In a significant move to enhance Saudi Arabia’s entrepreneurial landscape, the Social Development Bank (SDB) has announced the signing of 11 development agreements with a diverse group of local and international partners. The agreements were finalized during the DeveGo 2025 Forum for Entrepreneurship and Modern Work Patterns, aimed at providing innovative financing solutions to support entrepreneurs and emerging enterprises in the Kingdom’s most promising sectors.
Strategic Alliances for Growth
The partnerships were formalized on the first day of the forum and include key players from various industries. Notable signatories include Arab National Bank, STC Bank, Fakeeh Medical Group, and ACWA Power.
According to the SDB, these collaborations are designed to align with national development goals by establishing sustainable financing portfolios. The initiatives will provide crucial support for entrepreneurs, small businesses, and productive families, with a specific focus on bolstering startups in the health and energy sectors. The agreements also pave the way for launching new financing cards for freelancers and offering accessible financial solutions for students to support their academic futures.
A Multi-Billion Riyal Commitment
Sultan bin Abdulaziz Al-Humaidi, CEO of the Social Development Bank, highlighted the bank’s extensive financial commitment to the ecosystem. “The bank’s total financing since its inception has reached SAR 166 billion, with over SAR 6 billion dedicated to supporting 600,000 male and female entrepreneurs,” Al-Humaidi stated during the forum.
He also revealed that specialized financing portfolios for high-growth sectors such as information technology, gaming, and esports now amount to SAR 1.3 billion, reflecting a strategic investment in the digital economy.
Empowering Women and Driving Social Impact
A key focus of the SDB’s strategy is the economic empowerment of women. Al-Humaidi emphasized that Saudi women constitute 59% of the total beneficiaries of entrepreneurship financing, underscoring their pivotal role in the national economy and freelance sector.
Furthermore, the bank is scaling its social impact initiatives. Its social responsibility portfolio, established in partnership with the private sector, currently stands at SAR 360 million, with ambitious plans to transform it into a billion-riyal fund to maximize its reach and sustainability.
Embracing Technology and Global Standards
The SDB is integrating advanced technology to improve its services, employing AI and data analytics to accelerate procedures and reduce evaluation times, thereby enhancing the user experience and operational efficiency.
This commitment to excellence was recently recognized on a global scale. Al-Humaidi noted that the bank achieved the fifth level in the international certificate for sustainable performance from the European Foundation for Quality Management (EFQM), affirming its adherence to the highest international standards of institutional excellence.
About The Social Development Bank
The Social Development Bank (SDB) is a key governmental financial institution in Saudi Arabia dedicated to providing financial and non-financial support to individuals and small and emerging enterprises. Through a range of financing products and empowerment programs, SDB plays a crucial role in fostering entrepreneurship, promoting freelance work, and contributing to the Kingdom’s social and economic development objectives as part of Vision 2030.
Source: Mubasher Banks
