Saudi Development Bank to Inject $8 Billion to Empower Citizens, Drive Growth

The SDB headquarters (SPA)
The SDB headquarters (SPA)
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Saudi Development Bank to Inject $8 Billion to Empower Citizens, Drive Growth

The SDB headquarters (SPA)
The SDB headquarters (SPA)

Saudi Arabia is pressing ahead with its Vision 2030 reform agenda, focused on empowering individuals, accelerating economic growth, and diversifying income sources. At the heart of this effort stands the Social Development Bank (SDB), which has evolved from a traditional lending body into a key driver of social and economic empowerment.

Over the next three years, the bank plans to inject SAR30 billion ($8 billion) into the national economy. The focus extends beyond numbers: priority is being given to underserved groups, women entrepreneurs, and promising new sectors such as technology and e-gaming, underscoring a commitment to building a sustainable, knowledge-based economy founded on innovation.

SDB’s CEO Sultan Al-Humaidi told Asharq Al-Awsat that the bank continues to develop innovative financing pathways and expand access to savings products, with a goal of reaching 250,000 participants in its “Zood Al-Ajyal” savings program.

The bank’s performance in the first half of 2025 reflects its growing impact. Social financing exceeded SAR1 billion ($266 million), benefiting 20,000 citizens, while more than SAR3.6 billion ($1 billion) was directed toward productive projects and self-employment. In total, over 39,000 individuals and enterprises across the kingdom received support.

According to Al-Humaidi, women have been at the forefront of this growth. He explained that fifty-six percent of financing for small and emerging businesses went to female entrepreneurs, earning the bank international recognition as the Middle East and North Africa’s best financier for women-led businesses for two consecutive years.

SDB is also backing national initiatives in emerging industries, he added. Financing has supported the gaming sector and the National Program for IT Development, aiming to transform entrepreneurial ideas into tangible projects and strengthen Saudi Arabia’s innovation-driven economy.

Tangible Economic Impact

The SDB CEO noted that the bank’s financing has contributed more than SAR200 billion ($54 billion) to GDP since inception and created over 177,000 jobs by the end of 2024. Its support has reached 56,000 small and emerging enterprises, fueling entrepreneurship nationwide.

On the social side, SDB has extended SAR120 billion to more than 3 million citizens, covering essential needs such as marriage and home renovation. The bank has also cultivated a culture of savings through initiatives like “Zood” and “Zood Al-Ajyal,” with over 334,000 savings accounts and deposits exceeding SAR570 million ($152 million) by mid-2025.

Moreover, Al-Humaidi stressed that productive financing remains central to the mission. He explained that since establishment, the bank has disbursed SAR166 billion ($44.2 billion) to more than 10 million Saudis. Small and emerging enterprises have received SAR22 billion in financing, creating 140,000 jobs, while self-employment and family businesses were backed with SAR24 billion, benefitting more than 557,000 individuals.

Non-Financial Support and Innovation

Beyond loans, the bank provides integrated non-financial services. Its “Dulani Business Center” has supported more than 150,000 beneficiaries with guidance from 2,600 volunteer consultants. Another initiative, “Jada 30,” offers incubators and accelerators, with more than 4,000 startups supported across 13 branches, with expansion to 17 planned.

Al-Humaidi noted that roughly 70 percent of the bank’s financing now supports productive projects. He stressed that SDB’s mission is not only to provide funds but also to equip citizens with entrepreneurial skills, promote financial independence, and create a sustainable base for innovation.

Looking Ahead

The bank’s long-term vision is to position itself as a key enabler of Vision 2030, transforming financing into a tool for empowerment and development. Upcoming priorities include expanding developmental financing, maximizing economic and social impact, and supporting strategic sectors such as IT, gaming, and e-sports.

Through specialized portfolios and partnerships with both public and private sectors, the bank aims to strengthen the digital economy and create high-quality jobs for Saudi citizens.

Al-Humaidi added that SDB’s mission is to make financing a powerful tool for economic empowerment, innovation, and entrepreneurship. He pointed that by enabling individuals to translate ideas into successful ventures, the bank hopes to sustain growth, broaden citizen participation, and build a stronger, more inclusive national economy.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.