RIYADH: Saudi Arabia’s Small and Medium Enterprises General Authority, also known as Monsha’at, offered financing solutions to the tune of SR228 billion ($60.7 billion) to the SMEs sector in 2022, the authority’s governor, Sami Al-Hussaini, revealed on Thursday.
Speaking at the global entrepreneurship event Biban 2023 that opened in Riyadh, the Monsha’at governor said in order to boost the sector and support SMEs the Kingdom also recently announced the launch of the Small and Medium Enterprises Bank to help entrepreneurs overcome financial hardships.
He said the Kingdom’s SME sector witnessed a huge leap in 2022 as it ranked second on the Global Entrepreneurship Monitor report.
He attributed the growth of the sector to the support offered by the Kingdom’s leadership. Al-Hussaini said the number of SMEs in the Kingdom exceeded 1 million by the end of 2022, which helped created more than 6.2 million job opportunities.
The Kingdom also witnessed a 6 percent quarter-on-quarter growth in the number of SMEs during the fourth quarter of 2022.
Biban 2023 is set to provide entrepreneurs with opportunities to connect and expand their networks with policymakers and leaders from all over the world.
“This year, Biban will announce the Global Entrepreneurship World Cup winner which encompassed startups from 200 countries that went through a series of competitions,” Al-Hussaini said.
World cup participants compete for cash prizes worth more than $1 million and it is one of the most anticipated entrepreneurship events in the world.
Moreover, Biban is set to include competitions and hackathons that have cash prizes worth more than $2.7 million.
“As the flagship event for startups and SMEs, the opportunities at Biban 23 are further proof of the entrepreneurial progress of the Kingdom that is so amply documented in the latest quarterly report,” he said.
