Saudi Arabia’s Social Development Bank allocates $2.39bn aid for small businesses

SDB earlier helped out 100,000 low income families, impacted by the economic fallout caused by the pandemic. (File/AFP)
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Updated 02 May 2020
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Saudi Arabia’s Social Development Bank allocates $2.39bn aid for small businesses

  • The move comes as the country explores ways to support the local economy, which has taken a hit as a result of the coronavirus outbreak

DUBAI: The Social Development Bank (SDB) in Saudi Arabia has recently launched new initiatives to support small businesses in the Kingdom, as well as self-employed entrepreneurs, state news agency SPA reported.

The move comes as the country explores ways to support the local economy, which has taken a hit as a result of the coronavirus outbreak.

The bank said the aid – which amounted to over $2.39 billion  – will benefit 6,000 businesses through a special financing scheme, with a special focus on supporting health care.

The bank also offered a 6-month grace period, which began last month, for installments.

SDB earlier helped out 100,000 low income families, impacted by the economic fallout caused by the pandemic.


Saudi industry minister visits Future Minerals Pioneers Bootcamp

Updated 6 sec ago
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Saudi industry minister visits Future Minerals Pioneers Bootcamp

  • The event was designed to foster innovation, attract national and international talent, and transform promising ideas into practical solutions for the mining sector

RIYADH: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has visited the Future Minerals Pioneers Bootcamp in Riyadh. 

The initiative was organized by the Ministry of Industry and Mineral Resources, in partnership with the National Industrial Development and Logistics Program.

The event was designed to foster innovation, attract national and international talent, and transform promising ideas into practical solutions for the mining sector, the Saudi Press Agency reported.

Alkhorayef highlighted the role of innovation in developing the mining sector during his visit, in line with the Kingdom’s economic diversification goals under Vision 2030.

He noted that global assessments of mining practices had reinforced the need for innovation and a sustainability-driven approach, positioning the Kingdom as an active contributor to shaping the sector’s future.

He said the initiative supported global cooperation and joint efforts to advance mining through modern technologies, innovation, and the updated regulatory frameworks, reflecting the Kingdom’s confidence in its ability to drive qualitative transformation in the industry.

Alkhorayef added that engaging with future minerals pioneers and competing on a global level was a key pillar of the development of the mining sector, both locally and internationally.

Participants at the event had refined their ideas and advanced their projects in preparation for their presentation to judging panels, supported by mentorship, collaboration, and knowledge exchange.

More than 12 workshops were held over the first two days, with around 30 expert mentors and specialists from partner entities providing guidance across different stages of project development.

The program also included seminars led by international experts focusing on innovating, solution development, presentation skills, and future trends in mining.

The event concluded with competitors submitting their final projects. Winners will be announced at the fifth Future Minerals Forum, scheduled for Jan. 13-15.