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Revealed: Saudi Arabia to Invest $3 Billion in Biban for 2023 Launch


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Kingdom of Saudi Arabia’s General Directorate of Small and Medium Enterprises, Monshaat, has signed a memorandum of understanding with Huawei Tech Investment Saudi Arabia Limited.

The new partnership was launched on the opening day of Biban 2023 – Saudi Arabia’s leading startup and SME forum – and in the new partnership, the two organizations will join forces to drive the digital transformation of SMEs in the Kingdom.

As part of the agreement between Monshaat and Huawei Tech Investment Saudi Arabia Co., Ltd. will work together to provide small and medium-sized Saudi companies with the tools to grow and succeed in e-commerce. The agreement will strengthen joint collaboration and innovative solutions designed to empower small and medium-sized companies that rely on communications technology.

It is worth noting that this MoU is one of more than 25 agreements that were launched along with the investment initiative group on the first day of Biban 2023.

The event, which will be held from March 9 to 13, 2023 at the Riyadh International Exhibition and Convention Center, is expected to bring together over 105,000 participants, including entrepreneurs, SME owners, investors, politicians and other stakeholders from the Kingdom. and abroad.

As part of other agreements signed, eight banks and financial institutions have pledged more than $2.93 billion to support the SME ecosystem in the Kingdom.

In line with Vision 2030, the agreements will contribute to the diversification of the national economy and the transformation of the country into a world-class trading center.

Sami Ibrahim Al Husseini, Governor of Monshaat, said: “We are fully committed to supporting the national economy and realizing the Kingdom’s potential. As part of this mission, we aim to create an enabling environment for entrepreneurship that encourages investment and growth.” We have also made great strides on this journey over the years. This is evidenced by the Kingdom’s recent jump from position forty-one in 2018 to position two in 2022 in the Entrepreneurship Status Index published by the Global Entrepreneurship Monitor.

He added: “Beban 2023 represents a fantastic opportunity for us to build on this progress and take further steps towards the goals of Vision 2030. As a unique platform entirely focused on meaningful exchange, communication and collaboration, Beban 23 will help inspire innovation and bring about sustainable positive change in the Saudi and international business sector.

Source: AFP.

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