Sales from Social Development Bank-backed Saudi productive families exceed $3.46m in 2022
Sales from businesses run by Saudi families which received funding from the government-backed Social Development Bank exceeded SR13 billion ($3.46 million) in 2022, according to the National Transformation Program’s annual report.
The document also showed the number of workers in the so-called productive families sector reached 104,000, with firms receiving more than SR2 billion in government assistance.
In a move to boost the productive families industry, SDB has started an initiative to promote products from the sector in in various regions of Saudi Arabia.
The bank has also financed over 30,000 small enterprises, startups, and self-employed business owners to the tune of over SR2.9 billion in the first quarter of 2023 in its bid to reinforce the Kingdom’s non-oil private sector in line with Vision 2030 goals.
According to the bank’s board report, 2,000 small businesses and startups received SR1 billion in financing during the first quarter, while over 9,000 individuals received SR538 million in social financing.
During an exclusive interview with Arab News last month, Sultan Al-Hamidi, SDB’s chief business officer, stated that the bank intends to invest SR24 billion in small and medium-sized enterprises over the next three years.
He said the bank gave SR5 billion in loans to 9,000 SMEs in 2022 alone
In a move to boost the productive families industry, SDB has started an initiative to promote products from the sector in in various regions of Saudi Arabia.
The bank has also financed over 30,000 small enterprises, startups, and self-employed business owners to the tune of over SR2.9 billion in the first quarter of 2023 in its bid to reinforce the Kingdom’s non-oil private sector in line with Vision 2030 goals.
According to the bank’s board report, 2,000 small businesses and startups received SR1 billion in financing during the first quarter, while over 9,000 individuals received SR538 million in social financing.
During an exclusive interview with Arab News last month, Sultan Al-Hamidi, SDB’s chief business officer, stated that the bank intends to invest SR24 billion in small and medium-sized enterprises over the next three years.
He said the bank gave SR5 billion in loans to 9,000 SMEs in 2022 alone