Social Development Bank allocates $621m in Q3 to support economic development  

Saudi Minister of Human Resources and Social Development Ahmed bin Sulaiman Al-Rajhi revealed the figure during SDB’s quarterly board meeting on Wednesday. Shutterstock.
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Updated 05 October 2023
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Social Development Bank allocates $621m in Q3 to support economic development  

RIYADH: Entrepreneurs and business owners were among 39,000 recipients of a combined SR2.3 billion ($621 million) in support from the Social Development Bank in the third quarter of 2023, it has been announced. 

According to the Saudi Press Agency, the development fund benefited also helped individuals availing themselves of social services. 

Saudi Minister of Human Resources and Social Development Ahmed bin Sulaiman Al-Rajhi revealed the figure during SDB’s quarterly board meeting on Wednesday. 

The minister also highlighted the ongoing endeavors to foster collaboration across all sectors to realize sustainable development goals and elevate the Kingdom’s quality of life. 

Al-Rajhi underlined SDB’s role in empowering aspiring entrepreneurs and fledgling enterprises to transform their dreams into tangible projects by participating in the Saudi Vision 2030 initiatives. 

In August, the bank announced that it provided SR6.4 billion in financing during the first half of 2023, mainly targeting small and medium enterprises.   

Over 150,000 beneficiaries availed of the bank’s financial services, with SR2.6 billion dedicated to supporting 5,700 SMEs through the year’s first half.   

The bank has also collaborated with the UN Conference on Trade and Development in hosting the annual meeting of Empretec center managers in Riyadh in October 2023. 

Empretec is the flagship capacity-building program of the UN established by the UN Conference on Trade and Development to promote SMEs. 

Moreover, SDB introduced several targeted empowerment programs and capacity-building solutions between January and August to strengthen SMEs and ensure their sustainability.   

One of these programs was the innovative training project launched in May to empower Saudi families and microenterprises.   

The project brought together regional and global experts to deliver 13 specialized training programs.   

These initiatives reflect the SDB’s role in cultivating a job market that appeals to local and international talent pools. 

Last September, the General Authority for Small and Medium Enterprises inked a cooperation agreement with the SDB and Riyadh Development Co. to support entrepreneurs entering the agricultural sector. 

The agreement intended to assist SMEs in growing their commercial operations in the agricultural crop wholesale and retail sectors. 


Major airlines suspend, reroute flights amid US-Israel strikes on Iran

Updated 28 February 2026
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Major airlines suspend, reroute flights amid US-Israel strikes on Iran

  • Saudia says decision taken in line with aviation safety and security standards
  • Emirates said it temporarily suspended it's operations out of Dubai

RIYADH: Major international airlines across the Middle East and South Asia have suspended, canceled or rerouted flights following ongoing US-Israel attacks on Iran and the resulting airspace closures, according to official statements issued via X.

Saudia said in an official statement that it had canceled a number of flights due to developments in the region and the closure of airspace.

The airline said the decision was taken in line with aviation safety and security standards, noting that its Emergency Coordination Center is closely monitoring developments with relevant authorities.

Saudia urged passengers to verify the status of their flights before heading to the airport and said guests would be notified of updates through the contact details associated with their bookings.

The carrier added that further information would be announced in a subsequent statement if available.

Air Arabia said its flights were experiencing cancellations, delays or rerouting as a result of the evolving situation and airspace closures.

The airline advised passengers to check the status of their flights before traveling to the airport by visiting its website or contacting its call center.

Customers booked on affected flights will be notified directly, the airline said, adding that further updates would be provided as the situation develops.

Air India announced a broader suspension, stating that “in view of the developing situation in parts of the Middle East, all Air India flights to all destinations in the Middle East have been suspended.”

The airline said it remains committed to maintaining the highest standards of safety for passengers and crew and will continue to assess the safety and security environment for flight operations, adjusting services proactively as required.

Air India said its teams would extend necessary support to passengers and advised customers to check flight status online or contact its 24/7 call center for assistance.  

All flight operations at Dubai International and Dubai World Central – Al Maktoum International are suspended until further notice, according to a post by Dubai Media Office on X.

Dubai-based Emirates reported that regional airspace closures had caused disruption to several of its flights and that the airline had temporarily suspended its operations from its hub Dubai.

The airline said it is actively monitoring the situation, engaging with relevant authorities and adjusting operations in line with the latest developments. 

The carrier apologized to affected customers and said it is assisting them with rebooking, refunds or alternative travel arrangements, reiterating that the safety and security of passengers and crew remain its highest priority.  

Qatar Airways confirmed a temporary suspension of flights to and from Doha due to the closure of Qatari airspace.

The airline said it is working closely with government stakeholders and relevant authorities to support impacted passengers and will resume operations once the airspace reopens.

It warned that delays are anticipated when usual operations resume and said additional ground staff have been deployed at Hamad International Airport and other key airports to assist passengers.  

Meanwhile, Al Jazeera reported that British Airways had canceled flights to Tel Aviv and Bahrain, adding to the list of carriers adjusting operations.

Across their statements, airlines consistently cited airspace closures and safety considerations as the primary reasons for suspensions and disruptions, while urging passengers to monitor official channels for updates as the situation continues to evolve.