The Small and Medium Enterprises General Authority (Monsha'at) has signed a cooperation agreement with KPMG to launch "KPMG Private Enterprise Tech" competition. The competition aims to empower entrepreneurs to develop their projects using the latest technology and provides them with the chance to present their projects in front of top international investors at “WebSummit”, thereby opening up funding opportunities.

The agreement was signed by Mr.Saud Khalid AlSabhan, Deputy Governor for Entrepreneurship, and Mr.Khalil Ibrahim Al Sedais, Office Managing Partner at KPMG’s office in Riyadh.

The significance of this agreement lies in its ability to empower small and medium-sized enterprises (SMEs) to create high-tech, innovative projects that will have a major impact on the entrepreneurship sector. This will help provide job opportunities for Saudi youth and diversify sources of income in line with Saudi Vision2030.

This agreement will also promote innovation in the innovation and entrepreneurship sector and support SMEs' creativity, creating an attractive and ambitious environment that will help develop local entrepreneurial projects and creative solutions. Ultimately, it will benefit the entrepreneurship sector in the Kingdom.

The five finalists will have the opportunity to showcase their products to international investors and experts in the entrepreneurship sector at WebSummit in Portugal. They will be among more than 2,000 startups from 160 participating countries.