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Biban 2023: A New Era of Saudi Entrepreneurship

Biban 2023: A New Era of Saudi Entrepreneurship

The stage was set at Riyadh's Biban 2023, Saudi Arabia's flagship startup and SME forum. Leading global entities gathered to sign landmark agreements worth approximately $13.8 billion, bolstering the Kingdom's startup community. Organized by the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (Monsha'at), the event witnessed groundbreaking collaborations and initiatives that empower entrepreneurs in alignment with Vision 2030.

Throughout the forum, numerous agreements took shape, including the Saudi Development Bank's $6.4 billion support for entrepreneurs and SMEs, the Small & Medium Enterprises Bank's $2.8 billion commitment, and the Kafalah Program's $1.5 billion arrangement with various entities. Monsha'at also announced an MoU with Huawei Tech Investment Saudi Arabia Limited to enhance the digital transformation of the Kingdom's SMEs and a partnership with Saudi Cloud Computing Company (SCCC) Alibaba Cloud. In addition, further MoUs were signed with the Ministry of Energy and Nine66, a Savvy Games Group company.

A game-changer for local sellers in Saudi Arabia, Amazon announced access to its global market in the US, Europe, and Asia. In addition, as Biban 2023 showcased entrepreneurial excellence, it hosted the final round of the Entrepreneurship World Cup, co-hosted by the Global Entrepreneurship Network (GEN) and Monsha'at.

The growth of over 1.14 million SMEs in Saudi Arabia indicates the Kingdom's burgeoning private sector. Events like Biban open doors for entrepreneurs, investors, innovators, and policymakers to connect and strengthen this vibrant ecosystem. This year's event featured a Business Lounge, pitch competitions, and the Entrepreneurship World Cup, offering prizes exceeding $1 million.

Saudi Arabia's entrepreneurial landscape is maturing thanks to initiatives like Biban, with the Kingdom becoming a hub of commerce and investment under Vision 2030. The agreements signed at Biban 2023 highlight the commitment to fostering an entrepreneurial environment that drives innovation, growth, and lasting positive change in the Saudi and global entrepreneurship sectors.

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