Saudi Arabia: Entrepreneurs and freelancers in Tabuk received over SR230 million ($61.2 million) in funding from the Social Development Bank in 2024, boosting established businesses and independent work in the region.

The government-owned financial institution announced that in 2024 it provided over SR75 million in financing to more than 200 businesses in the northwestern region and helped 4,000 freelancers with funding, totaling over SR155 million, according to the Saudi Press Agency.

SDB’s Regional Director Hamed Al-Anzi highlighted that this support is part of the bank’s efforts to enhance entrepreneurship and help individuals achieve financial independence through their own businesses.

The support aligns with Saudi Arabia’s Vision 2030 objectives, which includes raising the contribution of small and medium enterprises to 35 percent of the gross domestic product by the end of the decade. 

Speaking during a discussion panel at the “Diwaniya of the Chamber” event organized by the Tabuk Chamber of Commerce, Al-Anzi emphasized that SDB is working to offer a range of financial products targeting youth of both genders who wish to launch their own businesses, as well as specialized programs to support SMEs, which, he said, play a vital role in the development of the national economy.

He also emphasized that SDB and the National Entrepreneurship Institute, known as Riyadah, are partnering to empower young entrepreneurs to launch their businesses, creating job opportunities for the local community.

The regional director further encouraged aspiring business owners to make use of the digital platforms provided by supporting entities, which offer easy access to financing, training programs, and specialized consultations.

The session, attended by several regional businesspeople, concluded with a discussion on the challenges of freelancing and the requirements for starting new companies, highlighting the positive impact these initiatives have on Tabuk’s growing economy.

Supporting freelancers is crucial for the nation’s economy. In 2023, independent workers contributed SR72.5 billion to the GDP, representing 2 percent of the country’s total economic output.