Saudi’s Social Development Bank pledges $6.4bn to start-up businesses and freelancers

The multibillion-dollar pledge was announced on Day 4 of Biban 2023, with the landmark commitment set to contribute to the achievement of the nation’s Vision 2030 objectives.

The SDB pledge joins the long list of agreements signed at Biban 2023, the Kingdom’s flagship startup and SME forum.

Biban 2023 in Saudi Arabia

Taking place from at the Riyadh Front Exhibition and Conference Centre, the event represents a major milestone on the Kingdom’s transformation journey, accelerating the diversification of the Saudi economy. 

The pledge was announced alongside a selection of innovative partnerships and initiatives established to transform the country into a world-class SME hub and global investment destination.

Building on its work to advance entrepreneurship in the Kingdom, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (Monsha’at) signed a Memorandum of Understanding (MoU) with InspireU – STC.

The MoU will see the two entities join forces to provide the Kingdom’s burgeoning community of SMEs and investors access to Monsha’at’s business accelerators, ensuring they benefit from vital resources and provisions.