Social Development Bank Honored with Princess Sabika bint Ibrahim Al Khalifa Award for Support of Productive Families
Manama, 27 April 2024:
The Social Development Bank (SDB) was recently honored with the Princess Sabika bint Ibrahim Al Khalifa Award for Encouraging Productive Families. This recognition came under the category of “Best Project Supporting Productive Families” through SDB’s “Tajsid” initiative. The award ceremony took place in the capital city of Bahrain, Manama, hosted by Her Royal Highness Princess Sabika bint Ibrahim Al Khalifa, attended by numerous dignitaries and organizations from Bahrain and across the Arab world.
The “Tajsid” initiative stands out as a key program of SDB, aimed at empowering Saudi artisanal families by providing them with permanent sales outlets. This initiative not only showcases unique Saudi cultural products, but also enhances the visibility and marketing capabilities of these artisanal items. Over 150 families have benefited from the initiative, achieving sales exceeding one million SAR from more than 20,000 products sold through three main branches and an e-commerce platform. Additionally, these families have gained exposure through participation in 25 local and international exhibitions.
Eng. Sultan Al-Humaidi, CEO of SDB, expressed his gratitude, stating, “We are immensely proud to receive this accolade from Her Royal Highness Princess Sabika bint Ibrahim Al Khalifa, which acknowledges our efforts in fostering the development of small businesses and self-employment into thriving, sustainable enterprises. Our initiatives, such as the ‘Tajsid’ program, are designed with a long-term strategy to empower, innovate, and integrate productive families into the broader economic landscape.”
Eng. Al-Humaidi further highlighted the growth of the SDB’s impact, noting that “In the first quarter of this year alone, we have supported 13,000 beneficiaries, with financial assistance amounting to over 600 million SAR, marking a 61% increase compared to the same period last year. Our ongoing commitment aligns with the Saudi Vision 2030, aiming to enhance the sustainability and economic independence of productive families and entrepreneurs.”
The Princess Sabika bint Ibrahim Al Khalifa Award for Encouraging Productive Families, established in 2009, is one of the main awards for recognizing and supporting the Arab world’s productive families, encouraging high-quality production and comprehensive support from financial and economic institutions.
