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Stakeholders and attendees at Biban 2023 in Riyadh, Saudi Arabia.
The Kafalah Program has formally announced partnerships with various Saudi Arabia-based companies, pledging up to $1.5 billion in loan guarantees to the Kingdom’s fast-growing community of start-ups and small and medium enterprises (SMEs).
The announcement was made on the second day of Vivan 2023 and the Kafalah program (the Kingdom’s leading loan risk guarantee program and one of the largest loan risk guarantee programs in the region) is fully aligned with the goals of Vision 2030. I am doing it.
The program’s $1.5 billion pledge was announced alongside the signing of several contracts focused on developing the SME space in Saudi Arabia.
This includes partnerships between the Kingdom of Saudi Arabia’s Directorate General of Small and Medium Enterprises (Monsha’at) and two of the world’s leading companies that bring entrepreneurship to life in the region.
In line with the diversification of the Kingdom’s economy, Monsha’at has signed a Memorandum of Understanding (MoU) with the SME Development Authority of Oman. With this agreement, Monsh’aat and her SME Development Authority will work together to strengthen the SME ecosystem in Saudi Arabia and Oman, promoting trade and entrepreneurship between the two countries.
Monsha’at has also signed a MoU with the Visa International Service Association (VISA). As part of the agreement, the parties will work together to enhance joint cooperation and support VISA’s “She’s Next” initiative. This is a women’s empowerment program established to give women entrepreneurs the tools to grow their businesses. This initiative will help Saudi businesswomen reach their goals and achieve sustainable success.
Valued at over $1.5 billion, these partnerships join a wide range of deals launched at Biban 2023. Bringing together entrepreneurs, small business owners, investors and policy makers from around the world, the event will run from March 9-13, 2023.
Deputy Governor of Monsha’at for Entrepreneurship Saud Alsabhan said: The world’s leading businesses demand the right platform to network, collaborate and create.
He continues:
Monshaat, the Directorate General of Small and Medium Enterprises of the Kingdom of Saudi Arabia, has signed a Memorandum of Understanding (MoU) with Huawei Tech Investment Saudi Arabia Limited.
Launched on the first day of Biban 2023 — Saudi Arabia’s flagship startup and SME forum — the new partnership will see the two entities join forces to power the digital transformation of the kingdom’s small and medium enterprises (SMEs).
The MoU is one of over 25 agreements launched on the first day of Biban 2023 alongside various investment initiatives.
The event, which will be held from 9 March to 13 March 2023 at the Riyadh Front Exhibition and Conference Center, will bring together entrepreneurs, small business owners, investors, policy makers and other stakeholders inside and outside the Kingdom. It is expected to attract over 105,000 attendees, including
As part of the signed deal, apart from the MoU with Huawei, eight banks and financial institutions have pledged more than $2.93 billion to support the Kingdom’s SME ecosystem. As part of the deal, Monsha’at and Huawei Tech Investment Saudi Arabia will work together to provide Saudi SMEs with the tools to grow and succeed in the e-commerce space.
The agreement will foster joint cooperation and pioneer cutting-edge solutions designed to empower small and medium-sized businesses that rely on communications technology.
In line with Vision 2030, the agreement will help diversify the national economy and transform the country into a world-class commercial hub.
Monshat Governor Sami Ibrahim Al-Husayni said: As part of this mission, we aim to create a positive entrepreneurial environment conducive to investment and growth. ”
“We have seen a number of years on this journey, as seen in our jump from 41st in 2018 to 2nd in 2022 in the Global Entrepreneurship Monitor’s State of Entrepreneurship Index. We have made great progress.”
“Vivan 2023 is the perfect opportunity to build on this progress and take another step towards realizing the goals of Vision 2030.”
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