On the first day of “Biban24” Forum, organized by the Small and Medium Enterprises General Authority “Monsha’at” in Riyadh under the slogan “Global Destination for Opportunities,” more than 17 agreements and memorandums of understanding were signed, along with the launch of various entrepreneurial and financial initiatives valued at over SAR 18 billion. These initiatives aim to support entrepreneurship across different fields and strengthen the Kingdom’s position as a global hub for entrepreneurship and a distinguished platform for small and medium enterprises (SMEs).

Monsha’at signed collaboration agreements with several local banks, including an agreement with Riyad Bank to offer a financial portfolio worth SAR 3 billion, an agreement with Al Rajhi Bank for a portfolio worth SAR 2.9 billion, as well as with Bank Albilad for SAR 2.85 billion, Bank Aljazira for SAR 1 billion, Alinma Bank for SAR 800 million, Saudi Fransi Bank for SAR 700 million, and Abdul Latif Jameel with SAR 25 million. These financial portfolios aim to enhance SMEs’ and entrepreneurs’ access to the necessary financial support for their businesses, which will help stimulate growth in this vital sector for the national economy.

In the area of financing and expanding support opportunities for businesses, the first day also saw a number of announcements. Saudi National Bank announced a financing portfolio of SAR 3 billion, Saudi Awwal Bank a portfolio of SAR 1 billion, and Arab National Bank a financing portfolio worth SAR 1.1 billion, along with launching an e-commerce financing product worth SAR 500 million.

Monsha’at also signed several local and international agreements, including an MoU with Korea’s Ministry of SMEs and Startups to cooperate on technical classification for SMEs, particularly in the fintech sector. Additionally, a program was launched to support innovative projects in collaboration with major companies from both countries, aiming to exchange knowledge and technology and participate in joint entrepreneurship events such as Biban Forum and Korea’s “Comeup” conference.

As part of the commercial collaboration between the Kingdom and Korea, Monsha’at signed an agreement with the Korean Franchise Association to facilitate the exchange of 50 brands between the two countries and to provide the necessary support for these brands’ success in new markets. This also includes participation in franchise exhibitions like the Saudi Franchise Expo and the Korean Franchise Expo, along with providing training programs and specialized consulting services for Korean brands seeking local and international expansion.

The SME Bank announced an allocation of SAR 1 billion to finance SMEs during the fourth quarter of 2024 through approved financing models in collaboration with the bank’s partners. Additionally, a dedicated financing program was launched for SMEs in the education sector in partnership with the Ministry of Education and commercial banks. The financing guarantee program for SMEs (Kafalah) also allocated 350 million riyals to support SMEs through financing guarantees with program partners.

The forum witnessed the signing of a cooperation memorandum between Monsha’at and SME Corporation Malaysia. This partnership with the Malaysian side aims to facilitate market access through various programs and services, knowledge exchange through initiatives for knowledge and expertise transfer in innovation and entrepreneurship, as well as the exchange of franchise brands between both parties. A cooperation memorandum was also signed with the Malaysian company Pernas to provide training programs, consulting services, and to participate in franchise exhibitions between the two countries, along with knowledge exchange related to studies and franchise support mechanisms.

In terms of cooperation with Europe, Monsha’at signed a memorandum of cooperation with the Estonian Business and Innovation Agency to design three specialized educational programs in innovation and entrepreneurship targeting high school and university students, along with training programs to develop skills and competencies, thereby accelerating the growth of startups.

To boost investment opportunities, Monsha’at announced 10,000 investment opportunities in collaboration with the “Invest in Saudi” and “Forsa” platforms, as well as partner entities such as the National Center for the Non-Profit Sector and the “Tis’aa Ashaar” platform. Monsha’at also announced the launch of the financing guarantee program for SMEs “Kafalah,” valued at 450 million riyals, to provide guarantees supporting project sustainability and easier access to financing.

On the international front, the first day of the forum also announced the Kingdom’s hosting of the finals for the Middle East and North Africa startup competition for the first time, in partnership with London Business School, targeting startups in the region.

In collaboration with Babson College, Monsha’at launched the (GEM) report, which highlights the Kingdom’s achievements and opportunities, along with a report focusing on the participation of female entrepreneurs in advancing the local economy.

These partnerships and agreements reaffirm Monsha’at’s commitment to providing a comprehensive and supportive environment for entrepreneurship, contributing to Saudi Vision 2030, and strengthening the Kingdom’s position as a global destination for entrepreneurship and investment by diversifying the national economy, supporting innovation, and offering essential support for SMEs to overcome challenges and achieve sustainable growth.