The Saudi Arabia SME forum at Biban 24 launched with over $4.79 billion in agreements, driving SME growth and advancing Vision 2030 goals

On the opening day of the Saudi Arabia SME Forum at Biban 24 in Riyadh, the event reached record-breaking heights with deals and initiatives totalling over SR18 billion ($4.79 billion). Led by the General Authority for Small and Medium Enterprises (Monsha’at), this annual gathering aimed to strengthen the Saudi economy by promoting SME growth. Under the theme “A Global Destination for Opportunities,” Biban 24 brought together entrepreneurs, financiers, and government officials, all committed to empowering SMEs and driving economic diversification to achieve Vision 2030 goals.

Among the first-day agreements, several local banks stepped forward with major financing commitments. Riyad Bank unveiled a portfolio valued at SR3 billion, Al-Rajhi Bank committed SR2.9 billion, and Bank Albilad dedicated SR2.85 billion to support SMEs. Saudi National Bank added another SR3 billion, while Saudi Awwal Bank announced an SR1 billion initiative. This financial backing serves as a foundation for Saudi entrepreneurs and SMEs to grow, expand, and contribute to the national economy. 

International partnerships also took centre stage. Monsha’at signed memorandums with the Korean Ministry of Small and Medium Enterprises to support innovation in financial technology, specifically fintech startups. A new agreement with Malaysia aims to increase franchise exchanges and promote knowledge sharing between the two countries, strengthening the presence of Saudi and Malaysian brands abroad.

Monsha’at introduced initiatives with X Development to deliver specialized digital transformation training. Through this, they aim to equip entrepreneurs with essential digital skills, empowering them to keep pace with modern demands in a rapidly evolving market. Other agreements include partnerships with Estonian and Bahraini agencies to facilitate training and franchise development for Saudi entrepreneurs. 

To boost Saudi Arabia’s position as a top entrepreneurial hub, Biban 24 announced that it would host the Middle East and North Africa Startup Competition finals for the first time, in collaboration with the London Business School. The competition aims to support startups in the region by offering a global platform for visibility and growth.

A highlight of the day included the announcement of the “Entrepreneur Residency” status for 38 foreign entrepreneurs from 14 countries, granting them rights to live and work in Saudi Arabia. This initiative aims to attract talent worldwide, further diversifying the nation’s economy and elevating the role of entrepreneurship.

With a dynamic start on its opening day, Biban 24 showcased Saudi Arabia’s dedication to SME development and its ambition to become a global leader in entrepreneurship. By fostering financial support, international partnerships, and educational programs, the forum supports the country’s Vision 2030 objectives, placing SMEs at the heart of the Kingdom’s economic transformation.