- Monsha’at signs Memorandum of Understanding (MoU) with InspireU – STC
- WhiteHelmet is announced as winner of 2023 Entrepreneurship World Cup
Riyadh: Today, the Social Development Bank (SDB) pledged $6.4 billion to funding entrepreneurs, small and medium-sized enterprises (SMEs), and freelancers across the Kingdom over the next three years. The multibillion-dollar pledge was announced on Day 4 of Biban 2023, with the landmark commitment set to contribute to the achievement of the nation’s Vision 2030 objectives.
The SDB pledge joins the long list of agreements signed at Biban 2023: Saudi Arabia’s flagship startup and SME forum. Taking place from March 9 to March 13, 2023 at the Riyadh Front Exhibition & Conference Center the event represents a major milestone on the Kingdom’s transformation journey, accelerating the diversification of the Saudi economy.
The pledge was announced alongside a selection of innovative partnerships and initiatives established to transform the country into a world-class SME hub and global investment destination.
Building on its work to advance entrepreneurship in the Kingdom, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (Monsha'at) signed a Memorandum of Understanding (MoU) with InspireU – STC.
The MoU will see the two entities join forces to provide the Kingdom’s burgeoning community of SMEs and investors access to Monsha’at’s business accelerators, ensuring they benefit from vital resources and provisions.
Biban 2023 also hosted the final round of the Entrepreneurship World Cup (EWC), which was one of the day’s major highlights. First established in 2019 by the Global Entrepreneurship Network (GEN) and Saudi Arabia’s Misk Foundation, the tournament invites businessmen and -women from around the world to take part in the ultimate startup pitch competition.
WhiteHelmet, was announced on the fourth day of the Biban forum as the 2023 EWC winner, taking home the grand prize of $300,000 US.
About Monsha’at:
The Small and Medium Enterprises General Authority (Monsha'at) was established in 2016 with the aim of regulating, supporting, developing, and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their contribution to GDP from 20% to 35% by 2030.
Monsha'at is mandated with developing, implementing, and supporting programs and projects that foster a culture of self-employment, entrepreneurship, and innovation. It strives to diversify the funding sources provided to enterprises, support initiatives within the venture capital sector, and develop policies and standards for the funding of small and medium projects.
For more information about how Monsha’at supports Saudi Arabia’s SME ecosystem visit www.monshaat.gov.sa
