Social Development Bank Successfully Wraps Up Entrepreneurship and Modern Business Practices Forum

Under the auspices of His Excellency Eng. Ahmed Al-Rajhi, Minister of Human Resources and Social Development, the Social Development Bank (SDB), a leading institution in comprehensive development financing, concluded the Entrepreneurship and Modern Business Practices Forum in Riyadh. Held from January 22 to 23, the event was under the slogan, “DeveGo”, and saw active participation from government officials, global experts, academics, and entrepreneurs.

The Vice President for Strategy and Innovation at SDB, Eng. Moeed Al-Bishi, inaugurated the second day with a keynote speech. The forum was enriched by interactive sessions led by international experts, including Nobel Peace Prize winner, Prof. Muhammad Yunus of Grameen Bank, who shed light on microfinance as a tool for social change. Other notable speakers included Christina Lasenko, discussing the burgeoning field of electronic gaming, and Chris Barton, founder of the renowned music app Shazam.

A significant highlight was the announcement of the winners of the inaugural Social Development Bank Award, presented by Prof. Yunus. In conjunction, the forum featured an exhibition showcasing various investment opportunities for projects nominated from the Jadah 30 branches.

Al-Bishi emphasized SDB’s commitment to financial inclusion through the provision of concessional financing, insurance, and savings services, which has resulted in 150 billion SAR being disbursed over 50 years, serving 9 million citizens and building a robust economic foundation.

He further noted “the global significance of financing SMEs, which face a demand exceeding $5 trillion, and highlighted their crucial role in job creation. Despite the challenges faced by SMEs, the Kingdom had a significant progress in this area, with a 150% increase in financing since 2017, reaching more than 268 billion SAR, and a 35% rise in the number of SMEs, now totaling approximately 1.2 million establishments.”

Al-Bishi also added, “"SDB is dedicated to building a comprehensive framework designed to bolster entrepreneurship and youth empowerment. Our core objectives include providing accessible financing, elevating entrepreneurial skills, and empowering individuals. We are committed to creating an encouraging legal environment, leveraging technology effectively, and reinforcing regulatory enforcement to invigorate market dynamics. Annually, we extend financial support to over 100,000 entrepreneurs, small businesses, and freelancers. Additionally, our capacity-building initiatives reach 200,000 beneficiaries each year. We take pride in sponsoring over 100 brands annually, and it’s noteworthy that our beneficiaries have successfully registered 17 patents, reflecting the innovative spirit we nurture at SDB."

Prof. Yunus discussed microfinance’s potential in driving social change and its impact beyond financial mechanisms. He called for a global social business movement and emphasized the need for education and employment systems that foster personal growth and creativity.

Cristiano Lassenko shared an outlook on the future of electronic gaming. He highlighted the vast global engagement in gaming, with over 3.2 billion people playing regularly and the availability of more than 1.5 million games on mobile platforms. Lassenko emphasized the importance of strategic planning, including setting clear objectives, allocating appropriate timelines, and conducting thorough target audience research prior to launching any electronic game. He also underscored the necessity of continual updates and enhancements to maintain user engagement and retention.

In a similar vein, within the interactive sessions, Chris Barton advocated for creative thinking beyond conventional methods and perseverance in the face of challenges. Despite initial skepticism from audio signal processing and engineering experts about the feasibility of Shazam, Barton persevered due to his strong belief in the idea's potential. This persistence paid off, as evidenced by the app's widespread popularity, amassing over two billion downloads. 

The Entrepreneurship and Modern Business Practices Forum, a quality initiative by SDB reflects its ongoing commitment to empowering entrepreneurs and freelancers. The event successfully brought together 85 speakers, 30 international entities, and 100 entrepreneurship consultants, creating a dynamic platform for knowledge exchange and development in the entrepreneurial sector.