The Vice President of Strategy and Innovation at the Social Development Bank, Engineer Maad bin Nasser Al-Bishi, has highlighted the significant progress Saudi Arabia has made in supporting and financing small and emerging enterprises. Since 2017, the financing volume has soared by 150%, reaching more than 268 billion Saudi Riyals today. Additionally, the number of small businesses has increased by 35%, with a total of 1.2 million establishments now in operation.
Al-Bishi’s remarks came during a speech at the Entrepreneurship and Modern Work Patterns Forum. He emphasized the critical role small and medium-sized enterprises (SMEs) play in creating job opportunities, accounting for two-thirds of employment worldwide. He revealed that the Social Development Bank has financed over 100 entrepreneurs, small businesses, and freelancers annually. Furthermore, the bank supports capacity building for 200,000 beneficiaries each year, sponsors over 100 brands annually, and has seen its beneficiaries successfully register 17 patents.
Al-Bishi underscored that financing is a top priority on the global development agenda, with the worldwide demand for SME financing exceeding 5 trillion dollars. Over the past 50 years, the bank has provided nearly 150 billion Saudi Riyals in financing, benefiting around 9 million citizens. He pointed out that comprehensive entrepreneurship, empowerment, access to technology, and market reach are crucial factors for supporting the young community.
He stressed that Saudi Arabia has bolstered venture capital and made significant strides in national legislation to develop the freelance business sector, incorporating it into the workforce. Over two million citizens have obtained a freelancing certificate. The goals are focused on establishing a comprehensive infrastructure to support entrepreneurship and youth empowerment, through access to financing, enhancing entrepreneurial levels, individual empowerment, developing stimulating legal environments, and effective use of technology.
