The Social Development Bank, concluded the Entrepreneurship and Modern Work Patterns Forum, which was held in Riyadh under the patronage of the Minister of Human Resources and Social Development, Engineer Ahmed Al-Rajhi. The forum took place on January 22nd and 23rd, under the theme “Launch Towards the Future.”
Participation, Opening Speech
The Social Development Bank forum was attended by a group of government officials, experts, academics, consultants, and entrepreneurs from around the world. The Deputy President of the Bank for Strategy and Innovation, Engineer Muaid Al-Bishi, delivered the opening speech of the second day of the forum.
Interactive Sessions, Global Expertise
The forum featured interactive sessions with attendees, presented by global experts, including Nobel Peace Prize laureate and founder of Grameen Bank, Professor Muhammad Yunus, on microfinance, as well as Christina Lasenco, and the CEO of “Global Gaming Hub,” on the rise of electronic games, along with Chris Barton, founder of the “Shazam” music app.
Awards and Exhibition
The forum also witnessed the announcement of the winners of the first edition of the Social Development Bank Award, where the winners were presented with awards by Professor Muhammad Yunus in the presence of the bank’s leadership. The forum hosted an accompanying exhibition, which included investment offers for various projects nominated by Jadah 30 branches.
Financial Inclusion, Support for Enterprises
Engineer Muaid Al-Bishi stressed the importance of financial inclusion in the operations of the Social Development Bank. The bank offers services such as facilitated financing, insurance, and savings. Impressively, it provided 150 billion Riyals over 50 years. This funding served 9 million citizens and significantly contributed to a robust economic base.
Furthermore, he highlighted the critical role of financing enforcement on the global agenda. Currently, the demand for financing small and medium enterprises exceeds 5 trillion dollars. These enterprises are crucial for job creation, accounting for two-thirds of global employment. Yet, their stability is concerning, as over 50% fail within five years.
Empowerment, Support for Entrepreneurship
Moreover, Al-Bishi outlined the bank’s objectives. The Social Development Bank aims to build a strong infrastructure. This infrastructure will foster entrepreneurship and youth empowerment.
It involves financing, enhancing entrepreneurship, empowering individuals, and creating supportive legal environments. Additionally, the bank embraces technology and enforces regulations to activate market dynamics.
Annually, the bank supports over 100,000 entrepreneurs, small businesses, and freelancers. It also aids 200,000 beneficiaries in capacity-building. Furthermore, the bank endorses over 100 brands each year. Remarkably, its beneficiaries have registered 17 patents.
Microfinance as Tool for Social Change
Professor Muhammad Yunus considered microfinance a tool for social change, not just a financial mechanism. This includes addressing housing and unemployment challenges, calling for the creation of a global movement for social businesses and intensifying work for social responsibility and individual empowerment, as everyone has the potential to contribute to improving society.
Future of Electronic Games
Meanwhile, Cristiano Lasenco presented his optimistic vision of the future of electronic games, with more than 3.2 billion people playing them regularly worldwide, and the number of electronic games available on mobile phones exceeding 1.5 million games currently.
He emphasized the importance of setting goals, choosing the right time, and studying the target audience before launching any electronic game, with the necessity of continuous updates and improvements to retain users.
Encouraging Innovation
In the context of interactive sessions, Chris Barton emphasized encouraging thinking outside traditional and known paths and venturing into innovation without giving up.
Conclusion, Impact of the Forum
It’s noteworthy that the Entrepreneurship and Modern Life Patterns Forum is a distinctive initiative by the Social Development Bank and comes as part of the continuous empowerment offered by the bank to entrepreneurs and freelancers. The forum featured 85 speakers, 30 international entities, and 100 entrepreneurship consultants.
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