Saudi SDB Increases Gaming & Tech Financing to $360M

Sultan bin Abdulaziz AlHamidi, SDB CEO

The Saudi Social Development Bank (SDB) in collaboration with the Saudi Esports Federation (SEF) and under the supervision of the National Development Fund (NDF) announced an increase in its financing portfolio from SAR 300 million to SAR 458 million, reflecting a 53% growth.  

This aligned with their commitment to the digital economy and supporting the goals of the National Gaming and Esports Strategy set forth by the Crown Prince.

Digital Gaming and Tech

The portfolio has so far benefited over 30 clients in diverse activities such as Esports clubs, game development, game publishing, and Esports gaming centers.

In addition, SDB has signed financing agreements totaling SAR 70 million aiming to reinforce its role in supporting Saudi’s gaming and E-sports industry. 

• SAR 45 million for Lobah Digital for Informational Technology Company to support the development of innovative digital games
• SAR 25 million for the Virtual Reality Solutions Company to enhance the production of PCs gaming. 

Beyond gaming, SDB is working to reinforce its support for the technology sector through increasing the budget of its financing portfolio. Furthermore, the portfolio increased to SAR 898 million in collaboration with the National Technology Development Program (NTDP).

New financing contracts exceeding SAR 10 million have also been signed to drive innovation and growth within tech firms. This includes SAR 7.6 million for Hawasabah Company and SAR 2.5 million for Saahaab Global Technology Company. With this, they aim to drive innovation and growth within tech firms.

Digital Transformation

SDB has also signed a partnership with Microsoft aiming to leverage cloud computing and AI capabilities. This collaboration aims to utilize the Azure platform to develop advanced analytics and data management solutions. Furthermore, the partnership will strengthen SDB’s digital infrastructure and improve its technological service in the financial entrepreneurship sectors.Additionally, SDB has signed an agreement with Informatica to exchange expertise in utilizing advanced technology tools for data management and governance. This collaboration aims to enhance operational efficiency and improve institutional performance.

Source: Waya Media