Latest news with #SDB
Argaam
3 hours ago
- Business
- Argaam
WSM inks contract with SDB to provide licenses, programs
WSM for Information Technology Co. signed, on July 23, a three-year contract with the Social Development Bank (SDB)to provide licenses and basic programs, according to a statement to Tadawul. The contract is valued at 8.7% of the company's total revenues for 2024. The relevant financial impact will appear during H2 2025. The contract included no related parties, the statement added. WSM reported SAR 29.02 million in revenue in 2024, with an 8.7% of revenue at SAR 2.5 million.
Time of India
4 days ago
- Business
- Time of India
How Elon Musk's Neuralink calling itself ‘small disadvantaged business' may be a ‘problem' for the brain chip company
Elon Musk 's health tech startup Neuralink has labelled itself as a "small disadvantaged business.' This comes shortly before a financing round valued the company at $9 billion. Despite being owned by the richest man in the world, the brain chip implant company said this in a federal filing with the US Small Business Administration (SBA) earlier this year. This designation is typically given to businesses that are at least 51% owned and controlled by certain disadvantaged individuals. The Department of Justice has previously issued fines to companies for making false claims about their Small Disadvantaged Business (SDB) status, a NBC report claims, underscoring the serious nature of such declarations. However, no public record of Neuralink winning government contracts using this status has been found. Nuralink's SDB filing in April was first reported by the Substack-based news site MuskWatch. Which companies according to SBA can get an SDB status As per the SBA's website, an SDB designation indicates that a company is at least 51% owned and operated by one or more individuals who are both 'socially disadvantaged and economically disadvantaged.' The website also notes that holding an SDB designation may allow a business to 'gain preferential access to federal procurement opportunities." The SBA allows companies to self-certify this status. Despite Neuralink's net value and Musk being a majority owner, the company checked the SDB box, the report claims. The filing listed Jared Birchall , a company executive and head of Musk's family office, as the official contact. Birchall has yet to share a officla comment on the same, the report adds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Neuralink is developing a brain-computer interface to help people with severe paralysis control devices using brain signals. The company recently raised $650 million at a $9 billion valuation, with backing from investors like ARK Invest and Founders Fund. The funding will support expanding patient access and creating new devices to strengthen the link between humans and AI. Boat Smart Ring Active Plus: DON'T BUY A SMARTWATCH AI Masterclass for Students. Upskill Young Ones Today!– Join Now
UPI
6 days ago
- Business
- UPI
Musk's brain-computer interface company sought 'disadvantaged' status
Elon Musk's Neuralink company reportedly claimed to be a "small disadvantaged business" in a filing with the Small Business Administration shortly before investors valued the company in the billions of dollars. File Photo by Francis Chung/UPI | License Photo July 18 (UPI) -- Elon Musk's brain-implant company, Neuralink, which helps paralyzed people regain some independence, allegedly claimed "small disadvantaged business" status in a filing with the Small Business Administration earlier this year. The filing was made just weeks before the company received a valuation of $9 billion in June in a funding round aimed at making the tech available to more patients and developing new interfaces that "deepen the connection between biological and artificial intelligence." SDB status, the eligibility for which is majority ownership and control by one or more "disadvantaged" individuals who are "socially disadvantaged and economically disadvantaged," can make it easier to secure government contracts. The Code of Federal Regulations further requires that the ability of the disadvantaged owners to compete in the free market was "impaired due to diminished capital and credit opportunities as compared to others in the same or similar line of business who are not socially disadvantaged." None of these criteria appear applicable to Musk, a white male, Anglican, with a net worth of $404 billion and a track record of building highly successful multi-billion-dollar companies, according to MuskWatch. The federal government hands out contracts to SDB's worth $50 billion every year, MuskWatch says the designation provides a significant advantage to companies seeking a share of the pie, as well as prominence in listings in the SBA's business search directories and other government databases. No federal funding has been passed to Neuralink, although it may have tendered for government contracts or applied for grants, loans or alternative forms of financial help in the past. The filing April 24 coincided with the perios during which Musk was downsizing government departments and agencies in his role as head of the Trump administration's Department of Government Efficiency, where he placed particular emphasis on attacking diversity, equality and inclusion programs and the staff who administered them. The filing, which is self-certified, was signed by Neuralink executives. Neuralink executive Jared Birchall, who is named on the filing as the company's contact person, didn't immediately respond to a request for comment. Government contractors who wrongly claimed SDB status or misrepresented the nature of their companies in their profiles in government business directories have been the subject of Justice Department prosecutions, resulting in imprisonment and/or hefty fines.
Argaam
7 days ago
- Business
- Argaam
Future Vision signs lease contract for new branch in Tabuk
Future Vision for Health Training Co. signed a SAR 19,500 lease agreement with Social Development Bank (SDB) – Jada 30 to rent premises for a new branch in Tabuk. The company said in a Tadawul statement that the one-year contract was signed on July 16. This is the firm's ninth branch overall and second in the Northern Region. The move supports its strategy to expand geographically and increase access to its education and health services across Saudi Arabia. The branch will serve as a training center for accredited health programs, supporting the company's goal to develop a scalable health training model and address nationwide training needs. The branch is expected to begin contributing to operating revenue in Q4 2025, driven by in-person training income and a broader user base in the Northern Region. The company also expects improved operational efficiency, lower travel costs for trainers and trainees, and a stronger position to compete for regional government training contracts. The company noted that the branch currently has no material financial impact, adding that there are no related parties to the deal. Any significant developments will be disclosed in due course, Future Vision added.
Zawya
16-07-2025
- Business
- Zawya
Social Development Bank launches 'Education Financing' product to empower students on their academic journey
Riyadh – The Social Development Bank (SDB) has launched the 'Education Financing' product, aimed at empowering students to pursue their post-secondary education through digital financing solutions. The product seeks to expand access to knowledge and provide financial support to ambitious students at the diploma, bachelor's, and master's levels. This initiative aligns with SDB's efforts to enhance integration between educational and financial institutions via a unified digital platform. The platform enables students to submit applications and complete procedures quickly and easily through an integrated process that begins with academic and financial eligibility checks and ends with the direct disbursement of funds to accredited educational institutions. The maximum financing amount available through 'Education Financing' is SAR 100,000, which can be disbursed either in instalments or as a lump sum, depending on the nature of the academic program. The entire financing process is managed electronically, ensuring the highest standards of governance and data integration. SDB's dedicated education portal provides a comprehensive digital platform that allows students to apply and enables educational institutions to review applications and verify eligibility. Funds are disbursed directly to these institutions, ensuring that support reaches eligible students and contributes to improving the quality of educational services in line with Saudi Vision 2030. As part of its commitment to empowering individuals and investing in human capital, SDB has signed a strategic agreement with JeelPay — the first fintech company licensed by the Saudi Central Bank to provide education financing — to offer SAR 50 million in funding for students seeking to continue their academic journey. The agreement supports the 'Education Financing' product indirectly through a dedicated financing portfolio aimed at supporting students at the diploma, bachelor's, and master's levels using advanced financial technologies. This step reflects SDB's ongoing strategy to support target segments with innovative financial tools that enhance quality of life and create developmental impact — in alignment with the Kingdom's Vision 2030 for a thriving economy and vibrant society.
