In the light of the upcoming SME-focused BIBAN forum, Saudi Arabia’s General Authority for Small and Medium Enterprises has been looking for different tools and solutions to support local entrepreneurship. According to internal sources, the funding of SMEs is a top priority. The ease of administrative burden on businesses comes second.
The recently-established General Authority for Small and Medium Enterprises (Monsha’at) also organizes conferences, workshops, and other events to strengthen the communication between the government and the businesses. It also works with the youth population to inspire them to become entrepreneurs.
The Kingdom also launched an alternative equity market called Nomu-Parallel Market. Its more flexible listing requirements allow startups achieve growth through various funding options.
One of the last initiatives of Monsha’at is the interactive forum BIBAN. It will be held at the Riyadh Exhibition and Convention Center between September 17-20. The four-day conference features keynote speeches by prominent local and international entrepreneurs, venture capitalists, and other professionals to provide insights into how SMEs in Saudi Arabia can succeed:
BIBAN aims to raise community awareness on the importance of innovation and creativity for entrepreneurship as well as to create a nurturing environment and the technical infrastructure to support competitiveness among SME.