RIYADH: Saudi Arabia’s Small and Medium Enterprises General Authority, also known as Monsha’at, signed a flurry of memorandums of understanding on the first day of Biban 2023 to help catalyze the entrepreneurial ecosystem in the Kingdom and achieve the socioeconomic goals set in Vision 2030.
Monsha'at inked an agreement with Huawei Tech Investment Saudi Arabia Ltd which will see the organizations work together to equip Saudi SMEs with the tools to grow and succeed in the e-commerce space.
The agreement will promote joint-cooperation and pioneer leading-edge solutions designed to empower SMEs reliant on communication technology.
As part of the agreements signed, separate to the MoU with Huawei, eight banks and financing entities pledged more than $2.93 billion to support the Kingdom’s SME ecosystem at the event, which will continue until March 13 in Riyadh and will host 300 workshops likely to benefit more than 20,000 participants.
Monsha’at signed an MoU with Diriyah Gate Development Authority to promote entrepreneurship in the Diriyah community. A data-sharing agreement was also signed between the two entities.
The authority also signed an agreement with SABB bank. Under the deal, the two entities will support micro, small, and medium enterprises wishing to obtain financing for their projects.
Monsha’at also signed a deal with Bank Albilad to provide innovative financial products at competitive prices. The authority also signed a similar agreement with Abdul Latif Jameel Finance. The deal also envisages the provision of training programs in commercial franchising in cooperation with the Monsha’at Academy.
The authority signed an MoU with Sobol Digital Services to boost cooperation in innovative services, exchange of practical and scientific knowledge, and work on projects that improve the entrepreneurship sector in the Kingdom.
Under the Vision 2030 goals, the SME sector in the Kingdom is eyeing a 35 percent contribution to the gross domestic product by the end of this decade.
SMEs are set to play a significant role in achieving Saudi Arabia’s objectives of lowering the unemployment rate from 11.6 percent to 7 percent.
On the other hand, SMEs in the Kingdom are also reducing the gender gap effectively, as the Kingdom aims to increase women’s participation in the workforce from 22 percent to 30 percent.
As Saudi Arabia is hosting more events like Biban, monumental developments can be witnessed in the SME sector in the future, which will in turn help the Kingdom achieve the economic diversification goals outlined in Vision 2030.
