Latest news with #SocialDevelopmentBank
Zawya
2 days ago
- Business
- Zawya
Saudi SIDC unit signs Islamic facility for $2.6mln
The Saudi Industrial Development Co. (SIDC) said its subsidiary, Emmdad Logistic Services Co., has signed an Islamic financing agreement for 10 million riyals ($2.7 million). The five-year Shariah-compliant deal with the kingdom's Social Development Bank will be used to support the company's capital expansion. The company did not disclose the rate at which the facility was agreed. (Writing by Brinda Darasha; editing by Seban Scaria)
Argaam
2 days ago
- Business
- Argaam
SIDC subsidiary secures SAR 10M credit facility from SDB
Saudi Industrial Development Co. (SIDC) said that its subsidiary Emdad Logistic Services Co. signed a Shariah-compliant agreement to obtain SAR 10 million facilities from the Social Development Bank (SDB). In a statement to Tadawul, SIDC said the five-year agreement was signed on May 15. The facilities will be used for capital expansions. The amount is fully guaranteed by a promissory note. A performance bond is also provided by Emdad partners: Global Marketing Co. for Sleeping System Ltd. (Sleep High) and Road Storm Trading & Contracting Co. All legal measures were finalized, with the final copy received on June 18.
Yahoo
04-06-2025
- Business
- Yahoo
SOCIAL DEVELOPMENT BANK (SDB) WINS BEST AI TRANSFORMATION BANKING INITIATIVE AT THE GLOBAL BRAND AWARDS 2025
LONDON, June 4, 2025 /PRNewswire/ -- Social Development Bank (SDB), a leading bank, has been recognised as the "Best AI Transformation Banking Initiative, Saudi Arabia, 2025", by Global Brands Magazine (GBM) at the Global Brand Awards. This recognition reflects SDB' s commitment to providing innovative features and enhanced customer experience. The Global Brand Awards recognise outstanding achievements across various industries worldwide. Social Development Bank received this award for its continued efforts in delivering innovative banking features, enhancing operational efficiency, and fostering workforce development and adoption of advanced technologies. Jay Reddy, CEO of Global Brands Magazine, commented, "We are delighted to present the Social Development Bank with the Best AI Transformation Banking Initiative award. SDB's innovative application of AI to advance financial inclusion and empower communities sets a remarkable standard for the banking industry. Congratulations to SDB for this outstanding accomplishment! " Sultan Al-Hamidi, CEO of Social Development Bank, said, "At the Social Development Bank, our mission is to empower every segment of society through inclusive financial and non-financial services. Our journey is guided by core values: earning trust, enabling growth, embracing responsibility, and driving innovation. Being recognised for our AI transformation is a proud moment that reflects the strategic path we have chosen. This award highlights our commitment to digital transformation and adopting bold, technology-driven solutions. As we continue to accelerate digitisation across our services, we aim to maximise impact, improve efficiency, and better serve our communities." ABOUT SOCIAL DEVELOPMENT BANK The Social Development Bank (SDB) is one of the largest development banks in the region. Since its establishment in 1971, it has played a pivotal and enduring role in the social and economic development of the Kingdom of Saudi Arabia. As a key enabler of the National Transformation Program and the Financial Sector Development Program, the bank began with an initial capital of SAR 5 million and has since grown into a cornerstone of the Kingdom's development finance ecosystem. Today, it manages a capital base exceeding SAR 45 billion. Over more than 53 years, SDB has disbursed upwards of SAR 162 billion, supporting over 10 million citizens through innovative, sustainable, and Sharia-compliant financing models. With a network of 26 branches and nationwide digital platforms, the bank offers a wide range of financial and non-financial services to individuals, freelancers, and micro and small enterprises. ABOUT GLOBAL BRANDS MAGAZINE (ENGLAND) Global Brands Magazine (GBM) is one of the largest brands publications in the world, leading the way in delivering insights, news, and opinions on brands shaping the future of their industries. Based in the UK, the magazine keeps readers informed about 'best-in-class' brands worldwide. Each year, GBM recognizes companies that demonstrate innovation, exceptional service, and consumer-focused solutions in their respective industries. With over 8.4 million annual visitors, and 14 million page views, GBM is the world's premier Brand magazine. The magazine also boasts a robust social media presence, engagement including 35k+ Facebook followers, 20k+ Instagram followers, 25k+ X followers, and 4k+ LinkedIn followers. ABOUT THE GLOBAL BRAND AWARDS The Global Brand Awards celebrate excellence in brand performance, recognising companies and organisations that excel in quality, innovation, and customer-centric services across various sectors, including finance, education, hospitality, technology, and more. More than 10,000 companies were evaluated in 2024 for the Global Brand Awards. The Global Brand Awards events were held at some of the most iconic properties in the world, including The Address Downtown, Waldorf Astoria, Emperors Palace, JW Marriott Marquis, Galaxy Macau, The Athenee Hotel, to name a few. The next awards ceremony will take place on the 13th of June 2025 at the Grand Hyatt in Dubai, United Arab Emirates. For a complete list of the winners of the Global Brand Awards, please visit: To nominate your company or leader for the Global Brand Awards 2025, visit: Logo - View original content to download multimedia: SOURCE Global Brands Magazine Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
SOCIAL DEVELOPMENT BANK (SDB) WINS BEST AI TRANSFORMATION BANKING INITIATIVE AT THE GLOBAL BRAND AWARDS 2025
LONDON, June 4, 2025 /PRNewswire/ -- Social Development Bank (SDB), a leading bank, has been recognised as the "Best AI Transformation Banking Initiative, Saudi Arabia, 2025", by Global Brands Magazine (GBM) at the Global Brand Awards. This recognition reflects SDB' s commitment to providing innovative features and enhanced customer experience. The Global Brand Awards recognise outstanding achievements across various industries worldwide. Social Development Bank received this award for its continued efforts in delivering innovative banking features, enhancing operational efficiency, and fostering workforce development and adoption of advanced technologies. Jay Reddy, CEO of Global Brands Magazine, commented, "We are delighted to present the Social Development Bank with the Best AI Transformation Banking Initiative award. SDB's innovative application of AI to advance financial inclusion and empower communities sets a remarkable standard for the banking industry. Congratulations to SDB for this outstanding accomplishment! " Sultan Al-Hamidi, CEO of Social Development Bank, said, "At the Social Development Bank, our mission is to empower every segment of society through inclusive financial and non-financial services. Our journey is guided by core values: earning trust, enabling growth, embracing responsibility, and driving innovation. Being recognised for our AI transformation is a proud moment that reflects the strategic path we have chosen. This award highlights our commitment to digital transformation and adopting bold, technology-driven solutions. As we continue to accelerate digitisation across our services, we aim to maximise impact, improve efficiency, and better serve our communities." ABOUT SOCIAL DEVELOPMENT BANK The Social Development Bank (SDB) is one of the largest development banks in the region. Since its establishment in 1971, it has played a pivotal and enduring role in the social and economic development of the Kingdom of Saudi Arabia. As a key enabler of the National Transformation Program and the Financial Sector Development Program, the bank began with an initial capital of SAR 5 million and has since grown into a cornerstone of the Kingdom's development finance ecosystem. Today, it manages a capital base exceeding SAR 45 billion. Over more than 53 years, SDB has disbursed upwards of SAR 162 billion, supporting over 10 million citizens through innovative, sustainable, and Sharia-compliant financing models. With a network of 26 branches and nationwide digital platforms, the bank offers a wide range of financial and non-financial services to individuals, freelancers, and micro and small enterprises. ABOUT GLOBAL BRANDS MAGAZINE (ENGLAND) Global Brands Magazine (GBM) is one of the largest brands publications in the world, leading the way in delivering insights, news, and opinions on brands shaping the future of their industries. Based in the UK, the magazine keeps readers informed about 'best-in-class' brands worldwide. Each year, GBM recognizes companies that demonstrate innovation, exceptional service, and consumer-focused solutions in their respective industries. With over 8.4 million annual visitors, and 14 million page views, GBM is the world's premier Brand magazine. The magazine also boasts a robust social media presence, engagement including 35k+ Facebook followers, 20k+ Instagram followers, 25k+ X followers, and 4k+ LinkedIn followers. ABOUT THE GLOBAL BRAND AWARDS The Global Brand Awards celebrate excellence in brand performance, recognising companies and organisations that excel in quality, innovation, and customer-centric services across various sectors, including finance, education, hospitality, technology, and more. More than 10,000 companies were evaluated in 2024 for the Global Brand Awards. The Global Brand Awards events were held at some of the most iconic properties in the world, including The Address Downtown, Waldorf Astoria, Emperors Palace, JW Marriott Marquis, Galaxy Macau, The Athenee Hotel, to name a few. The next awards ceremony will take place on the 13th of June 2025 at the Grand Hyatt in Dubai, United Arab Emirates. For a complete list of the winners of the Global Brand Awards, please visit: To nominate your company or leader for the Global Brand Awards 2025, visit: Logo - View original content to download multimedia: SOURCE Global Brands Magazine Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Argaam
26-05-2025
- Business
- Argaam
WSM wins project to provide software licenses for SDB
WSM Information Technology Co. was awarded, on May 25, a project by the Social Development Bank (SDB), with a total value representing 8.7% of WSM's projected revenues for 2024. In a statement to Tadawul, the company said the project focuses on providing licenses and essential software for SDB, emphasizing that no related parties are involved in the deal. According to data available with Argaam, WSM's 2024 revenues are estimated at approximately SAR 29.02 million.
