The Small and Medium Enterprises General Authority “Monsha’at” issued its specialized Biban 24 report to coincide with the start of the forum, held under the theme A Global Destination for Opportunities with the aim of strengthening and enabling the local, regional, and global entrepreneurship ecosystem. Over its days from November 5 to 9, the forum brings together 250 local and international speakers to review and discuss the main challenges of the entrepreneurship environment, and offers more than 10,000 investment and entrepreneurial opportunities in various sectors, including tourism, entertainment, and healthcare, which can be accessed at Biban 24 by visiting the Land of Opportunities zone.
The report addressed the significant role of the Foreign Investment Law and investment incentives in strengthening the investment climate in the Kingdom, as programs such as privatization and the National Transformation Program have produced a more favorable climate for investors. It also drew attention to the role of the Public Investment Fund in driving investment growth in priority sectors, underscoring its major role in achieving the Kingdom’s transformation objectives.
The report discussed the positive role of several national programs in the Kingdom, such as the Quality of Life Program in raising the level of well-being for citizens and residents, with the program’s contribution to GDP reaching SAR 1.5 billion in 2023. It also covered the major efforts to further empower women and maximize their participation in the labor market through the launch of several initiatives: women’s participation in the technology sector reached 35% in 2023, and women made up 35.4% of the workforce in the Saudi market in the second quarter of 2024.
The report pointed to the technological development and innovation ecosystem, noting that the Kingdom of Saudi Arabia ranked fourth in the United Nations E-Government Development Index, with Riyadh in third place, for 2024, and second among the Group of Twenty countries in the ICT Development Index issued by the International Telecommunication Union for 2024, while the Saudization rate in the information technology sector reached 65% in the second quarter of 2024.
The Biban 24 report reviewed the entrepreneurship landscape in the Kingdom and the sector’s significant progress and growth: the number of active commercial registrations reached 1.5 million by the end of the second quarter of 2024, the unemployment rate among Saudis fell to 7.7%, the trade balance surplus reached SAR 98.3 billion, and, as a result of the strength of the economic system, the total money supply in the Kingdom rose by a notable 7.6% year on year.
Readers can view the Biban 24 report, which emphasized the major role of the forum, the world’s most prominent entrepreneurship event, in enabling enterprises, raising managerial, technical, and financial competencies, strengthening strategic partnerships, and highlighting the competitive advantages of the Kingdom’s regions.