision to promote regional development.

Agreements with Al-Rass Chamber and Sulaiman Al-Rajhi University are designed to support entrepreneurs and small businesses. These partnerships offer comprehensive training and financing programs to help these enterprises thrive. The focus is on nurturing talent and fostering a robust entrepreneurial ecosystem in the region.

During his visit, Eng. Ahmed Al-Rajhi engaged in various field visits and meetings. These interactions aimed at strengthening cooperation with local development entities while reviewing SDB’s initiatives. An open forum was held with male and female entrepreneurs to discuss enhancing the entrepreneurial ecosystem.

SDB plays a crucial role in development efforts across Qassim through its financial products and non-financial services. These include training and advisory programs for entrepreneurs and business owners. Since its inception, SDB has provided over SAR8 billion in cumulative financing in the region.

This financing has benefited more than 178,000 individuals through social financing, self-employment support, and funding for small enterprises. The bank also supports civil-society organizations and community projects, highlighting its commitment to advancing entrepreneurship.

Commitment to Sustainable Development Goals

SDB's efforts align with Saudi Arabia’s sustainable development goals by supporting small businesses' sustainability. The bank's initiatives underscore its dedication to nurturing national talent while stimulating the local economy through various developmental programs.

The visit reinforced SDB’s role in empowering business owners by discussing ways to enhance the entrepreneurial ecosystem further. By fostering cooperation with local entities, SDB aims to continue its pivotal role in regional development efforts.

With inputs from SPA