Tabuk entrepreneurs, freelancers receive $61.2m from Social Development Bank in 2024

SDB’s Regional Director Hamed Al-Anzi. SPA
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Updated 18 March 2025
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Tabuk entrepreneurs, freelancers receive $61.2m from Social Development Bank in 2024

JEDDAH: Entrepreneurs and freelancers in Tabuk received over SR230 million ($61.2 million) in funding from the Social Development Bank in 2024, boosting established businesses and independent work in the region.

The government-owned financial institution announced that in 2024 it provided over SR75 million in financing to more than 200 businesses in the northwestern region and helped 4,000 freelancers with funding, totaling over SR155 million, according to the Saudi Press Agency.

SDB’s Regional Director Hamed Al-Anzi highlighted that this support is part of the bank’s efforts to enhance entrepreneurship and help individuals achieve financial independence through their own businesses.

The support aligns with Saudi Arabia’s Vision 2030 objectives, which includes raising the contribution of small and medium enterprises to 35 percent of the gross domestic product by the end of the decade. 

Speaking during a discussion panel at the “Diwaniya of the Chamber” event organized by the Tabuk Chamber of Commerce, Al-Anzi emphasized that SDB is working to offer a range of financial products targeting youth of both genders who wish to launch their own businesses, as well as specialized programs to support SMEs, which, he said, play a vital role in the development of the national economy.

He also emphasized that SDB and the National Entrepreneurship Institute, known as Riyadah, are partnering to empower young entrepreneurs to launch their businesses, creating job opportunities for the local community.

The regional director further encouraged aspiring business owners to make use of the digital platforms provided by supporting entities, which offer easy access to financing, training programs, and specialized consultations.

The session, attended by several regional businesspeople, concluded with a discussion on the challenges of freelancing and the requirements for starting new companies, highlighting the positive impact these initiatives have on Tabuk’s growing economy.

Supporting freelancers is crucial for the nation’s economy. In 2023, independent workers contributed SR72.5 billion to the GDP, representing 2 percent of the country’s total economic output.

As freelancing continues to grow, with over 2.25 million individuals registered on freelance platforms as of September, it plays an increasingly vital role in diversifying income sources and strengthening the national economy.


Oman’s logistics industry growth fueled by $8.8bn investment, official figures show

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Oman’s logistics industry growth fueled by $8.8bn investment, official figures show

RIYADH: An investment of 3.4 billion Omani rials ($8.8 billion) by the end of 2025 underscored Oman’s accelerating transformation in transport, logistics, and the digital economy.

According to the Ministry of Transport, Communications and Information Technology Achievement Bulletin, total investment in the transport and logistics sector amounted to 2.3 billion rials from 2021 through the end of 2024, increasing to 3.4 billion rials by the close of 2025.

The level of capital spending achieved signals a clear shift from planning to implementation, as infrastructure, services, and digital systems are now actively transforming the movement of goods, data, and people throughout the Sultanate of Oman.

This funding aligns with Oman’s goal of establishing itself as a key logistics hub connecting regional and international trade corridors.

The investments have been allocated to ports, logistics hubs, land transport systems, and digital platforms that enhance the sector’s efficiency and integration.

A prominent outcome of this investment is the progress in digital transformation. By the close of 2024, 1,700 out of 2,523 key government services had been fully digitized.

By the end of 2025, the number of digitized services rose to 2,277, signaling the near completion of public service digitalization.

For businesses, especially in trade, transport, and logistics, this transition has led to faster processing, greater transparency, and reduced administrative costs, contributing to a more efficient and supportive business climate.

Advancements in workforce localization highlight deeper structural shifts, particularly in tech-driven sectors.

Omanization in the IT sector grew from 38 percent in 2024 to 45.5 percent in 2025, indicating greater integration of Omani talent into high-value digital roles.

In transport and logistics, Omanization rose from 20 percent to 21.6 percent, showing steady progress in developing national expertise in roles historically filled by expatriates.

Trade and operational metrics highlight the sector’s expanding capabilities. Container and cargo traffic rose from 4.3 million twenty-foot equivalent units in 2024 to over 5 million TEUs in 2025, signaling enhanced port performance, efficiency, and deeper regional supply chain integration.

General cargo volumes also grew significantly, increasing from 115.7 million tonnes to 143 million tonnes over the same period, reflecting the continued growth of Oman’s logistics sector.

The bulletin highlights significant progress in digital governance, with the National Digital Transformation Program’s performance rate increasing from 73 percent in 2024 to 94 percent in 2025. This improvement reflects enhanced execution, improved coordination among government agencies, and more effective oversight of complex digital projects.

Financial results across key subsectors further confirm tangible progress. The ports sector saw a 12.9 percent rise in revenue, driven by higher volumes and improved operational efficiency.

Maritime affairs experienced a 6.5 percent jump, while land transport led the growth with an 18 percent increase, reflecting strong demand for freight and mobility services.

Regarding project delivery, although the target for project implementation was set at 70 percent, actual performance reached 85 percent in 2025.

This surpassing of expectations reflects stronger planning, enhanced execution capabilities, and greater accountability in major transport and digital initiatives.

In December, Fitch Ratings upgraded Oman to investment-grade status, raising its long-term foreign-currency rating from BB+ to BBB-, citing the Sultanate’s stronger public finances, improved external position, and continued commitment to prudent fiscal management.

The agency noted at the time that Oman has successfully strengthened fiscal discipline, reducing government debt significantly to around 36 percent of gross domestic product in 2025, down from about 68 percent in 2020.