Monsha'at And Qatar Development Bank Sign MoU To Boost Innovation And Support SMEs

The Small and Medium Enterprises General Authority, known as Monsha'at, has entered into a memorandum of understanding (MoU) with Qatar Development Bank (QDB). This collaboration aims to strengthen ties between the two organisations by focusing on incubator and accelerator programs. These initiatives are designed to foster innovation and offer training sessions and workshops to enhance skills and capabilities.

The MoU was formalised during the Biban24 Forum, themed "Global Destination for Opportunities," at the Riyadh Front Exhibition and Conference Center. The agreement was signed by Sami bin Ibrahim Al-Hussaini, Governor of Monsha'at, and Abdulrahman bin Hesham Al-Sowaidi, CEO of QDB. This partnership is set to provide training programs and consulting services related to entrepreneurship for small and medium-sized enterprises in both nations.

One of the primary goals of this partnership is to bolster national entrepreneurship ecosystems. By doing so, it aims to help these ecosystems reach both local and global markets. The focus is on enhancing competitiveness through various programs that build skills and promote products and businesses effectively.

Al-Hussaini highlighted the significance of regional cooperation in supporting entrepreneurship. He stated, "Regional cooperation is a key to success in supporting and developing the entrepreneurship ecosystem. The MoU with Qatar Development Bank represents a strategic partnership to empower small and medium-sized enterprises to expand in local and international markets."

Al-Sowaidi echoed similar sentiments about the importance of collaboration in entrepreneurship. He remarked, "At Qatar Development Bank, we believe in the importance of cooperation in entrepreneurship and emphasize the need to exchange expertise and knowledge with business ecosystems that share our aspirations and vision." This initiative reflects strong bonds of friendship between the two countries.

The MoU also outlines plans for field visits between entrepreneurship ecosystems in both countries. Additionally, it includes opportunities for trade exchange as well as participation in exhibitions and conferences held in each nation.

Biban24 Forum: A Hub for Entrepreneurs

The Biban24 Forum stands as one of the largest gatherings for entrepreneurs worldwide. It features over 250 speakers along with 150 enablers, offering more than 420 workshops. Through this forum, Monsha'at aims to inspire entrepreneurs to launch projects while engaging with both local and global expertise.

This collaboration aligns with Saudi Arabia's Vision 2030, which seeks to promote a sustainable economy by empowering small businesses through innovative training programs. By working together, Monsha'at and QDB aim to stimulate entrepreneurs' growth while enhancing their projects' competitiveness on a broader scale.

With inputs from SPA