Saudi Arabia's Biban 23 Forum sees signing of SR10.6B worth of deals for SME sector
Date
3/13/2023 8:34:22 AM
(MENAFN) The Biban 23 Forum in Saudi Arabia 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 agreements aim to contribute to the growth and sustainability of Saudi Arabia’s pioneering Small and Medium Enterprises (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 three years.
Other significant deals included the Saudi Export and Import Bank's agreement with the Saudi National Bank to provide financing solutions for the export of non-oil commodities with a value exceeding SR99.3 million. The Small and Medium Enterprises General Authority (Monsha'at) also signed an MoU with Riyadh-based business management consulting firm Accenture Saudi Arabia Ltd, as well as with the Youth Club Investment Co. to provide support to SMEs in the field of sports.
Furthermore, Nusaned Investment Co. and Banque Saudi Fransi signed an SR200 million cooperation deal aimed at financing emerging SMEs in which the company invests and in the companies that benefit from SABIC's localization initiative, also known as NUSANEDTM. These deals will contribute to the growth and sustainability of the SME sector in Saudi Arabia, which is a key pillar of the country's economic diversification strategy.
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