Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Social Development Bank finances $770m to over 30,000 enterprises in Q1 

Social Development Bank finances $770m to over 30,000 enterprises in Q1 

Saudi Arabia’s Social Development Bank financed over 30,000 small enterprises, startups and self-employed business owners with over SR2.9 billion ($770 million) in the first quarter of 2023 in its bid to strengthen the Kingdom’s non-oil private sector in line with the goals outlined in Vision 2030.
According to the bank’s board report, 2,000 small enterprises and startups were provided finance worth SR1 billion for the first quarter, while over 9,000 individuals received social financing valued at SR538 million.

The report further noted that the bank offered loans worth SR1.4 billion to over 23,000 self-employed business owners and productive families.

Last month, during an exclusive interview with Arab News, Sultan Al-Hamidi, the chief business officer of SDB, said that the bank aims to infuse SR24 billion into small and medium-sized enterprises over the next three years.

He added that the bank provided SR5 billion in financing to some 9,000 SMEs in 2022 alone.

Al-Hamidi noted that Saudi Arabia is offering a strong growth opportunity for SMEs and pointed out that the Kingdom has a higher success rate average among entrepreneurs compared to global figures.

Since setting up a dedicated segment for SMEs and micro-SMEs in 2008, the bank has lent around SR16 billion to 40,000 such institutions.

Al-Hamidi added that the institution funds SMEs after a thorough screening process. The bank also releases money in installments, ensuring entrepreneurs execute business plans properly.

“We start with them from the idea. We interview them, and we make sure that they have very good training for two weeks to make sure that they can do a feasibility study,” said Al-Hamidi.

As the feasibility study completes, the bank disburses the loan partially.

“We give the entrepreneur and then we visit. Then we deploy another 25 percent after six months. So, over two years, we have four interactions with the entrepreneur to make sure that the plan which was submitted is really executed,” explained the bank executive.

SDB is considered to be one of the leading government pillars for economic and social development funding to the citizens.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×