The Saudi Social Development Bank recently concluded its active engagement in the G20 Young Entrepreneurs’ Alliance (G20YEA) Summit for the year 2024, which was held from June 12 to 16 in the Brazilian cities of Goiânia and Florianópolis. The event saw the participation of entrepreneurs and investors from across the globe.
The bank’s involvement in the summit formed part of the Saudi delegation and featured a dedicated pavilion showcasing its initiatives and financial programs aimed at empowering small and emerging enterprises as well as freelance work. The ‘Tajseer’ initiative was highlighted, emphasizing the potential of Saudi products in the global markets.
Further, the bank took part in the Saudi delegation’s main panel discussion, focusing on the necessity of enhancing cooperation frameworks among bank-supported entrepreneurs and their counterparts in other countries. The bank also contributed to workshops on business innovation, sustainability, and advanced technology, where knowledge and expertise on best practices for entrepreneurship were exchanged.
The CEO of the Saudi Social Development Bank, Engineer Sultan bin Abdulaziz Al Humaidi, stated, “Our participation in the G20 Young Entrepreneurs’ Alliance summit is a significant step towards realizing our vision to support and empower entrepreneurs in Saudi Arabia. Innovation and entrepreneurship are keys to sustainable development. Through this summit, we have exchanged experiences with global leaders, presented our ideas on enhancing international cooperation to create more opportunities for startups to thrive and achieve widespread success.”
Al Humaidi proudly reflected on the success stories of Saudi entrepreneurs that were showcased at the summit. These stories highlighted leading and promising local projects that resonate with the Saudi identity. He expressed eagerness for more collaborations with other countries in the field of entrepreneurship, idea exchange, and the creation of new investment opportunities.
Alongside the summit activities, the bank’s delegation visited various factories, research centers, and entrepreneurship-related entities. They explored collaborative opportunities with the Brazilian side in various projects including those related to fertilizers and pesticides, coffee production, and the craft industry of yarn and textile manufacturing. The ‘Tajseer’ initiative’s role in opening new markets for Saudi craft products was also discussed, along with cooperation in accelerators, business incubators, and co-working spaces with relevant stakeholders at the summit.
The G20 Young Entrepreneurs’ Alliance (G20YEA) was established as part of the G20’s initiative to support and enable entrepreneurs globally. The alliance aims to promote entrepreneurship as a driving force for economic growth and social innovation, representing a global network of over 500,000 entrepreneurs from G20 member countries. The G20YEA brings together young business leaders, investors, policymakers, and other key players in the entrepreneurship ecosystem for the exchange of ideas and experiences, fostering dialogue and cooperation to support innovation and startup development.
