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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)
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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.

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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.