More than $2.8 billion worth of agreements signed on Day 3 of Biban 2023


RIYADH, Saudi Arabia – Today, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (Monsha’at) has underlined its commitment to advancing entrepreneurship in the Kingdom. In line with Vision 2030, Monsha’at has signed a range of agreements with a selection of leading regional and global entities.

Contributing to the growth and development of the national economy, the partnerships were launched today — the third day of Biban 2023 — at the Riyadh Front Exhibition & Conference Center.

As part of its mission to empower the Kingdom’s thriving community of entrepreneurs and enhance the Saudi SME ecosystem, Monsha’at signed a Memorandum of Understanding (MoU) with Zoho Software Trading Company Limited (ZOHO). In addition, it signed an MoU with Neoleap: the global digital solutions company, and GoDaddy, the leading domain registrar.

The MoUs will be focused on leveraging the respective partnerships’ resources, expertise and networks to provide state-of-the-art financing solutions and electronic payments to the Kingdom’s retail and online stores. The agreements are fully geared towards accelerating the digital transformation of retail and e-commerce in the country, powering the future of Saudi SMEs in the modern retail space.

One of the major highlights of the day was a $2.8 billion funding sum delivered by SME Bank across its programs over 3 years.

These partnerships mark the latest arrangements announced at Biban 2023: Saudi Arabia’s flagship startup and SME forum.

Bringing regional as well as international entrepreneurs, SME owners, investors, and policymakers together, Biban provides over 105,000 participants a productive environment to network, collaborate and pioneer solutions to global business challenges. This year’s event is being held under the theme “Attract-Connect-Achieve”.

In addition to the announcement of Monsha’at’s MoUs, Day 3 of Biban 2023 also provided the backdrop for the launch of wide-ranging initiatives focused on bolstering the Kingdom’s SME community.

Offering access to all-important tools and insights, PricewaterhouseCoopers (PwC) — the leading professional services network — is providing 500 free hours of consulting to local SMEs and entrepreneurs, in addition to training workshops targeting women entrepreneurs and social entrepreneurs.

The Global Finals of the Entrepreneurship World Cup (EWC) also continued during Biban’s third day, with some of the world’s most innovative startups competing for up to $1 million in cash prizes.

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