Agreements to Launch Pilot Initiatives for Small Enterprises in Saudi Arabia

Biban 2023 witnessed the signing of more than 25 agreements and memorandums of understanding, and the launch of a number of pioneering and financing initiatives. (Asharq Al-Awsat)
Biban 2023 witnessed the signing of more than 25 agreements and memorandums of understanding, and the launch of a number of pioneering and financing initiatives. (Asharq Al-Awsat)
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Agreements to Launch Pilot Initiatives for Small Enterprises in Saudi Arabia

Biban 2023 witnessed the signing of more than 25 agreements and memorandums of understanding, and the launch of a number of pioneering and financing initiatives. (Asharq Al-Awsat)
Biban 2023 witnessed the signing of more than 25 agreements and memorandums of understanding, and the launch of a number of pioneering and financing initiatives. (Asharq Al-Awsat)

Biban 2023 - Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – saw on Friday the signing of more than 25 agreements between the government and private agencies.

The forum, which kicked off on Thursday at the Riyadh Front Exhibition and Conference Center, is organized by Monsha’at - the Saudi General Authority for Small and Medium Enterprises, and attended by 350 speakers representing entrepreneurs, investors and experts from around the world, more than 120 public and private entities, and 750 exhibitors.

The forum witnessed the signing of more than 25 agreements and memorandums of understanding, and the launch of a number of pioneering and financing initiatives, with a financial value of more than 11 billion riyals ($2.9 billion).

A cooperative agreement was signed between Monsha’at and SABB Bank, in the presence of the Deputy Governor of the Public Authority for Small and Medium Enterprises for Planning and Development, Suleiman Al-Tarif, and the head of Business Banking and SMEs at SABB, Munif Al-Otaibi.

Monsha'at also signed a memorandum of understanding (MoU) with Huawei Tech Investment Saudi Arabia, to work together to equip Saudi SMEs with the tools to grow and succeed in the e-commerce space. The agreement will promote joint cooperation and pioneer leading-edge solutions designed to empower SMEs reliant on communication technology.

On the other hand, Monsha’at signed a cooperation agreement with the Ministry of Energy, with the aim of enabling gas stations to expand their brands through the Commercial Franchise Center.

The General Authority for Small and Medium Enterprises concluded a number of MoUs with government agencies and major projects, including the Ministry of Environment, Water and Agriculture, the Tourism Development Fund, the Saudi Export Development Authority and the Red Sea International Company, with the aim of empowering and supporting entrepreneurs, establishments and startups.



President Lula Urges Recognition of Brazil, Saudi Arabia’s Growing Economic Influence

Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)
Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)
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President Lula Urges Recognition of Brazil, Saudi Arabia’s Growing Economic Influence

Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)
Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)

Brazil’s President Luiz Inácio Lula da Silva has stressed the importance of including emerging nations in global economic discourse, highlighting the rising influence of countries like Saudi Arabia and Brazil.
In his opening remarks at the FII Priority Summit in Rio de Janeiro on Wednesday, President Lula highlighted that Brazil’s first-ever hosting of the Saudi Future Investment Initiative (FII) signifies the growing influence of emerging economies in the global economic talks, moving beyond established powerhouses.
Defying negative predictions, Brazil’s GDP grew by 2.5% over the past year, and the country is on course to become the world's eighth-largest economy by the end of my term, said Lula.
He also highlighted that in 2023, Brazil achieved a historic trade surplus, with exports from January to April reaching a record $108 billion, largely driven by the manufacturing sector.
Lula saw great potential in partnering with Saudi Arabia for mutual gains.
The Brazilian leader said his country is looking forward to creating a bilateral investment fund to explore unique opportunities and strengthen its partnership with the Kingdom.
On his part, Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, shared the fund’s interest in investing in Brazil, particularly in technology, renewable energy, and mining.
The PIF governor also hoped for an opportunity to invest in the Brazilian football landscape.
Al-Rumayyan emphasized the PIF’s focus on entertainment and sports, noting that 70% of Saudi Arabia’s population is under 35.
He mentioned PIF’s significant initiatives in various sports, including football, and called Brazil an ideal place for such investments.
Al-Rumayyan explained that while 80% of PIF’s assets are invested in Saudi Arabia, the remaining 20%, about $200 billion, is invested internationally. The total assets under management are around $1 trillion, with a target to reach $2 to $3 trillion by 2030.
He stressed that most investments are within Saudi Arabia to create jobs, boost GDP, and localize production of imported goods.
The three-day FII Priority Summit, happening for the first time in Latin America, powered by FII Institute, gathers global officials and business leaders from various sectors. The event debates issues under the theme “Invest in Dignity.”
The summit gathers global leaders, government officials, investors, CEOs, and entrepreneurs. It is part of the FII Institute, known as “Davos in the Desert,” based in Riyadh.
The FII Institute hosts annual global conferences and initiatives to tackle major world challenges, focusing on environmental, social, and governance issues. The Saudi PIF manages the institute.