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Biban24 Forum in Riyadh Concludes with Signing of Agreements Worth SAR35.4 Billion

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
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Biban24 Forum in Riyadh Concludes with Signing of Agreements Worth SAR35.4 Billion

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)

The Biban24 Forum, organized by Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at), concluded in Riyadh on Saturday after five days with agreements and initiatives topping SAR35.4 billion.

The forum, which attracted more than 182,000 visitors and was held under the theme “Global Destination for Opportunities”, offered numerous opportunities and activities to support the Kingdom's rapid development in the SME and entrepreneurial sectors.

Monsha'at Governor Sami Alhussaini said: “Biban24 achieved great success this year. We witnessed record agreements and the introduction of many innovative initiatives that support entrepreneurship in the Kingdom. We are proud of the announcements for financing portfolios and strategic partnerships with prominent local and international entities.”

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops in which over 250 foreign and local speakers took part.

The Biban Talks stage hosted over 100 speakers who delved into topics such as media, tourism, environment, education, sports, finance, and investment. The interactive environment enabled entrepreneurs to share their success stories and challenges.

Some 115 entrepreneurs took part in the Investors Arena, showcasing their projects to investors, which resulted in preliminary agreements for investors to sign deals with 65 companies, worth over SAR15 million.

More than 1,300 startups from 72 countries participated in the forum, which also celebrated the graduation of 12 startups from the Real Estate Innovation Accelerator. Also, the virtual lab was launched to support entrepreneurs.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.