Arab News, Monday, Mar 13, 2023 | Sha'ban 21, 1444
Biban sees signing of deals worth billions of dollars to propel Saudi SME sector
Saudi Arabia: The Biban 23 Forum
witnessed the signing of more than 10 deals and memorandums of understanding
worth over SR10.6 billion ($2.8 billion) on its third day, the Saudi Press
The agreements aim to contribute to the growth and
sustainability of Saudi Arabia’s pioneering SME sector.
During the forum, the Small and Medium Enterprises
Bank announced the provision of financing products for enterprises with a value
of SR10.5 billion for a period of 3 years.
The Saudi Export and Import Bank signed an
agreement with the Saudi National Bank with the aim of providing financing
solutions for the export of non-oil commodities with a value exceeding SR99.3
In addition, the Small and Medium Enterprises
General Authority — also referred to as Monsha’at — signed an MoU with
Riyadh-based business management consulting firm Accenture Saudi Arabia Ltd.
Monsha’at also signed another MoU with the Youth
Club Investment Co. to propel cooperation in providing initiatives and projects
supporting SMEs specifically in the field of sports.
Nusaned Investment Co. and Banque Saudi Fransi
signed an SR200 million cooperation deal with the objective of financing
emerging SMEs in which the company invests and in the companies that benefit
from SABIC’s localization initiative, also known as NUSANEDTM.
Moreover, Monsha’at sealed a deal with King Faisal
University to provide a set of programs and projects supporting entrepreneurship
and innovation, in addition to an agreement with GoDaddy to enhance the
capabilities of SMEs in the field of e-commerce.
“We have seen exceptional entrepreneurial
resilience, determination, and creativity in Saudi Arabia and GoDaddy would like
to support their potential every step of the way to help them create and grow
their businesses online with the aim of achieving Saudi Arabia's '2030 Vision',
which envisions a sophisticated digital infrastructure to boost fundamental
competitiveness of the Saudi economy,” said Selina Bieber, GoDaddy commercial
strategy senior director, International Markets.
A cooperation agreement was signed between
Monsha’at, SEDCO Holding Co., and the Agricultural Tourism Association to
provide training programs for entrepreneurs through the Monsha’at Academy
An MoU was also signed with Zoho Trading Software
Ltd. to accelerate 30,000 SMEs’ digital transformation and e-commerce adoption.
This partnership aims to make Saudi businesses
more digital-savvy and lead a smooth transition to a fully digitized and
“By leveraging Monsha'at digital platforms and
reach, we will work with Zoho to accelerate the digital transformation of Saudi
SMEs, providing them with a set of cloud-based solutions, self-based learning,
and services of added value," General Manager of Retail at Monsha'at Mahmoud
Another similar MoU was signed with Global Digital
Solutions Co. to provide financing solutions and electronic payments to retail
and online stores.
The authority also launched a cybersecurity
challenge with the Saudi Information Technology Co. and announced the launch of
the program for developing the capabilities of SMEs in the export field in
cooperation with the Saudi Export-Import Bank and the International Islamic
Trade Finance Corp.
On the fourth day of the event, Diriyah Gate
Development Authority signed an MoU with Monsha’at to boost entrepreneurship in
and around the city of Diriyah.
“This MoU’s importance lies in its potential to
promote collaboration, data, and information exchange, and greater coordination
across several joint initiatives,” said Guy Perry, president of Diriyah
On the fourth day of the event, Sadara Chemicals
signed an agreement with Monshaat to join the authority’s Jadeer portal to
facilitate the access of SMEs to purchasing opportunities at Sadara to develop
local content and achieve economic diversification in line with the Kingdom’s
“These partnerships highlight Monsha’at’s keenness
to enhance cooperation with the public and private sectors and to create an
environment that stimulates the growth and prosperity of small and medium-sized
enterprises,” Mohammed Alamro, general manager of entrepreneurship planning, at