The Small and Medium Enterprises General Authority “Monsha’at” marked the second day of Biban 24, which it organizes under the theme A Global Destination for Opportunities at the Riyadh Front Exhibition and Conference Center, with the signing of 20 agreements and the launch of projects worth a total of SAR 1.35 billion at the agreements signing platform, with the aim of strengthening the entrepreneurship sector and supporting SMEs in the Kingdom, in line with Saudi Vision 2030.
The agreements signed included a memorandum of cooperation between Monsha’at and Qatar Development Bank to strengthen cooperation in delivering joint training programs, developing accelerators and incubators, and innovation initiatives to support entrepreneurial projects. Monsha’at also signed a cooperation agreement with Milton International to support startups and enable unicorn companies between the two sides, and concluded a cooperation agreement with Arab National Bank to launch a business accelerator specialized in financial technology (FinTech) to support the growth of enterprises in the financial sector.
Monsha’at also signed a memorandum of understanding with the National Events Center to support the entrepreneurial ecosystem in the events sector by launching challenge-solving competitions through its Innovation Center. The agreements also included cooperation between Monsha’at and noon through the Mahali platform to develop e-stores and enable them to access sales opportunities, while offering competitive local products across the Kingdom’s regions.
As part of supporting expansion into the Saudi market, Monsha’at signed an agreement with AstroLabs as Expansion Sponsor of the Entrepreneurship World Cup, under which AstroLabs will provide a package of services worth SAR 1.5 million to support entrepreneurs in the Kingdom. The agreements also included cooperation with Panda to support the retail sector by providing sales outlets for small enterprises and training and job opportunities in the bakery field, and a partnership with Trendyol to exchange expertise and activate entrepreneurship activities in e-commerce.
In a step to raise entrepreneurs’ awareness of the municipal services and development sector, Monsha’at concluded a cooperation agreement with Remat Al-Riyadh Development Company to launch awareness initiatives that support the sustainability and prosperity of Riyadh city.
Alinma Bank and BIM Ventures signed an agreement to provide interest-free loans to startups, in addition to a three-day training program focusing on planning and financial management skills, with ongoing guidance for startup projects.
In the agricultural sector, the Ministry of Environment, Water and Agriculture and the Saudi Coffee Company concluded a memorandum of understanding to support entrepreneurship projects in coffee cultivation through the Sunbula program, which aims to strengthen economic impact and diversify opportunities in the agricultural sector.
The Social Development Bank signed several agreements worth more than SAR 1.3 billion with several entities, including the Ministry of Industry and Mineral Resources, the Ministry of Health, and Bank Albilad, aimed at supporting and financing entrepreneurs in the industrial, health, and technology sectors and providing e-payment services, to achieve financial sustainability for associations and support freelancers.
In addition to the agreements, the forum saw the launch of many quality initiatives, including the Virtual Lab, launched by Monsha’at to enable entrepreneurs to turn their ideas into executable business models, the Riyadah Podcast to promote the culture of entrepreneurship, and the Al-Ahsa Angel Investors Network initiative to provide investment solutions for startups.
The Jeddah, Asharqia, and Al-Madinah Chambers announced that they are joining the Jadeer service, making it easier for SMEs to access procurement opportunities and supporting their growth in these regions.