RIYADH: At the Entrepreneurship and Modern Business Practices Forum, or DeveGo 2025, Saudi Arabia’s Social Development Bank signed eleven cooperation agreements with government ministries and official authorities. These agreements covered important industries like finance, education, and energy as well as healthcare, heritage, the non-profit sector, and freelance work.
The agreements align with the bank’s plan to develop an integrated system of financial and non-financial empowerment that serves microbusinesses, start-ups, and entrepreneurs, and increases their potential for expansion in promising industries.
In keeping with the bank’s objective of assisting young entrepreneurs and micro and start-up businesses, SDB CEO Sultan bin Abdulaziz Al-Hamidi stated that the conference serves as a national forum that brings together local and international professionals to discuss advancements in the entrepreneurship sector.
“We are witnessing a golden era of entrepreneurship in the Kingdom, transitioning from limited support to the most significant entrepreneurial movement in the country, Al-Hamidi continued. There are now almost 1.7 million businesses, up from 430,000 in 2016.
The CEO added that since the bank’s founding, it has contributed a total of SR166 billion ($44.27 billion), of which more than SR46 billion has benefited more than 600,000 business owners, 59 percent of whom are Saudi women.
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