Monsha'at: Biban 2024 accelerates transformation of Saudi entrepreneurship with over SAR 10.6 b
RIYADH, Saudi Arabia, Nov. 09, 2024 (GLOBE NEWSWIRE) - The Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, Monsha’at, has taken another important step towards reshaping the Saudi entrepreneurship landscape, following the announcement of 16 agreements worth more than SAR 10.6 billion on the fourth day of Biban24.
Extending its ongoing efforts to empower Saudi entrepreneurs and bolster the Kingdom’s SME infrastructure, Monsha’at also officially announced a wide selection of agreements to allocate substantial financial portfolios to financing Saudi Arabia’s rapidly growing community of entrepreneurs. This includes a portfolio worth SAR 3.1 billion, in collaboration with Tayseer Finance; as well as a portfolio valued at SAR 2 billion with Lendo Company. Monsha’at also announced a SAR 1 billion portfolio with Tarmeez Capital. These agreements are fully geared towards providing SMEs with steppingstones to success and facilitating more seamless and ready access to vital tools and resources.
The National Commercial Bank (NCB) also announced the launch of 15 new branches specialized in supporting SMEs. Additionally, Arab Bank launched the “anb digital”, a platform created to enable SMEs to submit financing applications, receive preliminary approvals, and sign contracts electronically.
The fourth day of Biban24 — the Kingdom’s flagship SME forum — also placed an emphasis on upskilling and capacity building, with a range of seminars and workshops being hosted. Covering a diversity of subjects and areas of interest, these workshops and seminars were held to empower participants, attendees and entrepreneurs from the region and beyond with access to all-important insights, resources and connections.
Organized by Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, the event is being hosted at the Riyadh Front Exhibition & Conference Center. Held under the theme of Global Destination for Opportunities, the gathering is focused on driving the growth and development of the Saudi entrepreneurial ecosystem for local and international entrepreneurs.
In line with this goal — and the objectives of Vision 2030 — the forum will immerse visitors and attendees in an enabling atmosphere conducive to innovation, with participants being invited to explore 9 key areas, or “Doors”. These include the “Enablement”, “Fast-growing Enterprises”, “Funding and Investment”, “Startup”, “Innovation”, “E-commerce”, “Start”, “Franchise”, and “Market” Doors.
These Doors are specialized areas where businesses and entrepreneurs will be given the opportunity to explore how to reach the next level and fulfil their business potential.
Contact:
Tarek Chahine
tchahine@webershandwick.com
