SAR 1.7bln in financing by the Social Development Bank in Q1 2025
Riyadh – The Social Development Bank (SDB) held its regular meeting for the first quarter of the current year, chaired by His Excellency Ahmed bin Sulaiman Al-Rajhi, the Minister of Human Resources and Social Development (MHRSD), Chairman of SDB's Board of Directors, and in the presence of the board members. The meeting reviewed SDB's performance during the first quarter and discussed several topics that contribute to enhancing SDB's developmental services.
During the meeting, SDB presented its efforts in empowering individuals and small and emerging enterprises through sustainable financial solutions. The total financing during the first quarter exceeded SAR 1.7 billion, benefiting more than 20,000 citizens and enterprises. The total financing for entrepreneurs and owners of emerging enterprises amounted to SAR 505 million, benefiting more than 1,800 enterprises.
Regarding social financing, SDB stated that the total financing during the first quarter reached SAR 504 million, benefiting more than 9,800 citizens through marriage, family support, and home renovation products. The number of beneficiaries from freelance and productive family financing reached 8,500, with total financing exceeding SAR 670 million, achieving a growth rate of 329% compared to the previous quarter of last year.
As part of promoting a savings culture, approximately 17,000 new savers joined the 'Zod Savings' program during this quarter, bringing the total number of supported savers since the program's launch to 250,000 citizens, with total savings exceeding SAR 550 million in their savings accounts. In addition, 18,000 male and female entrepreneurs benefited from empowerment and development services, including capacity building programs, specialized and quality training, as well as access-to-market support.
CEO of SDB, Eng. Sultan bin Abdulaziz Al-Hamidi, said: 'We began this year by achieving qualitative accomplishments that serve various segments of society, thanks to the support and care provided by our wise leadership to strengthen the journey of social and economic development in line with the objectives of Vision 2030. These figures reflect our commitment to supporting the national economy, enhancing the financial stability of families, and creating funding opportunities that contribute to sustainable community development.'
The first quarter also witnessed the launch and activation of the corporate social responsibility portfolio through several business accelerators in partnership with Jahez, the Saudi National Bank, and ACWA Power. Additionally, a strategic agreement was signed with the "Sakan" foundation as part of the second edition of the 'Jood Al-Manatiq' campaign, aiming to provide 4,000 housing units for eligible families across the Kingdom, thereby supporting housing empowerment efforts and contributing to raising the home ownership rate among citizens.
SDB also focuses on supporting promising sectors such as e-sports, gaming, and tech entrepreneurship. The value of financing portfolios for these sectors has been increased to more than SAR 1.3 billion, in conjunction with the LEAP 2025 conference held last February. This initiative supports gaming, e-sports, and IT development, under the umbrella of the National Development Fund, in collaboration with both the Saudi Esports Federation and the National Technology Development Program.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 hours ago
- Zawya
Saudi Arabia expected to issue $12.6bln in bonds until year-end, JPM says
Saudi Arabia is expected to issue $12.6 billion in bonds for the remainder of the year, JPMorgan said on Tuesday, as the kingdom resorts to the debt markets amid huge investments to overhaul its economy and lower oil prices. The Gulf country, which forecasts a budget deficit of $26.93 billion this year, is seeking funds to invest in new industries and wean its economy away from oil under its Vision 2030 plan, investing in sectors such as tourism, manufacturing and technology. Reuters reported in April that Saudi Arabia, with its wealth linked inextricably to oil revenue, faces mounting pressure to raise debt or cut spending after a plunge in crude prices. The kingdom enjoys a low debt-to-GDP ratio and confidence from lenders, and was among the largest emerging market debt issuers in 2024. It has already issued $14.4 billion so far this year, JPM said in a research note, the largest emerging market issuer in the first five months of 2025, braving market volatility ignited by U.S. President Donald Trump's trade policies. "An uncertain global macro environment and higher borrowing costs have remained deterrents for new issue activity over the past three months" out of emerging markets, JPM said. The bank said that "supply activity could pick up in June, provided market conditions remain stable," warning, however, that volatility remained a key risk. Companies in Saudi Arabia, including state oil giant Aramco and sovereign wealth fund PIF, have also been tapping the debt markets. Saudi Aramco last week raised $5 billion from bonds and published a new prospectus for Islamic bonds, signalling a new issuance could be on the horizon. JPM said on Tuesday that other emerging markets countries with "the largest issuance expectations from now until year-end" included neighbouring Kuwait, forecasting $8 billion in debt issuance by year-end. The small Gulf state, also the Middle East's fourth-largest oil producer, earlier this year issued a long-awaited law to regulate public borrowing as the country prepares for a return to international debt markets after eight years. (Reporting by Federico Maccioni, editing by Yousef Saba, William Maclean)
Zawya
4 hours ago
- Zawya
One in every four new enterprise clients in H1 2025 switched from global CXM vendors to Lucidya
RIYADH, Saudi Arabia, (GLOBE NEWSWIRE) -- Lucidya, the region's leading AI Customer Experience Management (CXM) platform, announced that one in every four new enterprise clients in H1 2025 made the switch from global CXM vendors. This milestone underscores a growing shift toward platforms purpose-built for Arabic-speaking markets and region-specific regulatory needs. Clients cite Lucidya's advanced Arabic natural language processing, deep CX focus, and regional expertise as decisive factors. The platform currently supports over 15 Arabic dialects with 92% sentiment analysis accuracy, significantly outperforming global alternatives. A key driver behind this shift is Lucidya's alignment with local data privacy regulations, including compliance with Saudi Arabia's National Cybersecurity Authority (NCA) guidelines and Personal Data Protection Law (PDPL). This makes Lucidya the preferred choice for highly regulated sectors such as government, telecom, and finance. 'Arabic AI accuracy and regional CX leadership are driving this exciting market shift,' said Muhannad Al Shaikh, Chief Commercial Officer at Lucidya. 'Clients choose Lucidya because they see measurable results. Our technology understands context, is fully compliant with local and global regulations, and delivers insights that drive real impact.' This momentum follows a series of strategic leadership appointments earlier this year that have strengthened Lucidya's commercial, product, and go-to-market capabilities, further accelerating regional expansion. About Lucidya Lucidya is an AI-powered unified customer experience platform (CXM) designed to support CX and Marketing leaders in large enterprises, governments, and SMEs across the Arab world. Through the transformative power of AI, Lucidya enables organizations of all sizes to turn raw data into meaningful interactions and actionable insights, allowing them to build human connections and drive real business impact, safely and securely. We are fully compliant with global and regional data privacy and security regulations, including SOC2 for data management standards, and the SDAIA PDPL in KSA. Lucidya also adheres to the NIST Cybersecurity Framework (CSF), ensuring robust risk management practices, and comply with key US data privacy regulations.
Zawya
4 hours ago
- Zawya
Stc enhances Hajj pilgrimage with IoT-powered innovations and smart tents
Mecca, Saudi Arabia: As Saudi Arabia's leading digital enabler, stc group has introduced a range of advanced Internet of Things (IoT) technologies and smart tents, enhancing efficiency and delivering a seamless experience to Hajj pilgrims. These efforts align with the Kingdom's Vision 2030 objectives to improve the quality of key pilgrimage seasons. stc group has harnessed new technological solutions to create an integrated system that improves coordination among government agencies during Hajj. This IoT-powered smart system ensures security, safety, and efficient crowd management, featuring an early warning mechanism for rapid alerts in emergencies to protect lives and improve response times. stc group's smart tent is a key component of this system. It integrates with a network of sensors and IoT-enabled cameras, enabling precise monitoring of environmental conditions inside and outside the tents, such as temperature, humidity levels, and safety indicators like smoke detection. Together, these features ensure that pilgrims can complete their rituals safely and securely. This system leverages real-time analytics on the location and traffic of pilgrims to provide accurate indications for any required emergent medical or security services. These digital solutions also integrate with facility management systems, public safety and security frameworks, and smart city infrastructure. This integration enhances the delivery of value-added services to all sectors operating during the Hajj season. Additionally, the system functionality extends to supporting the Saudi Civil Defense forces by facilitating uninterrupted data flow to central control rooms, enabling accurate decisions to direct field teams at a moment's notice. stc group is proud to support the Kingdom's objectives to offer a streamlined Hajj experience for pilgrims from across the world with the provision of advanced technologies. About stc group: stc group is a digital enabler, offering advanced solutions and driving a role in the digitalization process. The group provides a comprehensive suite of services encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), digital payments, digital media, and digital entertainment. The group comprises 13 subsidiaries across the Kingdom of Saudi Arabia, the Middle East, North Africa, and Europe.
