SAR 28.9 billion in day 2 agreements and launches at Saudi GEC
The Global Entrepreneurship Conference (GEC) witnessed, in its second day, agreements and launches with a total value of SAR 28.9 billion ($7.71 billion), designed to support entrepreneurship in various fields and enhance the Kingdom’s position as an attractive environment for pioneers, innovators and creators from around the world.
The conference, organized by the Small and Medium Enterprises General Authority “Monsha’at” in cooperation with the Global Entrepreneurship Network, continued under the slogan “We Reinvent, We Renew”, as it witnessed the signing of more than 21 agreements and the launch of many investment initiatives.
Monsha’at signed a memorandum of understanding with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi Arabia store. As part of the MoU, Amazon will support small and medium enterprises with the logistical capabilities, tools, and programs that Amazon provides to sellers.
The launches included the announcement of the Small and Medium Enterprises Bank, the approved budget for financing the small and medium enterprises sector, which amounted to SAR 12 billion ($ 3.2 billion).
Monsha’at also signed a cooperation agreement with Al Rajhi Bank, worth 2 SAR billion (more than $533 million), to launch programs and innovative financing products.
The Arab National Bank signed several cooperation agreements, including an agreement to launch innovative financing programs and products, with a value of more than SAR 1 billion (over $293 million), and launching a credit card product for small and medium enterprises with an amount of up to SAR 50 million ($13 million).
The Ministry of Investment also announced a set of investments and licensing for many international companies to enter the Saudi market with investments estimated at SAR 3.51 billion (more than $ 936 million).
During the conference’s second day, a total value of innovative financing banking programs, amounting to more than SAR 7.3 billion ($2 billion) for the next five years was announced.
The Saudi National Bank signed a cooperation agreement for a product of innovative financing programs and products worth SAR 1 billion (more than $266 million) and another cooperation agreement to support the innovation program worth SAR 2.7 million ($ 720 thousand), and Bank Albilad signed an agreement with Monsha’at to provide innovative financing programs and products worth nearly SAR 2 billion ($520 million).
Thiqa company signed a joint cooperation agreement with Monsha’at to provide services to small and medium enterprises, while the Saudi Organization for Auditors and Accountants signed an agreement to raise awareness and provide professional guidance in the field of accounting and auditing, and to launch the “Etkal” platform.
The Prince Sultan bin Abdulaziz Fund for Development also signed a cooperation agreement with the aim of launching a business accelerator in the Eastern Province and providing training programs and workshops through the Monsha’at Academy.