The SME General Authority of the Kingdom of Saudi Arabia, Monsha’at has taken another important step towards reshaping the Saudi entrepreneurship landscape, following the announcement of 16 agreements totalling more than 10.6 billion Saudi riyals (SAR) on the fourth day of Saudi Arabia’s flagship startup and SME forum, Biban24.
Extending its ongoing efforts to empower Saudi entrepreneurs and bolster the Kingdom’s 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 SAR3.1 billion in collaboration with Tayseer Finance, a portfolio valued at SAR2 billion with Lendo Company and a SAR1 billion 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) 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.
The event managed to attract 182,000 visitors with the aim of raising the bar for SME partnership-working, creating a constructive environment for investors and entrepreneurs to launch impactful partnerships and businesses.
