Saudi Arabia’s Social Development Bank (SDB) has unveiled a robust development fund amounting to SAR 2.3 billion (approximately $613 million), significantly benefiting over 39,000 diverse recipients. These beneficiaries encompass a wide spectrum, ranging from budding entrepreneurs to citizens reliant on social services.
This announcement emerged from the SDB’s board of directors meeting held during the third quarter of 2023. The session was chaired by Eng. Ahmad bin Sulaiman Al Rajhi, Minister of Human Resources and Social Development, and Chairman of the board, alongside esteemed board members in attendance.
Minister Al Rajhi, in his concluding remarks, underscored the substantial significance of these achievements. He emphasized that they underscore the unwavering commitment of Saudi Arabia’s sagacious leadership towards nurturing entrepreneurship, supporting small enterprises, empowering business owners, and enhancing the lives of citizens reliant on social services.
Minister Al Rajhi highlighted the ongoing collaborative efforts across sectors to fulfill the Sustainable Development Goals (SDGs) and elevate the Kingdom’s overall quality of life.
He went on to underscore the pivotal role played by the SDB as an active and vital platform. This platform is dedicated to bolstering entrepreneurship, fostering the growth of small and emerging businesses, and providing them with the means to transform aspirations into tangible projects that contribute to the realization of Saudi Vision 2030’s multifaceted objectives.
The SDB is poised to host the annual gathering of EMPRETEC centers’ directors, themed “From Geneva to Riyadh.” This event, scheduled between October 21 and 22, is a collaborative effort with the United Nations Conference on Trade and Development (UNCTAD). It stands as one of the most significant international forums for entrepreneurs keen on exploring private sector enablers, emerging technology sectors, logistics, and global best practices.
These financial contributions underpin the pivotal role played by the SDB in enhancing the quality of life within communities and cultivating a job market that attracts local and global talent.
As Saudi Arabia continues to foster innovation, entrepreneurship, and social services, the nation takes bold strides toward realizing its ambitious Vision 2030 agenda.
