Okaz/Saudi Gazette
RIYADH , The value of Saudi citizens’ savings at the Social Development Bank (SDB) until the end of the third quarter of 2022 has risen to SR343 million.
The beneficiaries of these savings account for 166,000 male and female citizens, according to Faisal Bawazeer, executive director of savings at SDB. He made the remarks on the occasion of the celebration of World Savings Day, which falls on Monday, Oct. 31.
Speaking to Okaz/Saudi Gazette, Bawazeer said that the SDB has introduced the citizens’ savings program as one of the social protection programs within the Kingdom’s Vision 2030 to develop the financial sector as well as to stimulate the saving habits of citizens.
“We, the officials of the bank, are working to make World Savings Day an opportunity to encourage the promotion of the culture of savings and raise financial awareness among the segments of society, by planning to invest in securing the future through continuous awareness through savings programs and advertising campaigns,” he said.
Bawazeer noted that SDB had signed a number of partnership agreements with several Saudi banks to provide savings portfolios under “Arrange Savings” Program and “Make ready the generations” Program, which was launched specifically for children between the ages of six and 18 years.
It is noteworthy that SDB is one of the main government pillars for economic and social development funding to Saudi citizens. SDB’s focus is in providing social financing products and business solutions to low-income citizens and creating awareness in financial planning and saving, as well as funding freelancers, and micro, startup, and small businesses in way to enable them to contribute effectively to the economic growth of the country.