Monsha’at Takes Significant Step Transforming Saudi Entrepreneurship Landscape

KUALA LUMPUR, Nov 11 (Bernama) -- The Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, Monsha’at, has taken another important step towards reshaping the Saudi entrepreneurship landscape.

This is following the announcement of 16 agreements totalling more than 10.6 billion Saudi riyals on the fourth day of Biban24, according to a statement. (100 Saudi riyals = RM117.40)

Extending its ongoing efforts to empower Saudi entrepreneurs and bolster the Kingdom’s small and medium-sized enterprises (SME) infrastructure, Monsha’at also announced a wide selection of agreements to allocate substantial financial portfolios to financing Saudi Arabia’s rapidly growing community of entrepreneurs.

This includes a portfolio worth 3.1 billion Saudi riyals in collaboration with Tayseer Finance; a portfolio valued at two billion Saudi riyals with Lendo Company; and a one billion Saudi riyals portfolio with Tarmeez Capital.

These agreements are fully geared towards providing SMEs with stepping stones to success and facilitating more seamless and ready access to vital tools and resources.

The National Commercial Bank (NCB) has also announced the launch of 15 new branches specialised in supporting SMEs, while Arab Bank launched “anb digital”, a platform created to enable SMEs to submit financing applications, receive preliminary approvals, and sign contracts electronically.

On the fourth day of Biban24, a range of seminars and workshops were being hosted, covering a diversity of subjects and areas of interest, to empower participants, attendees, and entrepreneurs from the region and beyond with access to all-important insights, resources, and connections.

Held under the theme of Global Destination for Opportunities, the gathering is focused on driving the growth and development of the Saudi entrepreneurial ecosystem for local and international entrepreneurs.

-- BERNAMA