Sign in
The General Authority for Small and Medium Enterprises (Monsha’at) inked SME financing agreements worth a combined SAR 10.7 bn on the fourth day of the Biban24 Forum in Riyadh, state news agency SPA reports. A total of 16 new agreements were signed in a bid to support the Kingdom’s business ecosystem and homegrown SMEs.
ICYMI- The Authority signed a combined SAR 18.3 bn-worth of financing agreements with Saudi banks to drive capital access for local SMEs on the first day of the forum. The event — which kicked off last week at the Riyadh Front Exhibition & Conference Center — wrapped up yesterday.
Day #2 recap: On the second day of the forum, some SAR 1.4 bn-worth of agreement were inked to empower local startups and SMEs, Arab News reported. Key collaborations included a MoU between Monsha’at and Qatar Development Bank to drive joint training and innovation programs, and a partnership with Milton International to back USD bn business initiatives, the authority said in a statement. Monsha’at also partnered with ANB to launch a fintech accelerator, and with Noon to support the Mahali program, supporting local businesses’ online presence.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
Monshaat partnered with key financial entities to create financing portfolios for entrepreneurs including a SAR 3.1 bn agreement with Tayseer Finance. This in addition to other agreements with Lendo (SAR 2 bn), Tarmeez Capital (SAR 1 bn), Mrna Finance (SAR 1.9 bn), Funding Souq (SAR 1 bn), Mekyal Financial Technologies Company (SAR 800 mn), Emkan Arabia (SAR 600 mn), Alpha Arabia Finance (SAR 200 mn), and Osoul Modern Finance (SAR 69 mn). Meanwhile, Kafalah signed 10 MoUs with public and private sector entities which will see SMEs gain access to SAR 350 mn in financing, SPA reported.
Beyond financial support: The authority also signed agreements to help upskill entrepreneurs, including collaborations with Entrepreneurship Vision Association and BIM Ventures, Startups House, and Blossom Accelerator to introduce training programs for Saudi entrepreneurs. Saudi National Bank also launched 15 specialized SME branches, while Arab National Bank unveiled its anb digital platform, streamlining financial applications and approvals online to offer quicker and more accessible financial solutions.
ALSO FROM BIBAN 24- Some 36 startups landed angel investments at the event’s Investor Ring platform, where entrepreneurs pitched their businesses directly to local and international investors, Monsha’at said in a separate statement. In a similar move, Al Ahsa Chamber rolled out the Al Ahsa Angel Investors Network, a platform connecting startups and investors. The forum attracted upwards of 70 local and international incubators and accelerators, state news agency SPA reported.
