Social Development Bank Records SAR4.6 Billion in Funding in First Half of 2024

The Saudi Social Development Bank (SDB) held its second-quarter meeting for 2024, chaired by the Minister of Human Resources and Social Development and Chairman of the Bank’s Board of Directors, Eng. Ahmad bin Sulaiman Al-Rajhi, in the presence of the board members. The meeting discussed several topics on the agenda 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, including financing efforts and empowerment services supporting entrepreneurship and developing business models. The total funding for this half reached SAR4.6 billion, benefiting 70,000 citizens from various regions of the Kingdom of Saudi Arabia. SAR 1.7 billion was distributed to freelancers and productive families. In addition, small and medium-sized enterprises received over SAR 1.6 billion for 5,000 enterprises, while social financing amounted to SAR 1.3 billion, benefiting more than 23,000 beneficiaries.
The report indicated the SDB’s continued efforts to empower financial planning and savings for beneficiaries, as the total number of supported savings accounts reached 19,000 by the end of this quarter. Meanwhile, the number of beneficiaries of empowerment and development programs reached 29,000 entrepreneurs.
The report also emphasized the SDB’s efforts to provide various initiatives and services to support and develop businesses through the Dulani Business Center. These include non-financial services such as training, guidance, and building partnerships aimed at entrepreneurs and owners of small and medium-sized enterprises. Additionally, the Jadaah 30 program caters to the needs of entrepreneurs, freelancers, innovators, and small and medium-sized enterprises. The number of branches has reached 11, with three new branches launched this year in Makkah, Dammam, and Al-Jouf. This expansion reflects the SDB’s commitment to providing its diverse services to all regions of the Kingdom, ensuring equal opportunities to access comprehensive packages of financial and non-financial services.
The Board of Directors commended the efforts to support e-games and sports and the information technology program, which are promising sectors for growth and contribute to enhancing the Saudi digital economy and creating more quality job opportunities for citizens. Noting the financing agreements signed by the bank during the first half of this year, in light of its operation of the financing program for the sector under the umbrella of the National Development Fund, to contribute to making the Kingdom a destination and a global center for this industry, in line with achieving the goals of the Kingdom’s Vision 2030.
The CEO of the SDB, Engineer Sultan bin Abdulaziz Al-Hamidi, affirmed that these achievements are the result of the generous care provided by the wise leadership to enhance development. The importance of the role played by the SDB in the process of social and economic development in the Kingdom is highlighted by its provision of support and financing and the empowerment of owners of small and medium-sized enterprises to achieve their ambitions and implement their projects on the ground.