The Social Development Bank wins Asian Banking and Finance Award 2023 for empowering small enterprises in Saudi Arabia through the successful initiatives of Dulani Business Center.
The Social Development Bank (SDB) has been honored with the prestigious Asian Banking and Finance Award 2023 for its exemplary commitment to empowering small and micro enterprises throughout the Kingdom of Saudi Arabia. The award recognizes the outstanding achievements of SDB’s affiliate, the Dulani Business Center, which has been instrumental in providing incubation, capacity building, and support for small and micro enterprises across the nation.
The award ceremony, held in Singapore and attended by more than 300 executives from over 200 banks across 40 countries, saw the SDB clinch the “Corporate Client Initiative of the Year” award, highlighting the remarkable success of the Dulani Business Center in delivering substantial qualitative accomplishments, exceptional performance, and significant impact on the target groups.
The Dulani Business Center’s efforts have gone beyond empowering small enterprises; it has also played a crucial role in raising awareness about social responsibility among individuals, entities, and enterprises in Saudi Arabia. By showcasing how they can contribute to societal transformation and the national economy, the center has demonstrated the potential for creating a positive impact on a broader scale. So far, the initiatives of the Dulani Business Center have benefitted more than 100,000 individuals, with 45% of the beneficiaries being women.
Among the notable achievements of the Dulani Business Center are over 518 development and training programs and more than 39,000 consultation sessions, all of which have garnered a satisfaction rate exceeding 90%. The center’s effectiveness is further validated by reports and studies it has prepared, specifically highlighting the impact of specialized developmental interventions. These interventions encompass a wide range of areas, including financing preparation programs, e-games, e-commerce, and franchising.
Commenting on the award, SDB CEO Ibrahim Al-Rashid stated, “Winning the award was the result of the emphasis on national entrepreneurship and the necessity to effectively support it. Dulani Business Center serves this purpose through high-quality developmental interventions, which involve nurturing small enterprises, exploring opportunities in established sectors, accelerating the growth of promising industries, and providing a diverse range of experiences. Our team comprises specialists from various industries who contribute to the success of both male and female entrepreneurs. This award serves as a testament to the efficiency of our operations and their alignment with international best practices in the entrepreneurial sector, empowering entrepreneurs to thrive.”
The Dulani Business Center is recognized as one of the pioneering government empowerment programs, designed to assist communities in initiating and fostering the growth and success of their own projects across all regions of the Kingdom. The center offers a comprehensive range of services, including online resources, programs, and in-person advisory sessions at its headquarters. These offerings aim to create a positive impact by generating more job opportunities and enhancing the contribution of small and emerging projects to the Kingdom’s GDP.
The Asian Banking and Finance Award 2023 has not only recognized the exceptional work of the Social Development Bank and its Dulani Business Center but also underscores their critical role in driving economic growth and sustainable development across Saudi Arabia. Through their ongoing efforts, they continue to foster a conducive environment for small and micro enterprises to flourish and contribute to the nation’s prosperity.