Social Development Bank grants SAR 8B financing in 2024

Logo of Social Development Bank (SDB)

The Social Development Bank (SDB) provided SAR 8 billion financing in 2024, achieving its full-year targets in financing and developmental support, alongside expanding its non-financial services, the state-run SPA reported.

SDB said 122,000 benefited from the bank’s loans. A total of SAR 2.6 billion in financing was provided to over 7,000 entrepreneurs, small enterprises and start-ups. Freelancers and productive families secured SAR 2.8 billion in financing for 76,000 beneficiaries.

A social financing of SAR 2 billion was granted to 39,000 individuals. Moreover, 120,000 people benefited from the bank’s non-financial services for empowerment and development services.

Meanwhile, Jadah 30 experienced significant growth with branches increasing to 11 across the Kingdom. The bank plans to expand to 17 branches in the coming years.

SDB’s results also showed that 19,000 individuals benefited from consultancy and development programs offered by the center. The bank opened 57,000 new savings accounts through the "Zood Savings" and "Zood Al-Ajyal" programs.

SDB launched a CSR initiative this year to encourage private sector institutions to play a pivotal role in building strong and sustainable economies. Agreements were signed to establish a SAR 215 million CSR portfolio to support local communities in various sectors. The bank aims to grow this portfolio to SAR 1 billion, contributing SAR 1.6 billion to the Kingdom’s GDP.