Riyadh: The Saudi Minister of Investment, Eng.  Khalid Al-Falih, recognized the Social Development Bank (SDB) for its commitment to empowering Saudi citizens and advancing economic and social development across the Kingdom. A selection of SDB senior management and officials attended the first Tourism, Entertainment and Cultural Investment Forum. Organized by the Tourism Committee of the Chamber of Commerce and Industry in Riyadh, the event provided a unique opportunity to spotlight SDB and its work. Eng. Muied Ibn Nasser Al Bishi, SDB Vice President - Strategy and Innovation, represented the bank at the forum, and receiving an honorary award on its behalf.

Eng. Al-Bishi participated in a panel discussion titled “The Future of Investment in the Tourism Sector”, underlining the role SDB and its financing services have played in supporting the local economy. The SDB Vice President also called attention to SDB’s non-financial services, including support, guidance and training services for investors, entrepreneurs and productive families. He reiterated the significance of the tourism industry to realizing the objectives of Vision 2030 and fulfilling the Kingdom’s economic potential. To date, SDB has helped to finance tourism, cultural and entertainment businesses with funding amounting to SAR 2 billion.

Eng. Al-Bishi highlighted SDB’s work to support the Kingdom’s crafts and handicrafts sectors, empowering businesses and enterprises to develop their products and open sales outlets to attract tourists and customers. He also emphasized SDB’s work to support the Kingdom’s crafts and handicrafts sectors in all territories, empowering businesses and enterprises to develop their products and open sales outlets to attract tourists and customers. He confirmed that SDB has allocated up to SAR 24 billion for financing products and initiatives, as well as the implementation of a three-year strategy to support establishments and entrepreneurs.

During the forum, a diversity of entrepreneurs recounted their success stories. Naglaa Al-Saadoun detailed the “INTO” project, which was created to provide distinctive cultural entertainment spaces and host interactive activities.

SDB also showcased its range of financial and non-financial offerings at a dedicated pavilion. In doing so, the bank shone a light on its joint e-gaming initiative launched in cooperation with the Saudi Esports Federation. The initiative has been established to empower entrepreneurs and developers. SDB has dedicated SAR 300 million through soft loans to experts, entrepreneurs and innovators in the entertainment and e-gaming sectors.

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