The first day of Biban 2023, Saudi’s largest SME conference, concluded with a series of sessions and workshops on entrepreneurship, investment, small and medium enterprises, and promising entrepreneurial opportunities in various sectors.
The first day saw the signing of over 25 agreements and memoranda of understanding, as well as the launch of financing initiatives totaling over SAR10 billion ($2.66 billion).
The Arab National Bank launched financing products worth SAR1.1 billion as part of the forum’s activities.
Monshaat and Bank Albilad signed a 1 billion riyal agreement to provide financing products for SMEs. Monshaat and Aljabr Finance Company also inked a 500 million riyal agreement to launch financing products.
Read more: ADGM, Zand Bank ink MoU to support SMEs in UAE
Additionally, Monshaat agreed to launch financing products worth SAR500 million with Alinma Bank. Also, Monshaat and the Saudi National Bank (SNB) approved launching financing products worth SAR1 billion.
Moreover, the forum saw the signing of a commercial franchise cooperation agreement between Monshaat and Al-Amthal Financing Company to provide financing programs worth SAR100 million. A deal worth SAR1 billion was further signed between Banque Saudi Fransi and the Saudi Export and Import (EXIM) Bank.
Monshaat has renewed a collaboration agreement with Al Rajhi Bank to launch financing products worth SAR2.1 billion, as well as a collaboration agreement with Al Jabr Finance Company to launch financing products worth SAR100 million.
Furthermore, an MoU with Huawei was signed to equip Saudi SMEs with the tools to grow and succeed in the e-commerce space.
Biban 2023 forum, held under the slogan “Opportunities Create Leadership,” attracts a large number of entrepreneurs and investors from around the world. The forum aims to strengthen the Kingdom’s reputation as a preferred location for entrepreneurs both locally and globally, assist the expansion and viability of entrepreneurs’ enterprises, and promote an entrepreneurial culture.
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