RIYADH, Saudi Arabia, Nov. 6, 2024 /PRNewswire/ -- On the 5th of November, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, Monsha'at, signed more than 17 agreement and MoU on the opening day of Biban24 - the Kingdom's flagship startup and SME forum - Marking another significant milestone on the Kingdom's journey to transforming its rapidly evolving small and medium-sized enterprises (SME) sector.

The first day of this year's edition of Biban24 the annual forum has brought leading startups, fintechs and enterprises from around the world together to strike a diverse range of innovative agreements that will enhance the regional and global SME spaces, with the event - the largest of its kind in the Kingdom - being held from 5 November to 9 November 2024 at the Riyadh Front Exhibition & Conference Center.

Monsha'at has established several local and international agreements, including an MoU with the Korean Ministry of Small and Medium Enterprises and Startups. This partnership aims to enhance the technical classification of SMEs, with a particular focus on the fintech sector.

At the event, Monsha'at has signed cooperation agreements with several local banks, including an agreement with Riyadh Bank for a financing portfolio worth 3 billion SAR, an agreement with Al-Rajhi Bank for 2.9 billion SAR, Bank Al-bilad for 2.85 billion SAR, Bank Al-Jazira for 1 billion SAR. These financing portfolios aim to enhance the ability of small and medium enterprises and entrepreneurs to secure the necessary financial support for their projects, thereby stimulating growth in this vital sector of the national economy.

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Additionally, more than 10,000 investment opportunities were also unveiled through collaboration with the Invest Saudi platform, the Furas platform, and other partners.

In line with Vision 2030 and an ongoing commitment to advancing entrepreneurship in the Kingdom and beyond, the Premium Residency Center granted 38 premium residencies to international entrepreneurs. These announcements underlined the theme of this year's event: "Global Destination for Opportunities".

In keeping with this theme, London Business School announced the MENA Startup Competition in the Kingdom for the first time.

The gathering focused on driving the growth and development of the Saudi entrepreneurial ecosystem for local and international entrepreneurs, providing a platform for participants to pioneer solutions to press challenges, create new opportunities and advance transformation.

The event shone a spotlight on the major strides made by Saudi and international startups, entrepreneurs and innovators in recent years to bolster the global SME ecosystem which underlined the country's growing status on the global stage as a leading investment destination, with an increasing number of investors from around the world attracted to the Kingdom's enabling regulatory environment, strategic location and diverse talent pool.