The Kingdom of Saudi Arabia has kicked off the second edition of its landmark entrepreneurship forum, Deve Go 2025, with a major announcement of over SAR 8 billion in annual funding to be injected into the local ecosystem by the Social Development Bank (SDB). The event, organized by SDB in Riyadh, runs under the theme “Don’t start from scratch… start from Deve Go,” gathering a host of international and local speakers, entrepreneurs, and government officials.
In his opening address, Ahmed bin Sulaiman Al-Rajhi, Minister of Human Resources and Social Development, highlighted the forum’s role in reflecting the growing dynamism of the Kingdom’s entrepreneurial landscape. He emphasized that Saudi Arabia is undergoing a qualitative transformation in its support for startups and freelancers, empowering a new generation to enter promising sectors like artificial intelligence, renewable energy, and advanced technologies.
SDB’s Financial and Non-Financial Impact
Minister Al-Rajhi detailed the significant impact of the SDB’s support, noting that the annual injection of over SAR 8 billion has fueled substantial growth. The number of employees in SDB-funded enterprises has surged from just 12,000 in 2021 to over 140,000 at present.
Beyond direct financing, the SDB provides a comprehensive support system. This includes the “Jada 30” business communities, which have incubated over 4,300 enterprises across 13 cities, and the “Dulani Business Center,” which has delivered more than 67,000 consultations to over 150,000 entrepreneurs.
Global Partnerships and Local Empowerment
A key highlight of the event was the launch of the “Empretec Saudi Arabia” fellowship, a strategic partnership with the United Nations Conference on Trade and Development (UNCTAD). The initiative, launched in the presence of UNCTAD Secretary-General Rebeca Grynspan, aims to cultivate personal entrepreneurial behaviors among high-potential founders through intensive training, access to international experts, and advanced growth tools.
The forum also recognized key contributors to the SDB’s Social Responsibility Portfolio, an initiative that directs corporate social responsibility funds to support entrepreneurs in high-growth sectors. Honorees included ACWA Power, Jahez, Saudi National Bank (SNB), Alinma Bank, and Saudi Awwal Bank (SAB), among other leading institutions.
A Spotlight on Female Founders and Tech Sectors
Eng. Sultan bin Abdulaziz Al-Humaidi, CEO of the Social Development Bank, provided further insights into the bank’s achievements, stating that total financing since its inception has reached SAR 166 billion, benefiting over 600,000 entrepreneurs.
In a significant reveal, Al-Humaidi announced that women constitute 59% of all beneficiaries of the bank’s entrepreneurial financing, underscoring their pivotal role in the national economy. He also noted that specialized financing portfolios for technology, gaming, and esports have reached a value of SAR 1.3 billion, while the Social Responsibility Portfolio currently stands at SAR 360 million with an ambitious target to become a billion-riyal fund.
About The Social Development Bank
The Social Development Bank (SDB) is a key Saudi government financial institution focused on providing financing and support to emerging businesses, entrepreneurs, and freelancers in the Kingdom. Through a mix of financial and non-financial programs, SDB plays a crucial role in fostering economic growth, job creation, and innovation in line with Saudi Vision 2030.
Source: Mubasher
