Biban 24 marked a landmark achievement for Saudi Arabia’s entrepreneurial framework Several financing agreements were signed with local banks, amounting to over SR15 billion RIYADH: Agreements exceeding SR35.4 billion ($9.42 billion) were signed at Biban 24 in Riyadh, an event organized by the General Authority for Small and Medium Enterprises, also known as Monsha’at The five-day event, themed “A Global Destination for Opportunities,” attracted over 182,000 visitors, reflecting the Kingdom’s rapid development in the SME sector and entrepreneurship, the Saudi Press Agency reported. According to Monsha’at Gov. Sami bin Ibrahim Al-Husseini, Biban 24 marked a landmark achievement for Saudi Arabia’s entrepreneurial framework. He highlighted the forum’s record-setting agreements and innovative initiatives, strengthening entrepreneurship within the country. Al-Husseini said these achievements align with Saudi Vision 2030’s objectives to boost the SME sector’s contribution to the national gross domestic product. “The forum’s success is a testament to the commitment of public and private sector enablers, partners, and sponsors to support SMEs and empower entrepreneurs to launch and grow their ventures,” he said. Biban 24 featured partnerships with prominent international organizations, including the Estonian Business and Innovation Agency, Bahrain’s Tamkeen Labor Fund, the Korea Franchise Association, Malaysian SMEs, Korea’s Ministry of SMEs and Startups, Malaysian Franchise Development, Miltton CIO World, Alibaba Cloud, Zoom, and Oracle. Several financing agreements were signed with local banks, amounting to over SR15 billion to support Saudi entrepreneurs and SMEs. The event drew a global crowd of business owners and featured over 300 panels and workshops with over 250 international and local speakers. The e-commerce section included 59 service providers and enablers, showcasing emerging technologies, modern retail, and e-commerce solutions. Specialists provided guidance on digital payments, online marketplaces, and supply chains throughout the forum. Biban Talks, a dedicated stage, hosted over 100 speakers covering diverse topics such as media, tourism, the environment, education, sports, finance, investment, and the non-profit and financial sectors. The interactive platform enabled entrepreneurs to share success stories and discuss challenges. In the Investor Arena, over 115 business owners showcased their projects to potential investors, resulting in preliminary agreements for deals with 65 companies, totaling over SR15 million. The event also welcomed more than 1,350 startups from 72 countries worldwide. Biban 24 celebrated the graduation of 12 startups from its Real Estate Innovation Accelerator, while also launching a virtual lab to support business owners. The event brought together over 70 local and international incubators and accelerators to showcase projects and share success stories. The forum also promoted collaboration between entrepreneurs and investors to build a robust entrepreneurial environment that fosters innovation and economic growth in Saudi Arabia. Asrar Al-Omiri, CEO of “A’akelha Incubator,” said that Biban 24 was an essential platform for startup hubs and accelerators to spotlight their supported projects. She added that A’akelha’s participation through the “360 Platform” virtual incubator aimed to showcase success stories and assist projects in expanding through investment rounds. Al-Omiri highlighted the launchpad’s commitment to attracting entrepreneurs and offering an ideal environment for transforming ideas into scalable businesses. Ghassan Halawa, founder and CEO of Parachute16, affirmed that Biban 24 is the leading event focused on high-growth startups and entrepreneurship. Halawa underscored the extensive local and international participation, which allows business incubators to showcase projects and directly engage with investors and key players in the entrepreneurial space. Lama Ghalayini, business development specialist at VentureTactics Fund, described Biban 24 as a valuable opportunity for fintech startups to enhance their investment prospects. She said the forum provides a crucial platform for entrepreneurs to understand the fund’s role in enabling startups to overcome financing challenges through innovative solutions that foster their market growth. During Biban 24, Monsha’at signed a memorandum of understanding with the General Authority of Civil Aviation to enhance cooperation in supporting SMEs within the civil aviation sector through challenges, hackathons, and innovation initiatives. Representing Monsha’at at the signing ceremony was the Deputy Gov. for Entrepreneurship Sector, Saud bin Khalid Al-Sabhan, while GACA was represented by its Vice President for Aviation Security, Mohammed bin Saad Al-Fawzan. Biban 24, held from Nov. 5 — 9 at the Riyadh Exhibition and Convention Center, stood as a pivotal platform for fostering growth and collaboration within Saudi Arabia’s SME sector, promoting an environment that encourages innovation and cross-sector partnerships aligned with Vision 2030.