Latest news with #SocialDevelopmentBank
Argaam
7 days ago
- Business
- Argaam
WSM wins project to provide software licenses for SDB
WSM Information Technology Co. was awarded, on May 25, a project by the Social Development Bank (SDB), with a total value representing 8.7% of WSM's projected revenues for 2024. In a statement to Tadawul, the company said the project focuses on providing licenses and essential software for SDB, emphasizing that no related parties are involved in the deal. According to data available with Argaam, WSM's 2024 revenues are estimated at approximately SAR 29.02 million.
Zawya
13-05-2025
- Business
- Zawya
Social Development Bank signs four agreements in Al Qassim
Al Qassim: His Excellency Eng. Ahmed Al-Rajhi, the Minister of Human Resources and Social Development and Chairman of the Board of Directors of the Social Development Bank, sponsored the signing of multiple development agreements during his visit to the Qassim region. He was accompanied by the Bank's CEO, Sultan bin Abdulaziz AlHamidi. The visit featured a series of meetings and field visits focused on enhancing collaboration with local community organizations and evaluating the bank's initiatives to support development projects. This effort aligns with the bank's vision to foster economic and social development in the region and create a lasting impact on sustainable development. These agreements reflect the SDB's ongoing commitment to empowering targeted groups and fostering economic and social development in the region. During its recent initiatives in Qassim, the bank established a range of development partnerships, including cooperation agreements with the region's municipality and the Qassim Chamber. These partnerships aim to support and empower licensed freelancers by facilitating their access to essential financing, enabling them to pursue their activities and achieve sustainability. Additionally, the agreements include collaborations with the Al-Rass Chamber and Suleiman Al-Rajhi University to assist entrepreneurs and small businesses through comprehensive rehabilitation and financing programs. The visit featured an open meeting with male and female entrepreneurs, along with several beneficiaries, where participants discussed strategies to enhance the entrepreneurial environment and empower entrepreneurs. This dialogue supports the bank's role in stimulating the local economy and nurturing national talent, aligning with its commitment to promote local development and enable small businesses to thrive and expand. The Social Development Bank has established a strong development presence in the Qassim region through its financing programs and non-financial services, which include training and support for entrepreneurs and business owners. Since its inception, the bank has provided cumulative financing exceeding 8 billion riyals to the region, benefiting over 178,000 citizens in areas such as social financing, self-employment financing, and small businesses. Additionally, the bank supports civil society organizations and community projects, underscoring its dedication to fostering entrepreneurship and enhancing the sustainability of small and emerging enterprises, all in pursuit of sustainable development goals.
Zawya
22-04-2025
- Business
- Zawya
Four agreements signed in the presence of Riyadh Governor at SDB's 53rd anniversary celebration
Riyadh: His Royal Highness Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, presided over the Social Development Bank's (SDB) 53rd anniversary celebration on Monday, April 21, 2025, which also marked the official launch of the 'Jada 30' initiative at SDB's headquarters in Riyadh. Upon his arrival, His Royal Highness was received by His Excellency the Minister of Human Resources and Social Development and Chairman of SDB's Board of Directors, Eng. Ahmed bin Sulaiman Al-Rajhi, along with SDB's CEO, Eng. Sultan bin Abdulaziz Al-Hamidi. In a statement on this occasion, Prince Faisal bin Bandar extended his gratitude to the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince—may God protect them—for their unwavering support for development and social initiatives that contribute to sustainable development and the empowerment of citizens. HRH praised the achievements of SDB over its five-decade history, underscoring its important role in empowering Saudi citizens and promoting both social and economic development in alignment with the goals of Saudi Vision 2030. His Royal Highness toured the accompanying exhibition, which showcased a range of artistic and handcrafted works by local artists and artisans. This reflects SDB's ongoing efforts to empower national talent, boost the creative economy, and support cultural and artisanal products. During the event, H.E. Al-Rajhi delivered a speech expressing his sincere appreciation and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince Mohammed bin Salman Al Saud—may God preserve them—for their continued focus on community development and fostering an environment conducive to investment and entrepreneurship. He highlighted the transformative impact this has had in enabling citizens to play an active role in building a diversified and sustainable economy. H.E. Al-Rajhi also expressed his appreciation for the presence and patronage of the Riyadh Governor at the celebration, reaffirming SDB's commitment to supporting development pathways, empowering individuals and communities, and reinforcing its role as a key enabler of financial and social inclusion. He emphasized that over its 53-year journey, SDB has contributed significantly to national transformation through innovative financial solutions and impactful social initiatives, helping millions of Saudi men and women realize their ambitions. Since its establishment, SDB has provided over SAR 162 billion in financing, benefitting more than 10 million citizens. SDB's CEO, Eng. Al-Hamidi, stated that the launch of 'Jada 30' represents a qualitative leap in SDB's strategy to foster an entrepreneurial ecosystem and support small and emerging businesses. He noted that SDB's 53-year milestone marks a proud legacy of national development and contributions. Following an interactive presentation highlighting SDB's journey since its founding, HRH Prince Faisal bin Bandar officially inaugurated 'Jada 30,' one of SDB's flagship initiatives aimed at supporting entrepreneurs and small business owners. The initiative reflects SDB's ambitious vision of transforming its branches into development hubs and business incubators that foster a comprehensive entrepreneurial environment. Since its inception in Riyadh, 'Jada 30' has supported more than 300 startups and welcomed over 5,800 participants in its programs—clearly demonstrating its impact in empowering Saudi youth and promoting a culture of entrepreneurship. HRH also witnessed the signing of several development-focused agreements, including an agreement with the General Authority for Awqaf and the Social Associations Support Fund to establish a SAR 50 million financing portfolio to support the nonprofit sector. Two agreements with Arab National Bank and Banque Saudi Fransi to create financing portfolios totaling SAR 100 million to support entrepreneurs and emerging enterprises. Two additional agreements with Alinma Bank and Arab National Bank to launch the 'Freelance Card,' aimed at supporting freelance professionals and improving their access to banking services and financial solutions. The ceremony concluded with a renewed commitment from the SDB to continue innovating in its financial and social offerings, empowering citizens, and contributing to the building of a strong and sustainable national economy.
Zawya
26-03-2025
- Business
- Zawya
Saudi's Social Development Bank disbursed $134mln business loans in Q1
Businesses in Saudi Arabia secured SAR 505 million ($134.7 million) in financing from the Social Development Bank (SDB) during the first three months of the year. The financing benefited more than 1,800 enterprises, including owners of 'emerging' businesses, according to the SDB on Tuesday. Overall, the SDB disbursed SAR 1.7 billion in loans to 20,000 citizens and enterprises during the quarter. SDB extends loans to empower small and emerging enterprises, as well as enable Saudi nationals to strengthen their finances. (Writing by Cleofe Maceda; editing by Seban Scaria
Zawya
25-03-2025
- Business
- Zawya
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.
