The Social Development Bank contributed SR6.4 billion ($1.7 billion) in financing during the first half of 2023, mostly focusing on small and medium firms, acting as a vital driver for Saudi Arabia's entrepreneurial sector. At a board meeting presided over by Ahmed Al-Rajhi, Saudi Arabia's minister of human resources and social development, SDB reported that over 150,000 beneficiaries had used the bank's financial services, with SR2.6 billion overall going toward aiding 5,700 SMEs in the first half of the year.
The bank claimed that by adding over 23,000 additional savings accounts during the first half of the year, it had increased the saving habit of its customers by 20%. Al-Rajhi highlighted the bank's accomplishments by pointing out that the SDB's support for businesses exceeded its initial goals by 30%.
The bank expects to allocate approximately SR35 billion from the current year to 2025, with SR24 billion specifically targeted for entrepreneurs, small firms, and freelancers. This was revealed during the meeting by Ibrahim Al-Rashid, CEO of SDB. Al-Rashid also talked about the bank's plans to introduce specialized platforms, such as the Dulani Business Center to promote the startup community even more.
The annual meeting of Empretec center managers will be held in Riyadh in October 2023 as part of an international cooperation initiative led by SDB and the UN Conference on Trade and Development. The event will highlight two projects highlighting Saudi Arabia's expanding logistics and technology sectors.
These initiatives by SDB emphasize its role in providing funding, assisting start-up businesses, and creating a robust economic environment for the country, all of which are in line with the more general goals of Saudi Vision 2030. Additionally, to support SMEs and ensure their sustainability, SDB developed a number of targeted empowerment initiatives and capacity-building solutions throughout the first half of the year.