The General Authority for Small and Medium Enterprises (Monsha'at) has signed a collaborative Memorandum of Understanding (MoU) with Malaysia's SME Corporation during the Biban24 forum, organized by Monsha'at from November 5-9 at the Riyadh Front Exhibition and Conference Center, under the theme "Global Destination for Opportunities."

The MoU was signed by Sami bin Ibrahim Al-Hussaini, Governor of Monsha'at, and Rizal Dato' Nini, CEO of Malaysia’s SME Corporation, in the presence of His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce, and His Excellency Ewon Benedick, Minister of Entrepreneur Development and Cooperatives in Malaysia.

This agreement marks a significant step in strengthening bilateral relations and expanding cooperation between the two countries in the development of small and medium enterprises (SMEs). It establishes a fundamental framework for close collaboration between the parties in exchanging information and expertise related to the growth and advancement of SMEs in both Saudi Arabia and Malaysia.

The partnership focuses on various key areas, including capacity building, high-growth SME programs, and facilitating market access. It also covers initiatives related to knowledge transfer and the exchange of best practices concerning regulations, contributing to smoother business operations, enhanced innovation, and entrepreneurial spirit.

Biban24 serves to reinforce the Kingdom’s position as a leading regional and global hub for entrepreneurs by developing programs, services, and initiatives that promote growth and competitiveness for pioneering projects. The forum plays a vital role in fostering an entrepreneurial culture by supporting ambitious entrepreneurs, boosting the creation of new businesses, and promoting a culture of innovation while attracting ideas that positively impact both the local and global economy.