Social Development Bank Achieves Over SAR1.7 Billion In Financing For Q1 2025

The Social Development Bank (SDB) recently convened its first-quarter meeting for 2025, led by Ahmed Al-Rajhi, the Minister of Human Resources and Social Development. The meeting focused on reviewing SDB's performance and discussing strategies to enhance its developmental services. During this period, SDB provided over SAR1.7 billion in financing, benefiting more than 20,000 citizens and enterprises.

In efforts to empower small businesses and individuals, SDB allocated SAR505 million to entrepreneurs and emerging enterprises. This funding supported over 1,800 businesses. Additionally, social financing reached SAR504 million, aiding more than 9,800 citizens through various support products like marriage and home renovation.

SDB has increased its focus on promising sectors such as e-sports, gaming, and tech entrepreneurship. The financing portfolios for these areas have been expanded to over SAR1.3 billion. This initiative aligns with the LEAP 2025 conference held in February and involves collaboration with the Saudi Esports Federation and the National Technology Development Program.

CEO Eng. Sultan bin Abdulaziz Al-Hamidi expressed pride in the bank's achievements: "We began this year by achieving exceptional accomplishments that serve various segments of society." He credited the support from leadership for advancing social and economic development in line with Vision 2030.

A significant growth was observed in freelance work and cottage industry financing, with a total exceeding SAR670 million. This marked a 329% increase compared to the previous quarter of last year. Around 8,500 beneficiaries were supported under this initiative.

The "Zod Savings" program also saw substantial growth during this quarter. Approximately 17,000 new savers joined, bringing the total number of participants to 250,000 since its inception. Collectively, they have saved over SAR550 million in their accounts.

Capacity Building and Training

SDB has also been active in providing empowerment services to entrepreneurs. About 18,000 individuals benefited from capacity-building programs that include specialized training and market access support. These initiatives aim to enhance skills and promote sustainable community development.

The bank remains committed to supporting the national economy by enhancing financial stability for families and creating funding opportunities that contribute to sustainable development across communities.

With inputs from SPA