Saudi Arabia's Social Development Bank grants $1.73bn in financing by Q3

17/09/2025 03:16 AST

Saudi Arabia's Social Development Bank disbursed SR6.5 billion ($1.73 billion) in financing in the first nine months of 2025, benefiting over 90,000 citizens and enterprises, after extending SR8 billion in 2024.

Of this, SR2.5 billion supported self-employed practitioners and productive families, reaching 53,000 beneficiaries - including 14,500 in the third quarter, the Saudi Press Agency reported.

Strengthening small, medium, and emerging industries is a key goal of Saudi Arabia's Vision 2030, as the Kingdom works to diversify its economy and reduce its decades-long reliance on crude oil revenues.

Quoting Ahmed Al-Rajhi, minister of human resources and social development and chairman of SDB, SPA stated that "the achievements reflect the effectiveness of the Bank's strategic directions in empowering individuals and establishments, and providing an attractive labor market for local and global capabilities, in support of the national economy."

The report added that more than SR2.4 billion went to 7,300 small and emerging enterprises, with 2,400 of them financed in the third quarter alone. Social financing accounted for SR1.6 billion, benefitting 30,000 people, including 10,000 during the latest quarter.

Sultan Al-Hamidi, CEO of SDB, said these achievements align with the support the bank receives from Saudi leadership to advance the Kingdom's comprehensive development.

He added that the institution will continue serving as a national development enabler through an integrated system of financing and non-financing solutions aimed at empowering entrepreneurs, fostering enterprise growth, and transforming ideas into sustainable projects.

In December, SDB signed an agreement with Saudi National Bank to launch a financing portfolio to support entrepreneurship in the Kingdom.

The portfolio, introduced under SNB's Ahalina program, was set to provide SR10 million ($2.66 million) in funding to entrepreneurs, SPA reported at the time.

Under the deal, SNB and SDB agreed to strengthen public-private cooperation to boost the Kingdom's entrepreneurial landscape.

Arab News