Biban24 Wraps Up With US$9 Bln In Agreements, Fuelling Saudi's SME Growth
KUALA LUMPUR, Nov 11 (Bernama) -- Agreements worth over US$9 billion were signed at Biban24, Saudi Arabia’s flagship startup and small and medium-sized enterprises (SME) forum, organised by Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom. (US$1=RM4.38)
The five-day event, which concluded on Nov 9 attracted an impressive 182,000 visitors and raised the bar for SME partnership-working, creating a constructive environment for investors and entrepreneurs to launch impactful partnerships and businesses.
In a statement, Monsha’at said the fifth and final day of the forum brought leading entities together to sign a diverse selection of innovative agreements, memorandum of understandings (MoUs) and exclusive partnerships aimed at advancing regional and global entrepreneurship.
Notably, on day five, Tameed launched a financing portfolio worth 2.6 billion Saudi riyals, while both Interactive Smart Communications and Mudarabah introduced a financing portfolio valued at one billion Saudi riyals each, in addition to Saudi Aramco’s investment rounds from WAED Ventures worth 18 million Saudi riyals.
Biban24 also hosted the final rounds of the Entrepreneurship World Cup (EWC), in which 100 finalists, representing 52 countries, participated in the finals of the annual startup pitch competition, providing competitors the chance to win US$1 million in cash prizes and benefit from providing competitors and another US$1 million from networking and access to investment opportunities.
In previous years, the EWC featured several award tracks, including “Growth Stage”, “Early Stage”, “Idea Stage”, and “Innovation Priorities”, all aimed at supporting and empowering entrepreneurs worldwide to develop their projects, hone their skills, and engage with a global network of mentors and advisors.
The competition's 2025 edition focused on a new strategic track dedicated to space technologies, encompassing several subfields such as mining, health and sports, agriculture, and resource management.
This track complements the general track, with cash prizes specifically for space technologies totalling US$200,000, in addition to the overall prize pool of US$800,000.
On the final day of Biban24, Nomiq was announced the winner of the “Idea Stage”, Yumari was ranked first in the “Early Stage” track, and MisMar was named the winner of the “Growth Stage”.
In addition, VitruvianMD was revealed as the overall winner of the healthcare category, EnergyX took first place in the energy category, Salutes Space was recognised with top honours in the “Economies of the Future” category, whereas Marine Innovation was the winner of the competition’s sustainability category.
-- BERNAMA