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Monsha’at Signs MoU with Microsoft Arabia to Drive Tech Innovation

The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA
The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA
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Monsha’at Signs MoU with Microsoft Arabia to Drive Tech Innovation

The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA
The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA

The Small and Medium Enterprises General Authority (Monsha’at) has signed a memorandum of understanding (MoU) with Microsoft Arabia at the Biban24 Forum.
The MoU was signed by Monsha’at Deputy Governor for Planning and Development Suliman bin Abdulrahman Alturaif and Microsoft Arabia vice president Zainab Alamin.
The agreement aims to strengthen collaboration to support technology startups and exceptional entrepreneurs by providing them access to support, technology, and resources through Microsoft’s Founders Hub program. It also includes information sharing to align objectives and explore capabilities to achieve goals in accordance with Saudi regulations and policies.
The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. The event seeks to foster the growth and competitiveness of entrepreneurial projects and promote an entrepreneurial culture, contributing to Vision 2030's goal of increasing SMEs' contribution to the national economy.

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France, Germany, Sweden Urge EU Battery Sector Push to Avoid China Reliance

Deputy Prime Minister of Sweden Ebba Busch addresses the "Summit of the Future" in the General Assembly Hall at United Nations Headquarters in New York City, US, September 22, 2024. REUTERS/David Dee Delgado/File Photo
Deputy Prime Minister of Sweden Ebba Busch addresses the "Summit of the Future" in the General Assembly Hall at United Nations Headquarters in New York City, US, September 22, 2024. REUTERS/David Dee Delgado/File Photo
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France, Germany, Sweden Urge EU Battery Sector Push to Avoid China Reliance

Deputy Prime Minister of Sweden Ebba Busch addresses the "Summit of the Future" in the General Assembly Hall at United Nations Headquarters in New York City, US, September 22, 2024. REUTERS/David Dee Delgado/File Photo
Deputy Prime Minister of Sweden Ebba Busch addresses the "Summit of the Future" in the General Assembly Hall at United Nations Headquarters in New York City, US, September 22, 2024. REUTERS/David Dee Delgado/File Photo

France, Germany and Sweden called on the incoming European Commission on Thursday to ensure the future of battery production in Europe and avoid relying on China to meet its needs for the green transition.

In a paper released ahead of an EU ministers' meeting to discuss EU competitiveness on Thursday, the three EU members said European battery companies faced common challenges of scaling up in a global playing field that was not level.

The EU needs to cut red tape, speed up approval processes, create better routes to funding and markets for new companies in the sector and allocate more EU funding for the battery industry, they said.

"If we are to succeed with the green transition we need to get the European battery sector flying and taking a proper share of the market," Swedish Industry Minister Ebba Busch told reporters before the meeting in Brussels, Reuters reported.

The issue is acute for Sweden after Northvolt filed for Chapter 11 bankruptcy protection in the United States last week. The Swedish government has repeatedly said it won't invest in Northvolt to save the company, which has been Europe's biggest hope for an electric vehicle battery champion.

Busch said a strong message from Brussels that European battery making had a solid future would increase the chances for Northvolt to secure new capital from other sources.

China has taken a huge lead in powering EVs, controlling 85% of global battery cell production, International Energy Agency data shows. Busch said the European Union needed to learn from its previous reliance on Russian gas and not become dependent again on an economic rival.

"The green transition might end up becoming a Chinese transition in Europe... Just look at solar cell or wind power sector, a lot of that has been taken over by third-country investment," she said.

The new European Commission, which takes over on Dec. 1, plans in its first 100 days to issue an outline of how the bloc can compete economically while meeting its climate targets.

Busch said the three countries behind the paper were calling for improved regulation to promote new projects and conditions to allow companies to scale up.

German state secretary Berhard Kluttig said the EU also needed to look to sources other than China for key raw material inputs.

"There are many options, Australia, Canada and even Europe, we have lithium projects, so it is also important that we focus on these alternative sources for battery materials," he said.