RIYADH: Agreements totaling SR1.35 billion ($359 million) were signed on the second day of Biban 24, a key event focused on supporting startups and small and medium enterprises in Saudi Arabia. The agreements, finalized during the forum organized by the General Authority for Small and Medium Enterprises, also known as Monsha’at, are set to benefit a range of entrepreneurial initiatives across the Kingdom. Biban, which means “doors” in Arabic, is a forum that aims to enhance financial support and empower SMEs, fostering growth in the national economy. Among the most notable agreements was a memorandum of cooperation between Monsha’at and the Qatar Development Bank. The partnership seeks to strengthen joint training programs, develop accelerators and incubators, and support innovation initiatives to benefit entrepreneurial projects. Another key agreement was signed between Monsha’at and Milton International, aimed at providing further support to startups and fostering billion-dollar business collaborations between the two organizations. Monsha’at also entered into a cooperation agreement with Arab National Bank to launch a business accelerator focused on financial technology, designed to bolster the growth of fintech enterprises. The event also saw the signing of a memorandum of understanding with the National Events Center to support entrepreneurship within the events sector. This collaboration will involve launching competitions to address challenges through an innovation center. In another significant move, Monsha’at partnered with Noon Co. to enhance its Mahali platform. This initiative will help local businesses develop online stores and tap into new sales opportunities, promoting competitive, locally-produced goods throughout the Kingdom. These agreements are part of Monsha’at’s broader strategy to drive the growth and competitiveness of SMEs by forging partnerships with key industry players, both locally and internationally. Monsha’at signed an agreement with AstroLabs to sponsor the Entrepreneurship World Cup, with AstroLabs committing to provide a service package worth SR1.5 million to support entrepreneurs across the Kingdom. Additionally, the agreements include collaborations with Panda Co. to boost the retail sector by offering sales outlets for small businesses, along with training and employment opportunities in the baked goods sector. Monsha’at has also partnered with Trendyol to exchange expertise and activate entrepreneurial activities in the e-commerce space. In a further international collaboration, Monsha’at and Korea’s Ministry of SMEs and Startups signed a memorandum of understanding aimed at facilitating business growth, fostering innovation, and promoting entrepreneurship. The MoU outlines efforts to share knowledge on policies and regulations that improve the business environment, launch programs supporting innovation and entrepreneurship, and promote e-commerce. It also aims to foster research and development collaboration between startups and research institutions. As part of the agreement, the two parties will establish a joint ministerial committee focused on SMEs and startups, with a work plan for 2025. To enhance entrepreneurs’ understanding of the services sector and municipal development, Monsha’at has partnered with Remat Al-Riyadh Co. to launch initiatives that will support the sustainability and prosperity of Riyadh. In the financial sector, Alinma Bank and BIM Ventures have signed an agreement to offer interest-free loans to startups. The partnership also includes a three-day training program on financial planning and management skills, along with ongoing support for entrepreneurs. In agriculture, the Ministry of Environment, Water and Agriculture, along with Saudi Coffee Co., has signed an MoU to support coffee cultivation projects through the “Sunbula” program. This initiative aims to diversify opportunities and enhance the economic impact of the agricultural sector. The Social Development Bank has signed agreements worth over SR1.3 billion with various entities, including the Ministry of Industry and Mineral Resources, the Ministry of Health, and Bank Albilad. These agreements aim to provide financing and support for entrepreneurs in the industrial, health, and technical sectors, as well as offer electronic payment services to foster financial sustainability for associations and freelancers. In addition to the agreements, the forum introduced several innovative initiatives, including the launch of Monsha’at’s “Virtual Lab,” which helps entrepreneurs turn their ideas into viable business models. The “Riyada Podcast” was also launched to promote the entrepreneurial culture, while the “Al-Ahsa Angel Investors Network” initiative aims to offer investment solutions for emerging companies. During the event, Estonian Minister of Economy and Industry Erkki Keldo shared insights on how Estonia’s entrepreneurial strategies, developed in collaboration with local businesses, have helped attract entrepreneurs. He emphasized that entrepreneurship should be the driving force behind global innovation, not hindered by excessive regulations or organizational barriers. Keldo also highlighted the importance of facilitating access to capital for startups and SMEs, stressing that access to innovative talent is essential for project success. He identified three key pillars of successful entrepreneurship: technology, human resources, and easy access to capital. He further noted that Estonia is one of the world’s fastest-growing entrepreneurial hubs, with a culture of innovation that continuously seeks diverse solutions and opportunities. The Biban 24 also showcased over 10,000 investment opportunities for SMEs from both the public and private sectors, connecting entrepreneurs with more than 5,000 investors to enhance their investment prospects.