Monsha’at partners with SDB, Riyadh Development Co. to promote agricultural sector
Updated 14 September 2023
ARAB NEWS
RIYADH: To support entrepreneurs entering the agricultural sector, the General Authority for Small and Medium Enterprises, also known as Monsha’at, has inked a cooperation agreement with the Social Development Bank and Riyadh Development Co.
This deal will cover comprehensive support programs from the Social Development Bank, including financial assistance, workshops and training courses to develop entrepreneurship.
The agreement intends to assist SMEs in growing their commercial operations in the agricultural crop wholesale and retail sectors.
This move will empower entrepreneurs and freelancers who want to grow their businesses and spread self-employment culture in various disciplines.
Additionally, it plays a crucial role in enhancing local agricultural production, thus positively influencing both the gross domestic product and the overall economy.
The signing ceremony was in the presence of Suleiman Al-Tarif, deputy governor for planning and development at Monsha’at.
Furthermore, Sultan Al-Humaidi, SDB’s deputy CEO for the business sector, attended the event along with Walid Al-Kharji, CEO of public benefit markets at RDC.
On Thursday, the authority also celebrated the graduation of the second batch of the University Startups Capacity Development Program at King Faisal University in Al-Ahsa.
University President Mohammed bin Abdulaziz Al-Awahli welcomed the attendees and participants in the various incubation projects, emphasizing the importance of training for viable entrepreneurial ventures.
He added that the six-month incubation program empowers innovators and startups to hone their skills and refine their talents.
Monsha’at said in a statement that about 25 projects were converted into commercial entities during the event.
The statement added that these initiatives have benefited over 72,000 university entrepreneurs and have contributed to a 267 percent increase in the revenue growth rate of university startups.
These initiatives were also close on the heels of Monsha’at’s announcement on Wednesday of an entrepreneurship acceleration program in collaboration with the Riyadh governorate and the Massachusetts Institute of Technology.
The program aims to enhance entrepreneurship in the region by evaluating its strengths and weaknesses and will develop management activities that support the growth of innovative enterprises in the city.
According to the Saudi Press Agency, it will last up to two years and have four stages.
Furthermore, it stated that earlier versions of the program attracted participation from the Eastern Province, Makkah and Madinah regions, which had sparked an entrepreneurial boom.
Building bridges: Saudi Arabia leads Gulf-Asia tech leap
Updated 01 January 2026
Waad Hussain
ALKHOBAR: Saudi Arabia is forging new academic connections with Asia as the Kingdom’s Vision 2030 accelerates reforms in education and innovation.
Two academics — Prof. Eman AbuKhousa, a data science professor at the University of Europe for Applied Sciences in Dubai, and Prof. Hui Kai-Lung, acting dean of the HKUST Business School in Hong Kong —emphasize that the Kingdom’s transformation is reshaping the development of artificial intelligence and fintech talent across the region.
For AbuKhousa, responsible AI is not just about technology; it is fundamentally about intention. “It is about aligning technology with human values: ensuring fairness, transparency, and accountability in every system we build.”
She highlighted that the Middle East’s heritage of trust and ethics gives the region a competitive advantage. “Institutions should embed ethics and cultural context into AI education and create multidisciplinary labs where engineers collaborate with social scientists and ethicists,” she said.
At the University of Europe for Applied Sciences in Dubai, AbuKhousa trains students to question data, identify bias, and integrate integrity into innovation.
Asian universities like HKUST play a growing role in cross-border education partnerships with Saudi institutions.
“Educators must model responsible use by explaining how data is sourced and decisions are made,” she explained. “Ultimately, responsible AI is less about algorithms than about intention; teaching future innovators to ask not only ‘Can we?’ but ‘Should we?’”
She further noted:“Saudi Arabia’s Vision 2030 has turned digital education into a national movement placing technology and innovation at the heart of human development.”
AbuKhousa emphasized the transformative opportunities for women in the Kingdom: “Today, Saudi female students are designing models, leading AI startups, and redefining what digital leadership looks like.”
Prof. Hui views this transformation through the lens of fintech. “Fintech is deeply embedded in Vision 2030, serving as a key enabler of its three pillars: a vibrant society, a thriving economy, and an ambitious nation,” he said.
Hui stressed that Saudi Arabia’s investment capacity and modern regulatory framework “create a conducive environment for innovation.” Having collaborated with Aramco, The Financial Academy, and Prince Mohammed Bin Salman College of Business and Entrepreneurship, he highlighted the strategic potential of the Kingdom’s young population. “The Kingdom has one of the youngest populations in the world, with a median age below 30,” he said.
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“This demographic presents a tremendous opportunity for higher education to shape future leaders, and our collaborations in Saudi Arabia are highly targeted to support this goal.”
AbuKhousa argued that universities must lead innovation rather than follow it. “Universities must evolve from teaching institutions into innovation ecosystems,” she said. “The real bridge between research and industry lies in applied collaboration: joint labs, shared data projects, and co-supervised capstones where students solve live industry challenges.”
“At UE Dubai, we’ve introduced an Honorary Senate of Business Leaders to strengthen that bridge, bringing decision-makers directly into the learning process,” she added.
DID YOU KNOW?
Vision 2030 has made digital education central to Saudi Arabia’s development strategy.
Women in Saudi Arabia are now designing AI models and leading startups.
Universities are transforming into innovation ecosystems bridging research and industry.
Cross-border collaborations with Hong Kong and Dubai are accelerating fintech and AI growth.
Hui noted that cross-border cooperation between Hong Kong and Saudi Arabia is growing rapidly. “Saudi Arabia’s scale, strategic location, and leadership in the Arab world offer Hong Kong an ideal partner,” he said. “Hong Kong’s academic and regulatory experience can help the Kingdom fast-track its digital transformation.”
He highlighted lessons from Hong Kong’s fintech journey. “Hong Kong’s fintech journey offers critical lessons for Saudi Arabia, particularly in creating a balanced ecosystem for innovation,” he said. “Education and regulation are both important. We need education at all levels and beyond schools to expose people to these ideas; having diverse and rich experiences also helps, as the education needs to be supplemented by real-life implementation and usage experience. That is what Hong Kong can offer.”
AbuKhousa emphasized that women’s participation in technology must extend beyond access to influence. “Empowering women in technology begins with reimagining representation: from inclusion to influence,” she said. “We need more women not only learning tech, but leading teams, designing systems, and shaping AI policy. Institutions must normalize women’s presence in decision-making spaces and provide visible mentorship networks to counter imposter syndrome.”
Both experts agreed that innovation must remain human-centered and accountable. “As AI becomes integral to financial systems, governments must strike a careful balance between innovation, data ethics, and compliance,” Hui said. “Establishing clear regulatory frameworks and transparency standards is crucial.”
AbuKhousa concurred, emphasizing the role of education in AI adoption: “Educators must position generative AI as a thinking partner, not a shortcut. The goal is to teach students how to use AI critically, not merely that they can.”
Hui predicts that “AI, blockchain, and cybersecurity will be transformative forces in the region’s financial sector.” AbuKhousa sees a similar momentum in education: “The Gulf is entering a defining phase where AI becomes the backbone of education and workforce development.”
The experts concluded that the Kingdom’s digital transformation, anchored in Vision 2030, is connecting classrooms, industries, and continents through human-centered innovation.
