The Small and Medium Enterprises General Authority “Monsha’at” marked the first day of Biban 24, which it organizes in Riyadh under the theme A Global Destination for Opportunities, with the signing of more than 17 agreements and memorandums of understanding and the launch of several entrepreneurial and financing initiatives worth more than SAR 18 billion. The aim is to support entrepreneurship in various fields and strengthen the Kingdom’s position as a global hub for entrepreneurship and a distinguished platform for SMEs.
Monsha’at signed cooperation agreements with several local banks, including agreements with Riyad Bank to provide a SAR 3 billion financing portfolio, Al Rajhi Bank for a SAR 2.9 billion financing portfolio, Bank Albilad for SAR 2.85 billion, Bank AlJazira for SAR 1 billion, Alinma Bank for SAR 800 million, Banque Saudi Fransi for SAR 700 million, and Abdul Latif Jameel for SAR 25 million. These financing portfolios aim to strengthen the ability of SMEs and entrepreneurs to obtain the financial support needed for their projects, helping to stimulate the growth of this sector, which is important to the national economy.
In the area of strengthening financing and expanding support opportunities for projects, the first day also saw a series of announcements: the Saudi National Bank announced a SAR 3 billion financing portfolio, Saudi Awwal Bank a SAR 1 billion financing portfolio, and Arab National Bank a SAR 1.1 billion financing portfolio, alongside the launch of an e-commerce financing product worth SAR 500 million.
Monsha’at concluded several local and international agreements, including a memorandum of understanding with Korea’s Ministry of SMEs and Startups to cooperate on the technical classification of SMEs, particularly in the financial technology sector, in addition to a program to support innovative projects in cooperation with major companies from both countries, contributing to the exchange of knowledge and technology between the two sides, along with participation in joint entrepreneurial events such as the Biban forum and Korea’s COMEUP conference.
Within the framework of commercial cooperation between the Kingdom and Korea, Monsha’at signed an agreement with the Korea Franchise Association to facilitate the exchange of 50 brands between the two countries, provide the support needed for these brands to succeed in new markets, take part in franchise exhibitions such as the Saudi Franchise Expo and the Korea Franchise Expo, and provide training programs and specialized consultation services to Korean brands wishing to expand locally and internationally.
The SME Bank also announced the allocation of SAR 1 billion to finance SMEs during the fourth quarter of 2024 through approved financing models in cooperation with the bank’s partners, in addition to launching a financing program dedicated to SMEs operating in the education sector in cooperation with the Ministry of Education and partners from commercial banks. The SME Loan Guarantee Program (Kafalah) also announced the allocation of SAR 350 million to support SMEs by issuing financing guarantees with the program’s partners.
The forum saw the signing of a memorandum of cooperation between Monsha’at and SME Corporation Malaysia. The cooperation with the Malaysian side aims to facilitate market access through a variety of programs and services, exchange knowledge through initiatives to transfer and exchange expertise in innovation and entrepreneurship, and exchange franchisor brands between the two parties. A memorandum of cooperation was also signed with the Malaysian franchise development company PERNAS to provide training programs and consultation services, take part in franchise exhibitions in both countries, and exchange expertise on studies and franchise support mechanisms.
On cooperation with Europe, Monsha’at concluded a memorandum of cooperation with the Estonian Business and Innovation Agency to design three specialized educational programs in innovation and entrepreneurship for secondary school and university students, in addition to training programs to develop skills and competencies, helping to accelerate the growth of startups.
To strengthen investment opportunities, Monsha’at announced 10,000 investment opportunities in cooperation with the Invest Saudi platform and the Furas platform, in addition to partner entities such as the National Center for Non-Profit Sector and the Tisaa Ashar platform. Monsha’at also announced the launch of the Kafalah SME Loan Guarantee Program worth SAR 450 million to provide guarantees that support the continuity of projects and facilitate access to financing.
On the international side, the first day of the forum saw the announcement that the Kingdom will host the finals of the Middle East and North Africa startup competition for the first time, in cooperation with London Business School, targeting startups in the region.
Monsha’at, in cooperation with Babson College, also launched the Global Entrepreneurship Monitor (GEM) report, which reviews the achievements and opportunities available in the Kingdom, in addition to a report shedding light on the participation of women entrepreneurs in developing the local economy.
These partnerships and agreements underscore Monsha’at’s commitment to providing a comprehensive and supportive environment for entrepreneurship, contributing to achieving Saudi Vision 2030 and strengthening the Kingdom’s position as a global destination for entrepreneurship and investment, through diversifying the national economy, supporting innovation, and providing the support SMEs need to face challenges and achieve sustainable growth.