Riyadh Boosts Small Businesses with SR1.35 Billion in Agreements
The second day of Biban 24, a vital event supporting startups and small and medium enterprises in Saudi Arabia, saw the signing of agreements totaling SR1.35 billion ($359 million).
Empowering Entrepreneurial Initiatives Across the Kingdom
Organized by the General Authority for Small and Medium Enterprises, also known as Monsha’at, the agreements aim to benefit a range of entrepreneurial initiatives and foster growth in the national economy.
Key Partnerships Driving Innovation and Growth
Notable agreements included a memorandum of cooperation between Monsha’at and the Qatar Development Bank, focusing on joint training programs and innovation initiatives. Another significant partnership was formed with Milton International to support startups and foster collaborations.
Boosting Financial Technology and Events Sector
Monsha’at also joined forces with Arab National Bank to launch a business accelerator for financial technology and partnered with the National Events Center to support entrepreneurship in the events sector through innovation competitions.
Enhancing Online Presence and Sales Opportunities
An agreement with Noon Co. aims to enhance the Mahali platform, helping local businesses develop online stores and tap into new sales opportunities. These initiatives promote competitive, locally-produced goods throughout the Kingdom.
International Collaborations and Financial Support
Partnerships with AstroLabs, Korea’s Ministry of SMEs and Startups, and other entities aim to facilitate business growth, innovation, and entrepreneurship. Alinma Bank and BIM Ventures also signed an agreement to offer interest-free loans to startups.
Diversifying Opportunities in Agriculture and Social Development
Agreements with the Ministry of Environment, Water and Agriculture, and the Social Development Bank aim to support coffee cultivation projects and provide financing for entrepreneurs in various sectors. The forum introduced innovative initiatives to support sustainability and prosperity in Riyadh.
Promoting Entrepreneurial Culture and Investment Opportunities
Several initiatives launched during the event, such as the “Virtual Lab” and “Riyada Podcast,” aim to promote the entrepreneurial culture. The “Al-Ahsa Angel Investors Network” offers investment solutions for emerging companies. Estonian Minister of Economy and Industry, Erkki Keldo, shared insights on successful entrepreneurship strategies and the importance of access to capital for startups.
Connecting Entrepreneurs with Investors for Growth
Biban 24 showcased over 10,000 investment opportunities for SMEs, connecting entrepreneurs with more than 5,000 investors to enhance their investment prospects. The event highlighted the importance of entrepreneurship in driving global innovation and economic growth.