Social Development Bank Signs an MoU to Renew Partnership with UNCTAD’s Empretec Program in Saudi Arabia

The Social Development Bank (SDB) has signed a Memorandum of Understanding (MoU) with the United Nations Conference on Trade and Development (UNCTAD) to renew its implementation of the Empretec program, the leading international program by UNCTAD that focuses on developing the entrepreneurial capabilities of business owners in small and emerging enterprises. The signing ceremony, held at SDB’s headquarters in Riyadh, reaffirms the ongoing collaboration aimed at fostering entrepreneurship and supporting the growth of small and emerging enterprises in alignment with Saudi Vision 2030 objectives.

The Empretec program focuses on developing the entrepreneurial capabilities of business owners through innovative training workshops in Saudi Arabia. By equipping participants with essential skills and fostering entrepreneurial behaviors, the program seeks to enhance local development, create job opportunities, and improve societal outcomes.

The renewed agreement underscores SDB’s commitment to empowering entrepreneurs by providing comprehensive training and capacity-building initiatives. The program also emphasizes implementing innovative projects that drive sustainable economic development, diversifying income sources, strengthening local and global networks among graduates, and enhancing the efficiency of participants through cutting-edge qualification programs. These efforts align with Saudi Vision 2030’s emphasis on entrepreneurship as a cornerstone of economic and social progress.

The CEO of SDB, Sultan bin Abdulaziz Al-Hamidi, said: “We are proud to renew our partnership with UNCTAD to exclusively implement the Empretec program in the Kingdom. This collaboration is a pivotal step in empowering entrepreneurs and helping them achieve their goals. At SDB, we believe entrepreneurship is fundamental to realizing the objectives of Saudi Vision 2030 by driving innovation, creating job opportunities, and fostering

sustainable economic growth. We are eager to continue enhancing the entrepreneurial ecosystem and strengthening connections among program graduates, both locally and globally.”

Arlette Verploegh, Head of Enterprise Development at UNCTAD, expressed appreciation for the partnership, stating, “We are delighted to renew our cooperation with SDB to support startups and enhance their entrepreneurial capabilities. Startups are a vital force for innovation and economic growth. Through the Empretec program, we aim to empower entrepreneurs to overcome challenges, whether in securing financing or managing talent, and enable them to achieve their aspirations.”

Since its introduction in Saudi Arabia in 2013, the Empretec program has positively impacted over 1500 participants, helping them enhance their skills and broaden their networks both locally and internationally. In 2023, SDB hosted the inaugural Empretec Forum, bringing together 35 members from various countries to exchange expertise, share success stories, and explore strategies to develop capabilities and support enterprises. This initiative underscores SDB’s efforts to fostering local talent, creating sustainable job opportunities, and contributing to economic diversification.