Saudi Arabia’s Small and Medium Enterprises Authority (Monsha’at) signed over 17 agreements and MoUs worth SAR 18 Billion on the first day of Biban24. This marked a major milestone in the Kingdom’s efforts to transform its rapidly growing SME sector.
The forum kicked off on 5 November, bringing together startups, fintechs, and enterprises from around the globe. These participants struck diverse, innovative agreements aimed at enhancing regional and global SME sectors. Biban24, the Kingdom’s largest startup and SME event, runs from November 5th to November 9th, 2024, at the Riyadh Front Exhibition & Conference Center.
Monsha’at secured both local and international agreements, including an MoU with Korea’s Ministry of Small and Medium Enterprises. This partnership focuses on enhancing SME technical classification, with a particular emphasis on the fintech sector.
Major Financing Deals with Local Banks
Monsha’at signed financing agreements with several local banks, securing billions of SAR for SMEs. Deals included Riyadh Bank (3 billion SAR), Al-Rajhi Bank (2.9 billion SAR), Bank Al-Bilad (2.85 billion SAR), and Bank Al-Jazira (1 billion SAR). These portfolios will provide critical financial support to SMEs, helping drive growth in this essential economic sector.
More than 10,000 investment opportunities were revealed through collaborations with Invest Saudi, Furas, and other partners. In alignment with Vision 2030, Monsha’at aims to stimulate entrepreneurial growth in both Saudi Arabia and globally.
Support for Global Entrepreneurs
The Premium Residency Center granted 38 premium residencies to international entrepreneurs. This aligns with the event’s theme, “Global Destination for Opportunities,” reflecting Saudi Arabia’s commitment to fostering entrepreneurship.
In a notable announcement, London Business School launched the MENA Startup Competition in Saudi Arabia for the first time. This underscores the Kingdom’s growing influence in the global startup ecosystem.
Biban24 highlighted Saudi Arabia’s rising status as an investment destination. The Kingdom’s supportive regulations, strategic location, and talent pool continue to attract international investors. The forum emphasized how Saudi startups and entrepreneurs are contributing to the global SME landscape.
