Arab National Bank (anb) has announced a significant SAR 100 million co-financing agreement with the Social Development Bank (SDB) to support and fund micro and small enterprises across Saudi Arabia. The agreement was signed at the second edition of the DeveGO 2025 Entrepreneurship and Modern Work Styles Forum in Riyadh, reinforcing the Kingdom’s commitment to empowering entrepreneurs and fostering national economic growth.
A Strategic Partnership to Fuel SME Growth
The joint financing initiative aims to provide crucial capital to micro and small enterprises, a sector vital to the diversification and dynamism of the Saudi economy. The agreement was formalized during the DeveGO 2025 forum, an event themed “Launch into the Future” that brought together international and local speakers, entrepreneurs, and representatives from public and private sector organizations.
The signing ceremony was conducted by Loai Alzaher, Head of Corporate & Institutional Banking Group at anb, and Abdullah Al-Rowais, Vice President of the Business Sector at the Social Development Bank. This collaboration leverages the strengths of both a major commercial bank and a key development finance institution to create a powerful support mechanism for the local startup ecosystem.
Recognizing Corporate Support for Entrepreneurship
On the sidelines of the forum, anb was honored for its active contribution to the Social Responsibility Portfolio and its pivotal role in supporting startups and freelance entrepreneurs. The recognition was presented by H.E. Eng. Ahmed bin Sulaiman Al-Rajhi, Minister of Human Resources and Social Development, and Sultan Al-Hamidi, CEO of the Social Development Bank.
Loai Alzaher, who accepted the award on behalf of the bank, expressed pride in the recognition, stating it “reflects the depth of the partnership between the bank and national initiatives aimed at empowering entrepreneurship, promoting the growth of small and medium enterprises, and developing freelance business concepts based on innovation.” He emphasized anb’s commitment to supporting Saudi youth by promoting self-empowerment and financial independence, in line with the objectives of Saudi Vision 2030.
Aligning with Vision 2030
This initiative is a direct response to the significant transformation occurring within the Kingdom’s entrepreneurship and freelance sectors. It aims to capitalize on the promising opportunities available for young men and women to enter fields of innovation and creativity. The partnership contributes to the Social Responsibility Portfolio, a development initiative launched by the SDB to channel corporate social responsibility allocations towards funding entrepreneurs in promising sectors. The collaboration is a clear demonstration of how public-private partnerships are being utilized to achieve the sustainable economic and social development goals outlined in Saudi Vision 2030.
About Arab National Bank
Arab National Bank (anb) is a major bank based in Saudi Arabia, providing a full range of domestic and international commercial and investment banking services. The bank serves a large and diverse customer base of individuals, SMEs, and corporate clients. It is actively involved in supporting the Kingdom’s economic development and has demonstrated a strong commitment to empowering entrepreneurs and fostering innovation in line with Saudi Vision 2030.
Source: Maaal
