Biban 24 concludes with $9bn in deals, boosting Saudi Arabia’s SME sector

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The five-day event, themed ‘A Global Destination for Opportunities,’ attracted over 182,000 visitors. SPA
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The five-day event, themed ‘A Global Destination for Opportunities,’ attracted over 182,000 visitors. SPA
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The five-day event, themed ‘A Global Destination for Opportunities,’ attracted over 182,000 visitors. SPA
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Updated 10 November 2024
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Biban 24 concludes with $9bn in deals, boosting Saudi Arabia’s SME sector

  • Biban 24 marked a landmark achievement for Saudi Arabia’s entrepreneurial framework
  • Several financing agreements were signed with local banks, amounting to over SR15 billion

RIYADH: Agreements exceeding SR35.4 billion ($9.42 billion) were signed at Biban 24 in Riyadh, an event organized by the General Authority for Small and Medium Enterprises, also known as Monsha’at

The five-day event, themed “A Global Destination for Opportunities,” attracted over 182,000 visitors, reflecting the Kingdom’s rapid development in the SME sector and entrepreneurship, the Saudi Press Agency reported.

According to Monsha’at Gov. Sami bin Ibrahim Al-Husseini, Biban 24 marked a landmark achievement for Saudi Arabia’s entrepreneurial framework. He highlighted the forum’s record-setting agreements and innovative initiatives, strengthening entrepreneurship within the country. 

Al-Husseini said these achievements align with Saudi Vision 2030’s objectives to boost the SME sector’s contribution to the national gross domestic product. 

“The forum’s success is a testament to the commitment of public and private sector enablers, partners, and sponsors to support SMEs and empower entrepreneurs to launch and grow their ventures,” he said.

Biban 24 featured partnerships with prominent international organizations, including the Estonian Business and Innovation Agency, Bahrain’s Tamkeen Labor Fund, the Korea Franchise Association, Malaysian SMEs, Korea’s Ministry of SMEs and Startups, Malaysian Franchise Development, Miltton CIO World, Alibaba Cloud, Zoom, and Oracle. 

Several financing agreements were signed with local banks, amounting to over SR15 billion to support Saudi entrepreneurs and SMEs.

The event drew a global crowd of business owners and featured over 300 panels and workshops with over 250 international and local speakers. 

The e-commerce section included 59 service providers and enablers, showcasing emerging technologies, modern retail, and e-commerce solutions. Specialists provided guidance on digital payments, online marketplaces, and supply chains throughout the forum.

Biban Talks, a dedicated stage, hosted over 100 speakers covering diverse topics such as media, tourism, the environment, education, sports, finance, investment, and the non-profit and financial sectors. 

The interactive platform enabled entrepreneurs to share success stories and discuss challenges.

In the Investor Arena, over 115 business owners showcased their projects to potential investors, resulting in preliminary agreements for deals with 65 companies, totaling over SR15 million. 

The event also welcomed more than 1,350 startups from 72 countries worldwide. 

Biban 24 celebrated the graduation of 12 startups from its Real Estate Innovation Accelerator, while also launching a virtual lab to support business owners.

The event brought together over 70 local and international incubators and accelerators to showcase projects and share success stories. The forum also promoted collaboration between entrepreneurs and investors to build a robust entrepreneurial environment that fosters innovation and economic growth in Saudi Arabia.

Asrar Al-Omiri, CEO of “A’akelha Incubator,” said that Biban 24 was an essential platform for startup hubs and accelerators to spotlight their supported projects. 

She added that A’akelha’s participation through the “360 Platform” virtual incubator aimed to showcase success stories and assist projects in expanding through investment rounds. 

Al-Omiri highlighted the launchpad’s commitment to attracting entrepreneurs and offering an ideal environment for transforming ideas into scalable businesses.

Ghassan Halawa, founder and CEO of Parachute16, affirmed that Biban 24 is the leading event focused on high-growth startups and entrepreneurship. 

Halawa underscored the extensive local and international participation, which allows business incubators to showcase projects and directly engage with investors and key players in the entrepreneurial space.

Lama Ghalayini, business development specialist at VentureTactics Fund, described Biban 24 as a valuable opportunity for fintech startups to enhance their investment prospects. 

She said the forum provides a crucial platform for entrepreneurs to understand the fund’s role in enabling startups to overcome financing challenges through innovative solutions that foster their market growth.

During Biban 24, Monsha’at signed a memorandum of understanding with the General Authority of Civil Aviation to enhance cooperation in supporting SMEs within the civil aviation sector through challenges, hackathons, and innovation initiatives. 

Representing Monsha’at at the signing ceremony was the Deputy Gov. for Entrepreneurship Sector, Saud bin Khalid Al-Sabhan, while GACA was represented by its Vice President for Aviation Security, Mohammed bin Saad Al-Fawzan.

Biban 24, held from Nov. 5 — 9 at the Riyadh Exhibition and Convention Center, stood as a pivotal platform for fostering growth and collaboration within Saudi Arabia’s SME sector, promoting an environment that encourages innovation and cross-sector partnerships aligned with Vision 2030.


AI’s shift toward proactive healthcare

Updated 49 min 26 sec ago
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AI’s shift toward proactive healthcare

  • Experts reveal how AI is reducing burnout and streamlining workflows

JEDDAH: Artificial intelligence is increasingly moving from the margins of healthcare innovation into its operational core. Rather than replacing clinicians, AI is being deployed to address persistent challenges across health systems, from administrative overload and staff burnout to fragmented data and inefficient patient flow.

Speaking to Arab News, Abbes Seqqat, chief executive officer of Rain Stella Technologies, and Eric Turkington, chief product officer, discussed how AI is already transforming healthcare delivery — and why its impact is most meaningful when embedded directly into clinical workflows rather than treated as a standalone tool.

Seqqat describes AI’s role as accelerating a structural shift in healthcare delivery. “AI is accelerating the shift in healthcare from reactive to proactive care, because AI fundamentally helps detect, analyze and predict,” he said, noting that many health systems lack the resources to perform these tasks at scale.

Abbes Seqqat, chief executive officer of Rain Stella Technologies. (RST photo)

While AI use cases in healthcare are broad, Seqqat emphasized that the most effective applications today focus on operational and clinical fundamentals, including reducing administrative burden, identifying patient risks earlier, and capturing clinical data more reliably and in real time.

RST’s portfolio reflects this approach, spanning surgical data capture and workflow automation, cloud-based electronic medical records, and health information exchange. Across these systems, the common goal is improving data quality and usability so clinicians can spend less time managing information and more time delivering care.

According to Turkington, RST’s systems rely on a mix of established and emerging AI technologies.

RST's Equinox offers a streamlined workflow, minimizing redundant data entry, and also allows for seamless integration with other systems. (RST images)

“Across the portfolio, we are using a wide range of AI and predictive technologies, from voice technology to reliably capture clinician inputs, to large language models that analyze and act on collected data,” he said.

A key focus has been adapting AI to regional and clinical realities. Voice models, for example, have been trained on UAE and GCC accents and grounded in medical terminology to improve accuracy in real-world settings. RST also uses retrieval-augmented generation and multi-agent AI architectures, allowing different AI components to perform specialized tasks such as classifying surgical notes, identifying unusual events, or assisting with billing and coding, Turkington explained.

DID YOU KNOW?

• AI can detect, analyze, and predict patient risks faster than traditional methods.

• Systems like Equinox use voice input and predictive analytics to actively support clinical decisions.

• AI assistants provide real-time updates, automate documentation, and improve coordination in operating theaters.

One of the central concerns around AI adoption is whether it adds complexity to already demanding clinical roles. Seqqat argues the opposite should be the goal.
“For nurses and frontline staff, AI’s greatest contribution is removing the invisible administrative friction that leads to burnout,” Seqqat said.

In operating theaters, AI systems can replace manual coordination methods such as phone calls and whiteboards by providing real-time situational awareness. By automating updates, anticipating delays, and serving as an on-demand clinical notepad, AI reduces cognitive load and allows staff to remain focused on patient care, he explained.

RST’s voice-enabled assistant, Orva, is designed specifically for perioperative environments.

Orva captures live updates through voice input, enabling it to surface delays, flag bottlenecks, and prompt coordination between departments. (RST photo)

Turkington said it enables hands-free documentation and coordination, helping surgical teams manage schedules and resources more effectively.

By capturing live updates through voice input, Orva can surface delays, flag bottlenecks, and prompt coordination between departments. It also assists with documentation and coding, reducing errors and supporting more accurate reimbursement— an area where incomplete records often create downstream challenges.

Electronic medical records remain central to healthcare delivery, but Turkington noted that AI can move them beyond passive data repositories.

Eric Turkington, chief product officer of Rain Stella Technologies. (RST photo)

“We designed Equinox as an EMR that enables you to spend less time with the software and more time with patients,” Turkington said.

Through voice input, automated documentation from visual annotations, and AI-generated pre-visit summaries, the system can actively support clinicians rather than slow them down. Predictive analytics, such as identifying no-show risks or highlighting care gaps, further shift EMRs toward decision-support tools rather than administrative obligations.

Both executives stressed that AI’s effectiveness depends heavily on data access and quality. Seqqat pointed to interoperability as a prerequisite rather than an afterthought.
“AI is only as powerful as the data it can access,” he said, adding that fragmented records limit both clinical insight and system-wide learning.

Health information exchanges, such as RST’s Constellation platform, enable patient data to be viewed longitudinally across providers. AI can then assist with patient identity matching and population-level analysis, allowing trends and risks to be identified across large datasets.

Turkington shared an example from an operating theatre where AI helped prevent cascading delays. When a surgical case ran late, a nurse verbally updated Orva that the patient was ready to exit. The system alerted the recovery unit, analyzed schedule conflicts, and prompted management to reassign staff before delays affected subsequent procedures.

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By tagging the cause of the delay and feeding that data into predictive models, the system helped prevent similar issues in the future — without additional manual coordination.

According to Seqqat, the primary returns from AI adoption come from combining efficiency with financial accuracy. Streamlined workflows allow providers to treat more patients without compromising care, while improved documentation reduces revenue leakage.

Looking ahead, Seqqat sees AI becoming central to Saudi Arabia’s healthcare transformation. He described its role as advancing smart hospitals, predictive patient flow, and precision medicine aligned with Vision 2030 goals.
“The role of AI in Saudi Arabia’s healthcare sector is evolving from a supporting technology to a foundational pillar of the Kingdom’s Vision 2030 transformation. Over the next few years, we expect to see AI move into the realm of smart hospitals, where predictive analytics optimize patient flow and AI-driven precision medicine leverages the Saudi Genome Program to provide hyper-personalized care. By unifying national health data and automating complex administrative workflows, AI will enable a more proactive, value-based healthcare model that improves patient outcomes and operational efficiency across the country.”