RIYADH: Agreements worth over SR35.4 billion ($9.42 billion) were inked at Biban 24 in Riyadh, an event organized by the General Authority for Small and Medium Enterprises (Monsha’at).
The five-day event, themed “A Global Destination for Opportunities,” drew over 182,000 visitors, reflecting Saudi Arabia’s rapid progress in the SME sector and entrepreneurship, according to the Saudi Press Agency.
Monsha’at Governor Sami bin Ibrahim Al-Husseini stated that Biban 24 marked a significant milestone for Saudi Arabia’s entrepreneurial ecosystem. He noted the forum’s record-breaking agreements and innovative initiatives, which are crucial for bolstering entrepreneurship in the country.
Al-Husseini emphasized that these accomplishments are in line with Vision 2030’s goals to increase the SME sector’s contribution to the national GDP.
“The forum’s success underscores the dedication of public and private sector enablers, partners, and sponsors to support SMEs and empower entrepreneurs to launch and expand their businesses,” he said.
Biban 24 saw collaborations with major international organizations, including the Estonian Business and Innovation Agency, Bahrain’s Tamkeen Labor Fund, and the Korea Franchise Association, among others. Several financing agreements with local banks, totaling over SR15 billion, were also signed to support Saudi entrepreneurs and SMEs.
The event attracted a global audience of business owners and featured over 300 panels and workshops with more than 250 international and local speakers. The e-commerce section showcased 59 service providers and enablers, highlighting emerging technologies and modern retail solutions.
Biban Talks, a dedicated stage, hosted over 100 speakers discussing topics ranging from media and tourism to education and finance. The Investor Arena saw over 115 business owners pitch their projects to potential investors, leading to preliminary agreements worth over SR15 million.
Biban 24 also welcomed more than 1,350 startups from 72 countries and celebrated the graduation of 12 startups from its Real Estate Innovation Accelerator. The event brought together over 70 local and international incubators and accelerators to promote collaboration between entrepreneurs and investors.
Asrar Al-Omiri, CEO of “A’akelha Incubator,” highlighted Biban 24 as a crucial platform for startup hubs and accelerators to showcase their supported projects. Lama Ghalayini, from VentureTactics Fund, described the forum as a valuable opportunity for fintech startups to enhance their investment prospects.
Source link: https://www.arabnews.com
