| 29 May 2024, Wednesday |

Agreements to launch pilot initiatives for small enterprises in Saudi Arabia

Biban 2023 – Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – saw on Friday the signing of more than 25 agreements between the government and private agencies.


The forum, which kicked off on Thursday at the Riyadh Front Exhibition and Conference Center, is organized by Monsha’at – the Saudi General Authority for Small and Medium Enterprises, and attended by 350 speakers representing entrepreneurs, investors and experts from around the world, more than 120 public and private entities, and 750 exhibitors.


The forum witnessed the signing of more than 25 agreements and memorandums of understanding, and the launch of a number of pioneering and financing initiatives, with a financial value of more than 11 billion riyals ($2.9 billion).


A cooperative agreement was signed between Monsha’at and SABB Bank, in the presence of the Deputy Governor of the Public Authority for Small and Medium Enterprises for Planning and Development, Suleiman Al-Tarif, and the head of Business Banking and SMEs at SABB, Munif Al-Otaibi.


Monsha’at also signed a memorandum of understanding (MoU) with Huawei Tech Investment Saudi Arabia, to work together to equip Saudi SMEs with the tools to grow and succeed in the e-commerce space. The agreement will promote joint cooperation and pioneer leading-edge solutions designed to empower SMEs reliant on communication technology.


On the other hand, Monsha’at signed a cooperation agreement with the Ministry of Energy, with the aim of enabling gas stations to expand their brands through the Commercial Franchise Center.


The General Authority for Small and Medium Enterprises concluded a number of MoUs with government agencies and major projects, including the Ministry of Environment, Water and Agriculture, the Tourism Development Fund, the Saudi Export Development Authority and the Red Sea International Company, with the aim of empowering and supporting entrepreneurs, establishments and startups.

  • Asharq Al-Awsat