Riyadh:  Today, Eng. Ahmed Al-Rajhi, the Minister of Human Resources and Social Development, presided over the opening of the Entrepreneurship and Modern Business Practices Forum, a prestigious event organized by the Social Development Bank (SDB) under the slogan "DeveGo”. It took place from January 22 to 23, brought together a distinguished gathering of government officials, experts, academics, consultants, and entrepreneurs, along with various entities, institutions, and companies from governmental, private, and non-profit sectors.

In his opening remarks, His Excellency the Minister highlighted the unwavering support and commitment of the Custodian of the Two Holy Mosques and His Highness the Crown Prince and Prime Minister to foster entrepreneurship as a pivotal element of the National Transformation Program. He emphasized the importance of empowering Saudi youth to engage in self-employment, allowing them to spearhead innovative projects and eventually establish their own enterprises, thereby contributing to job creation across diverse economic sectors.

Eng. Al-Rajhi also shared significant statistics, revealing that in 2023, the SDB injected over 11 billion SAR into the national economy to facilitate the aspirations of young Saudi citizens. This initiative benefited more than 155,000 individuals, and it resulted in a remarkable increase in the number of small and medium enterprises, which grew from 429,000 in 2016 to an impressive 1.2 million at present. This, he stated, underscores the invaluable support provided by the visionary leadership to entrepreneurs, emphasizing the vital role played by small and medium enterprises and self-employment in bolstering economic resources and contributing to the growth of the GDP, aligning with the objectives of Saudi Vision 2030.

Mr. Ibrahim Al-Rashid, CEO of SDB, emphasized the significance of the forum in enriching local expertise, accumulating national knowledge, and opening new avenues for products to be exported to regional and global markets. He noted the forum's role in embracing burgeoning industries like e-sports and financial technology, showcasing the successful agreements signed to promote exports and support burgeoning sectors. Al-Rashid expressed pride in the forum's resounding success, which exceeded all expectations in terms of participation and outcomes.

One of the highlights of the forum was the launch of the inaugural SDB Award, recognizing and honoring 20 outstanding entities, including intermediaries and micro-enterprises, for their exceptional contributions and efforts in supporting the bank's target demographics. The award aimed to incentivize and commend the achievements of sectors vital to SDB’s mission, in addition to recognizing inspiring projects and initiatives within the Kingdom.

The first panel session of the forum, titled The Future of Entrepreneurship in the Region and the Development Systems That Support It, featured prominent participants such as His Excellency Mr. Mohammed Al-Tuwaijri, Vice Chairman of the Board of Directors of the National Development Fund, and His Excellency Eng. Saleh Al-Jasser, Minister of Transport and Logistics Services.