Biban 24 witnesses signing of 17 agreements, MOUs in first day
Date
11/7/2024 7:48:48 AM
(MENAFN) On the first day of Biban 24, 17 agreements and memorandums of understanding were signed, alongside the launch of financial initiatives valued at more than SR18 billion (USD4.79 billion). These deals were finalized at the Riyadh event, which was organized by the General Authority for Small and Medium Enterprises (Monsha’at) under the theme “A Global Destination for Opportunities.” The forum aims to empower small and medium enterprises (SMEs) and entrepreneurs by enhancing their access to financial support, ultimately driving growth in this vital sector of the national economy.
Monsha’at secured several cooperation agreements with prominent local financial institutions. Riyad Bank committed a financing portfolio worth SR3 billion, while Al-Rajhi Bank pledged SR2.9 billion and Bank Albilad offered SR2.85 billion. Additional agreements were signed with Bank AlJazira for SR1 billion, Alinma Bank for SR800 million, and Banque Saudi Fransi for SR700 million. In addition, a deal worth SR25 million was finalized with Abdul Latif Jameel Co.
These initiatives align with Monsha’at’s mission to enhance the growth and competitiveness of SMEs by partnering with key players from various sectors, both locally and internationally. The financial support aims to create a conducive environment for entrepreneurship and innovation in Saudi Arabia, furthering the development of a thriving SME ecosystem.
As of 2023, SMEs in Saudi Arabia accounted for 28.7 percent of the country's total gross domestic product (GDP), reflecting an 8.7 percent increase from previous years. This growth is on track to meet the Vision 2030 target of 35 percent, underscoring the significant role of SMEs in the country’s economic transformation.
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