More than 18 billion worth of agreements signed on opening day of Biban 2024

6 November 2024
RIYADH, Saudi Arabia: On November 5th, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, known as Monsha'at, signed over 17 agreements and memoranda of understanding (MoUs) on the opening day of Biban24, the Kingdom's premier startup and SME forum.
This event marks a significant milestone in the Kingdom's efforts to transform its rapidly evolving small and medium-sized enterprises (SME) sector.
The first day of Biban24, which runs from November 5 to November 9, 2024, at the Riyadh Front Exhibition and Conference Centre, brought together leading startups, fintech companies, and enterprises from around the globe.
Participants engaged in a diverse range of innovative agreements aimed at enhancing both regional and global SME landscapes. This year's edition of Biban24 is the largest of its kind in the Kingdom.
Among the notable agreements, Monsha'at established a partnership with the Korean Ministry of Small and Medium Enterprises and Startups through an MoU focused on improving the technical classification of SMEs, particularly within the fintech sector.
Additionally, Monsha'at signed cooperation agreements with several local banks, including a financing portfolio agreement with Riyadh Bank valued at 3 billion Saudi Riyal (SAR), Al-Rajhi Bank for 2.9 billion SAR, Bank Al-Bilad for 2.85 billion SAR, and Bank Al-Jazira for 1 billion SAR.
These financing portfolios are designed to enhance the capacity of small and medium enterprises and entrepreneurs to secure essential financial support for their projects, thereby stimulating growth in this vital sector of the national economy.
Furthermore, over 10,000 investment opportunities were unveiled through collaborations with the Invest Saudi platform, the Furas platform, and other partners. In alignment with Vision 2030 and a commitment to advancing entrepreneurship both within the Kingdom and beyond, the Premium Residency Centre awarded 38 premium residencies to international entrepreneurs.
These announcements underscore the theme of this year's event: "Global Destination for Opportunities."
In line with this theme, the London Business School introduced the MENA Startup Competition in the Kingdom for the first time. The gathering focused on fostering the growth and development of the Saudi entrepreneurial ecosystem, providing a platform for local and international entrepreneurs to pioneer solutions to pressing challenges, create new opportunities, and drive transformation.
In keeping with this theme, London Business School announced the MENA Startup Competition in the Kingdom for the first time.
The gathering focused on driving the growth and development of the Saudi entrepreneurial ecosystem for local and international entrepreneurs, providing a platform for participants to pioneer solutions to press challenges, create new opportunities and advance transformation.
The event shone a spotlight on the major strides made by Saudi and international startups, entrepreneurs and innovators in recent years to bolster the global SME ecosystem which underlined the country's growing status on the global stage as a leading investment destination, with an increasing number of investors from around the world attracted to the Kingdom's enabling regulatory environment, strategic location and diverse talent pool.
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