Latest news with #NationalTransformationProgram
Yahoo
an hour ago
- Business
- Yahoo
SOCIAL DEVELOPMENT BANK (SDB) WINS BEST AI TRANSFORMATION BANKING INITIATIVE AT THE GLOBAL BRAND AWARDS 2025
LONDON, June 4, 2025 /PRNewswire/ -- Social Development Bank (SDB), a leading bank, has been recognised as the "Best AI Transformation Banking Initiative, Saudi Arabia, 2025", by Global Brands Magazine (GBM) at the Global Brand Awards. This recognition reflects SDB' s commitment to providing innovative features and enhanced customer experience. The Global Brand Awards recognise outstanding achievements across various industries worldwide. Social Development Bank received this award for its continued efforts in delivering innovative banking features, enhancing operational efficiency, and fostering workforce development and adoption of advanced technologies. Jay Reddy, CEO of Global Brands Magazine, commented, "We are delighted to present the Social Development Bank with the Best AI Transformation Banking Initiative award. SDB's innovative application of AI to advance financial inclusion and empower communities sets a remarkable standard for the banking industry. Congratulations to SDB for this outstanding accomplishment! " Sultan Al-Hamidi, CEO of Social Development Bank, said, "At the Social Development Bank, our mission is to empower every segment of society through inclusive financial and non-financial services. Our journey is guided by core values: earning trust, enabling growth, embracing responsibility, and driving innovation. Being recognised for our AI transformation is a proud moment that reflects the strategic path we have chosen. This award highlights our commitment to digital transformation and adopting bold, technology-driven solutions. As we continue to accelerate digitisation across our services, we aim to maximise impact, improve efficiency, and better serve our communities." ABOUT SOCIAL DEVELOPMENT BANK The Social Development Bank (SDB) is one of the largest development banks in the region. Since its establishment in 1971, it has played a pivotal and enduring role in the social and economic development of the Kingdom of Saudi Arabia. As a key enabler of the National Transformation Program and the Financial Sector Development Program, the bank began with an initial capital of SAR 5 million and has since grown into a cornerstone of the Kingdom's development finance ecosystem. Today, it manages a capital base exceeding SAR 45 billion. Over more than 53 years, SDB has disbursed upwards of SAR 162 billion, supporting over 10 million citizens through innovative, sustainable, and Sharia-compliant financing models. With a network of 26 branches and nationwide digital platforms, the bank offers a wide range of financial and non-financial services to individuals, freelancers, and micro and small enterprises. ABOUT GLOBAL BRANDS MAGAZINE (ENGLAND) Global Brands Magazine (GBM) is one of the largest brands publications in the world, leading the way in delivering insights, news, and opinions on brands shaping the future of their industries. Based in the UK, the magazine keeps readers informed about 'best-in-class' brands worldwide. Each year, GBM recognizes companies that demonstrate innovation, exceptional service, and consumer-focused solutions in their respective industries. With over 8.4 million annual visitors, and 14 million page views, GBM is the world's premier Brand magazine. The magazine also boasts a robust social media presence, engagement including 35k+ Facebook followers, 20k+ Instagram followers, 25k+ X followers, and 4k+ LinkedIn followers. ABOUT THE GLOBAL BRAND AWARDS The Global Brand Awards celebrate excellence in brand performance, recognising companies and organisations that excel in quality, innovation, and customer-centric services across various sectors, including finance, education, hospitality, technology, and more. More than 10,000 companies were evaluated in 2024 for the Global Brand Awards. The Global Brand Awards events were held at some of the most iconic properties in the world, including The Address Downtown, Waldorf Astoria, Emperors Palace, JW Marriott Marquis, Galaxy Macau, The Athenee Hotel, to name a few. The next awards ceremony will take place on the 13th of June 2025 at the Grand Hyatt in Dubai, United Arab Emirates. For a complete list of the winners of the Global Brand Awards, please visit: To nominate your company or leader for the Global Brand Awards 2025, visit: Logo - View original content to download multimedia: SOURCE Global Brands Magazine Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Business
- Yahoo
SOCIAL DEVELOPMENT BANK (SDB) WINS BEST AI TRANSFORMATION BANKING INITIATIVE AT THE GLOBAL BRAND AWARDS 2025
LONDON, June 4, 2025 /PRNewswire/ -- Social Development Bank (SDB), a leading bank, has been recognised as the "Best AI Transformation Banking Initiative, Saudi Arabia, 2025", by Global Brands Magazine (GBM) at the Global Brand Awards. This recognition reflects SDB' s commitment to providing innovative features and enhanced customer experience. The Global Brand Awards recognise outstanding achievements across various industries worldwide. Social Development Bank received this award for its continued efforts in delivering innovative banking features, enhancing operational efficiency, and fostering workforce development and adoption of advanced technologies. Jay Reddy, CEO of Global Brands Magazine, commented, "We are delighted to present the Social Development Bank with the Best AI Transformation Banking Initiative award. SDB's innovative application of AI to advance financial inclusion and empower communities sets a remarkable standard for the banking industry. Congratulations to SDB for this outstanding accomplishment! " Sultan Al-Hamidi, CEO of Social Development Bank, said, "At the Social Development Bank, our mission is to empower every segment of society through inclusive financial and non-financial services. Our journey is guided by core values: earning trust, enabling growth, embracing responsibility, and driving innovation. Being recognised for our AI transformation is a proud moment that reflects the strategic path we have chosen. This award highlights our commitment to digital transformation and adopting bold, technology-driven solutions. As we continue to accelerate digitisation across our services, we aim to maximise impact, improve efficiency, and better serve our communities." ABOUT SOCIAL DEVELOPMENT BANK The Social Development Bank (SDB) is one of the largest development banks in the region. Since its establishment in 1971, it has played a pivotal and enduring role in the social and economic development of the Kingdom of Saudi Arabia. As a key enabler of the National Transformation Program and the Financial Sector Development Program, the bank began with an initial capital of SAR 5 million and has since grown into a cornerstone of the Kingdom's development finance ecosystem. Today, it manages a capital base exceeding SAR 45 billion. Over more than 53 years, SDB has disbursed upwards of SAR 162 billion, supporting over 10 million citizens through innovative, sustainable, and Sharia-compliant financing models. With a network of 26 branches and nationwide digital platforms, the bank offers a wide range of financial and non-financial services to individuals, freelancers, and micro and small enterprises. ABOUT GLOBAL BRANDS MAGAZINE (ENGLAND) Global Brands Magazine (GBM) is one of the largest brands publications in the world, leading the way in delivering insights, news, and opinions on brands shaping the future of their industries. Based in the UK, the magazine keeps readers informed about 'best-in-class' brands worldwide. Each year, GBM recognizes companies that demonstrate innovation, exceptional service, and consumer-focused solutions in their respective industries. With over 8.4 million annual visitors, and 14 million page views, GBM is the world's premier Brand magazine. The magazine also boasts a robust social media presence, engagement including 35k+ Facebook followers, 20k+ Instagram followers, 25k+ X followers, and 4k+ LinkedIn followers. ABOUT THE GLOBAL BRAND AWARDS The Global Brand Awards celebrate excellence in brand performance, recognising companies and organisations that excel in quality, innovation, and customer-centric services across various sectors, including finance, education, hospitality, technology, and more. More than 10,000 companies were evaluated in 2024 for the Global Brand Awards. The Global Brand Awards events were held at some of the most iconic properties in the world, including The Address Downtown, Waldorf Astoria, Emperors Palace, JW Marriott Marquis, Galaxy Macau, The Athenee Hotel, to name a few. The next awards ceremony will take place on the 13th of June 2025 at the Grand Hyatt in Dubai, United Arab Emirates. For a complete list of the winners of the Global Brand Awards, please visit: To nominate your company or leader for the Global Brand Awards 2025, visit: Logo - View original content to download multimedia: SOURCE Global Brands Magazine Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Asharq Al-Awsat
20-05-2025
- Business
- Asharq Al-Awsat
Foreign Investment Creates over 39,000 Jobs Annually in Saudi Arabia
Saudi Arabia is attracting foreign direct investment (FDI) at a pace that is generating more than 39,000 jobs each year as the Kingdom's investment climate undergoes sweeping changes. The surge has driven the issuance of over 14,000 investment licenses in 2023 up sharply from just 375 in 2017. The Kingdom has emerged as a key global investment destination, fueled by efforts to create new opportunities for both local and foreign investors, protect their rights, and offer high-quality, streamlined services. This transformation has helped boost licensing activity, drive economic growth, and encourage partnerships between global and local entities. A recent report by the National Transformation Program (NTP), part of the Vision 2030 agenda, said that 74 investment agreements and memorandums of understanding (MoUs) were signed with global and regional partners last year, supporting the creation of more than 39,000 jobs. FDI inflows in 2023 reached 96 billion riyals ($25.6 billion), while the 'Invest Saudi' platform currently offers over 1,865 investment opportunities. The NTP aims to develop the infrastructure and enabling environment for public, private, and non-profit sectors to flourish. In 2023, the Ministry of Investment signed investment deals worth more than 3.7 billion riyals with countries including Mexico, the United Kingdom, China, Kuwait, the United Arab Emirates, India, and Canada. The deals span key sectors targeted by Vision 2030 such as water treatment, culture, industry, construction, real estate, and maintenance. These agreements support the broader goals of economic diversification and sustainable growth. Moreover, the number of multinational companies that established regional headquarters in Saudi Arabia reached approximately 570 last year, up from just 44 in 2021. In a bid to empower the private sector and simplify doing business, the NTP has led a series of economic reforms in collaboration with the Ministry of Commerce and other entities. These reforms aim to increase the contribution of SMEs, support entrepreneurs and home-based businesses, and improve the overall business environment. According to the report, 186 procedural and regulatory reforms were implemented to enhance the ease of doing business in the Kingdom. The share of international investors in Saudi startups reached 28%. The report also highlighted the launch of a platform by the Ministry of Investment, designed to enhance the investor journey. The platform conducts internal and external surveys to assess service quality, gather feedback, and issue reports that help develop procedures in line with global standards. It also tracks investor satisfaction and confidence in the Saudi business landscape. Launched in June 2016, the NTP is the first of the Vision 2030 implementation programs. It aims to achieve 34 strategic objectives, representing 35% of Vision 2030's total goals, through 317 initiatives led by seven key ministries and more than 50 participating entities. Progress is tracked through 80 performance indicators.
CairoScene
28-04-2025
- Business
- CairoScene
Saudi Arabia Issues Record 8,074 Premium Residency Permits in 2024
Launched in 2019, the Premium Residency initiative aims to attract global talent and drive domestic market growth. Saudi Arabia issued a record 8,074 Premium Residency permits in 2024, the highest number since the programme's launch in 2019. According to the Premium Residency Center, 5,578 permits were awarded under the "Competence" category, 348 under "Talents," and 2,148 to other eligible applicants. The Premium Residency initiative, part of Saudi Arabia's Vision 2030 framework and overseen by the National Transformation Program, is designed to attract skilled professionals, investors, and entrepreneurs to the Kingdom. Applications were assessed to ensure they met the programme's rigorous criteria, focusing on global expertise, specialised skills, and investment potential. Both residents and foreign nationals were among the successful applicants. Officials stated that the initiative aims not only to bring global talent into Saudi Arabia, but also to boost the competitiveness of the domestic market, enhance human capital development, and create knowledge transfer opportunities for the local workforce. Since its launch, the Premium Residency programme has become a key tool in Saudi Arabia's economic diversification efforts, supporting the Kingdom's ambition to establish itself as a major destination for international talent and investment.
Gulf News
26-04-2025
- Business
- Gulf News
Saudi Arabia issues record 8,074 'premium residency' permits in 2024 to attract global talent
Dubai: Saudi Arabia issued 8,074 "Premium Residency" permits in 2024 to eligible applicants from various categories who met the program's criteria. The permits were granted to both residents within the country and foreign nationals, aligning with the nation's goals to enhance its position as a global hub for talent and investment. This initiative is part of Saudi Arabia's effort to boost its economy by creating jobs, transferring knowledge to the local workforce, and facilitating the exchange of expertise. The National Transformation Program, part of Saudi Arabia's Vision 2030, reported that 5,578 "Premium Residency" permits were issued to the "competence" category, 348 to "talents," and 2,148 to other categories in 2024. Applications were reviewed and processed by the "Premium Residency Center" to ensure compliance with the program's requirements. Launched in 2019, the "Premium Residency" program is a key initiative to attract unique global talent to Saudi Arabia. Its aim is to benefit from successful experiences across various sectors, enrich local human capital, raise the country's competitiveness, and stimulate the growth of the domestic market. The program offers several advantages to its holders, including residence in Saudi Arabia with family, exemption from fees for expatriates and their dependents, property ownership, the ability to invite family members, the right to engage in business activities, and the freedom to travel in and out of the country without the need for a visa, among other benefits offered in collaboration with government entities. In mid-2019, Saudi Arabia began accepting applications for the Premium Residency program, offering two types: a permanent residency permit priced at 800,000 SAR ($213,000) and a one-year renewable residency for 100,000 SAR ($26,000). The first batch of 73 applicants, representing 19 nationalities, received their permits in November 2019, including investors, doctors, and individuals seeking to settle with their families.
