Riyadh – Biban 24, the premier event for small and medium enterprises (SMEs) in Saudi Arabia, concluded on a high note, with agreements surpassing SR35.4 billion ($9.42 billion), marking a significant milestone for the Kingdom’s entrepreneurial ecosystem.
Key Partnerships and Financing Support
The event saw the signing of several key financing agreements, with local banks committing over SR15 billion to support Saudi entrepreneurs and SMEs. Biban 24 also featured partnerships with international organizations, including the Estonian Business and Innovation Agency, Bahrain’s Tamkeen Labor Fund, Alibaba Cloud, Oracle, and Zoom. These collaborations underline the forum’s international reach and its role in driving global innovation.
In addition, the Investor Arena was a standout feature, where over 115 entrepreneurs presented their ventures to potential investors. This interaction led to preliminary agreements with 65 companies, totaling SR15 million in investments.
A Hub for Startups and Innovation
Biban 24 attracted over 1,350 startups from 72 countries, showcasing the event’s global appeal. The forum celebrated the graduation of 12 startups from its Real Estate Innovation Accelerator and introduced a Virtual Lab, designed to further support entrepreneurs in scaling their businesses. The event also brought together more than 70 local and international incubators and accelerators, offering a platform for startups to showcase their innovations and connect with investors.
Empowering Entrepreneurs Across Sectors
Throughout the forum, Biban Talks hosted over 100 speakers covering a wide range of topics, including media, education, sports, finance, and the environment. The event also featured a dedicated E-commerce Section, with 59 service providers showcasing cutting-edge solutions in digital payments, online marketplaces, and supply chains. The forum’s emphasis on digital innovation reflects the growing importance of technology in the region’s economic growth.
Lama Ghalayini, Business Development Specialist at VentureTactics Fund, emphasized that Biban 24 serves as a valuable opportunity for fintech startups to enhance their visibility and secure investments, particularly by addressing key challenges in financing and market expansion.
Strategic Collaboration with the Aviation Sector
One of the standout agreements during the event was the memorandum of understanding signed between Monsha’at and the General Authority of Civil Aviation (GACA). This MOU aims to support SMEs within the civil aviation sector through hackathons, innovation initiatives, and challenges to promote entrepreneurship within the industry. The signing ceremony, which included Monsha’at’s Deputy Governor for the Entrepreneurship Sector, Saud bin Khalid Al-Sabhan, and GACA’s Vice President for Aviation Security, Mohammed bin Saad Al-Fawzan, further underscores the forum’s commitment to fostering cross-sector collaboration.
A Key Milestone for Saudi Vision 2030
Biban 24 has solidified its position as a key driver of Saudi Arabia’s Vision 2030, which aims to diversify the economy by supporting SMEs and entrepreneurship. The forum not only showcased the Kingdom’s growing role as a global destination for business but also underscored the importance of fostering innovation, collaboration, and sustainable growth in the entrepreneurial ecosystem. As Saudi Arabia continues to invest in its SME sector, events like Biban 24 play a crucial role in shaping the future of the Kingdom’s economy, providing entrepreneurs with the tools, networks, and resources they need to succeed in an increasingly competitive global marketplace.
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