The Social Development Bank (SDB) has announced the signing of 51 strategic agreements at the DeveGo25 Forum, a major event focused on entrepreneurship and modern work styles. The landmark initiative aims to bolster the Kingdom’s growing entrepreneurial ecosystem through a series of financing portfolios and local and international partnerships, directly aligning with the economic transformation goals of Saudi Vision 2030.
The agreements provide a wide range of financial and non-financial solutions tailored to the needs of entrepreneurs, startups, micro-enterprises, freelancers, and productive families.
Diversified Financing and CSR Initiatives
A cornerstone of the announcement was a series of new financing portfolios. This includes a SAR 100 million joint fund with Arab National Bank to support entrepreneurs and a SAR 50 million portfolio with the Council of Ahlia Institutions to enhance the sustainability of non-profit organizations.
SDB also launched several corporate social responsibility (CSR) portfolios with key private sector players. These include partnerships with Al-Ghouri Charitable Foundation for community initiatives, ACWA Power to support innovators in the energy sector, and Fakeeh Care Group to back health-tech startups. Additional financing agreements were signed with Naila, Al Yusr, Al Jaber, and J-B Financial Solutions to specifically support freelancers and entrepreneurs.
Forging Global Entrepreneurial Bridges
To connect the local ecosystem with global markets and expertise, SDB signed pivotal international agreements. A key partnership with Alibaba will establish a Saudi-Chinese initiative to facilitate international market access for Saudi enterprises and productive families.
The bank also partnered with Incofin for collaboration on financing programs, sustainable finance, and joint funds, and with Riversands to exchange knowledge on investment programs and non-financial services for entrepreneurs and small businesses.
Empowering Local SMEs and Freelancers
On the local front, SDB entered into agreements with the Royal Commission for Jubail and Yanbu and the Chambers of Commerce in Riyadh, Qassim, and Qurayyat. These partnerships are designed to finance emerging and small enterprises and generate over 500 sustainable jobs.
Support for freelancers and productive families was a major focus, with innovative partnerships established with digital platforms like The Chefz, Cloud Chefs, and HungerStation through the “Sahaba” cloud kitchen initiative. To streamline financial access for this segment, SDB is also collaborating with Hala Payments and STC Bank to launch new financing cards for freelancers.
Expanding Market and Educational Access
To create sustainable revenue channels for productive families, SDB signed eight agreements to establish permanent sales outlets within the premises of major entities, including the Ministry of Islamic Affairs, Zain, SME Bank, the Saudi Railway Company (SAR), and Nadec.
The bank also significantly expanded its “Education Product” by partnering with leading national universities and institutes, including King Abdulaziz University, Effat University, and Imam Muhammad ibn Saud Islamic University, to provide accessible financing solutions for students.
About Social Development Bank
The Social Development Bank (SDB) is a key governmental financial institution in Saudi Arabia dedicated to fostering social and economic development. It provides a comprehensive range of financial and non-financial products and services aimed at empowering individuals, families, and small and emerging enterprises to achieve financial independence and contribute effectively to the national economy.
Source: Zawya
