Biban24 Forum Sees Signing Of 23 Agreements To Support Small And Medium Enterprises

On the third day of the Biban24 forum, organised by the Small and Medium Enterprises General Authority (Monsha'at), 23 agreements were signed, and several projects were launched. The initiatives, valued at SAR580 million, aim to bolster entrepreneurship and enhance small and medium enterprises (SMEs) across various sectors, aligning with Saudi Arabia's Vision 2030.

Monsha'at has partnered with the Saudi Cloud Computing Company (SCCC) to develop cloud-based solutions for digital transformation. This collaboration also focuses on supporting educational activities for entrepreneurs. Additionally, Monsha'at has teamed up with Microsoft to offer cloud computing services through the Founder Hub platform.

Furthering its technological outreach, Monsha'at has joined forces with Zoom to provide tech solutions and organise training sessions via the Mazaya platform. A cooperation agreement was also signed with Oracle to conduct workshops on using Oracle technologies for business management. These workshops will cover cloud solutions and artificial intelligence tools aimed at supporting startups.

In a bid to enhance entrepreneurial skills, Monsha'at has partnered with Omnia Education Partnerships. This collaboration will provide educational and training programs designed to accelerate the development of small enterprises. Moreover, a memorandum of understanding (MoU) was signed with Mukatafa in the retail sector to establish training programs for the Retail Academy.

The MoU with Mukatafa also aims to improve franchising models and enhance the legislative environment for entrepreneurs in this promising sector. Another MoU was signed with the Hail Region Development Authority to raise awareness about investment opportunities in that region, thereby boosting investment prospects across Saudi Arabia.

The Small and Medium Enterprise Bank (SME Bank) has entered into multiple agreements with entities like the Saudi Bar Association and the Environment Fund. These agreements are intended to provide financing and support to SMEs, thus enhancing their role in contributing to the national economy.

Financial Support for SMEs

The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has also inked several agreements with the Ministry of Health and companies such as Mudad and Wakan Wealth. These partnerships aim to offer financing solutions that facilitate SME development and ensure their continuity.

The Tourism Development Fund has secured agreements worth SAR580 million with various financial institutions. These agreements are designed to support tourism projects that contribute to local tourism development while promoting SMEs within the tourism sector.

The Biban24 forum's initiatives underscore a commitment to fostering entrepreneurship through strategic partnerships. By leveraging technology, education, and financial support, these efforts aim to drive growth in SMEs across diverse sectors in line with Vision 2030 goals.

With inputs from SPA