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GEC Witnesses $8 Billion in Agreements, Investments to Support Saudi Entrepreneurship

GEC Witnesses $8 Billion in Agreements, Investments to Support Saudi Entrepreneurship

Tuesday, 29 March, 2022 - 08:45
The signing ceremony between Monsha'at and Amazon at GEC. (Asharq Al-Awsat)

The Global Entrepreneurship Congress (GEC), held in Riyadh, witnessed several agreements and investments worth almost $8 billion on its second day.


The agreements aim to support entrepreneurship in various fields and enhance the Kingdom's position as an attractive environment for pioneers, innovators, and creators worldwide.


Global Entrepreneurship Congress (GEC), launched under the theme Reboot, Rethink and Regenerate over four days, is organized by the Small and Medium Enterprises General Authority (Monsha'at) in cooperation with the Global Entrepreneurship Network.


It witnessed the signing of more than 21 agreements and the launch of many investment initiatives.


Monsha'at signed a memorandum of understanding (MoU) with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi Arabia store.


As part of the MoU, Amazon will support small and medium enterprises (SMEs) with the logistical capabilities, tools, and programs Amazon provides to sellers.


The launches included the announcement of the Small and Medium Enterprises Bank, the approved budget for financing the small and medium enterprises sector, which amounted to $3.2 billion.


Monsha'at signed a cooperation agreement with al-Rajhi Bank, worth over $533 million, to launch programs and innovative financing products, and the Arab National Bank signed several cooperation agreements, including an agreement to launch innovative financing programs and products, with a value of over $293 million, and establishing a credit card product for SMEs worth $13 million.


The Ministry of Investment also announced a set of investments and licensing for many international companies to enter the Saudi market, with investments estimated at over $936 million.


The conference's second day witnessed total investments of $2 billion for the next five years in innovative financing banking programs.


The Saudi National Bank signed a cooperation agreement for a product of innovative financing programs and products worth over $266 million and another cooperation agreement to support the innovation program worth $720,000.


Bank al-Bilad signed an agreement with Monsha'at to provide innovative financing programs and products worth about $520 million.


THIQAH company signed a cooperation agreement with Monsha'at to provide services to SMEs.


The Saudi Organization for Auditors and Accountants signed an agreement to raise awareness and provide professional guidance in accounting and auditing and launch the "Etkal" platform.


The second day also witnessed the signing of an MoU between the Ministry of Investment and the Saudi Authority for Data and Artificial Intelligence (SADAI) to empower entrepreneurs and SMEs.


The Saudi Tourism Authority signed an agreement with Monsha'at to cooperate in several initiatives that support establishments in the tourism field.


The Prince Sultan bin Abdulaziz Fund for Development (PSDF) also signed a cooperation agreement to launch a business accelerator in the Eastern Province and provide training programs and workshops through the Monsha'at Academy.


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