Saudi Arabia’s Social Development Bank (SDB) has rolled out SAR6.5 billion ($1.73 billion) in financing during the first nine months of the year, directly reaching more than 90,000 people and enterprises across the Kingdom.
The update came during the bank’s third-quarter board meeting, chaired by Human Resources and Social Development Minister Eng. Ahmed bin Sulaiman Al-Rajhi, who also leads the bank’s board. The session focused on expanding support for citizens, entrepreneurs, and the wider development ecosystem.
According to the latest performance review, SDB’s nine-month push included:
SAR2.5 billion for freelancers and family businesses, supporting 53,000 individuals, including 14,500 in the third quarter alone.
Over SAR2.4 billion for small and emerging enterprises, benefiting 7,300 businesses, with 2,400 financed in Q3.
SAR1.6 billion in social financing, reaching 30,000 citizens, 10,000 of them in the latest quarter.
The bank also reported momentum in its empowerment and savings programs, with more than 58,000 savings accounts opened and nearly 24,000 beneficiaries making use of development services by the third quarter.
Al-Rajhi credited the country’s leadership for fueling these results, calling the bank’s achievements proof of effective strategy in job creation, entrepreneurship, and building an attractive labor market.
CEO Eng. Sultan bin Abdulaziz Al-Hamidi echoed the sentiment, stressing that the bank’s mission goes beyond loans to include non-financial support aimed at turning innovative ideas into sustainable ventures.
Among its recent initiatives: the launch of Jada Khamis Mushait, a new shared workspace designed to nurture startups and entrepreneurs, expanding the bank’s network to 13 hubs across the Kingdom. The Franchise Go Forum also drew international and local brands to Riyadh, positioning franchising as a cornerstone of long-term growth.
On the global stage, SDB represented Saudi Arabia at the G20 Young Entrepreneurs Alliance Summit, showcasing its programs for freelancers, startups, and SMEs, and underlining its role as a key driver of youth empowerment and innovation worldwide.
