The Small and Medium Enterprises General Authority (Monsha’at) has signed a memorandum of understanding (MoU) with Qatar Development Bank (QDB) to enhance cooperation between the two entities.
The MoU focuses on incubator and accelerator programs to support innovation and provide training sessions and workshops that improve expertise and capabilities.
It was signed during the Biban24 Forum, held under the theme “Global Destination for Opportunities” at the Riyadh Front Exhibition and Conference Center. The agreement was signed by the Governor of Monsha’at Sami bin Ibrahim Al-Hussaini and CEO of QDB Abdulrahman Hesham Al-Sowaidi.
Abdulrahman Heshem Al-Sowaidi CEO – QDB
“At Qatar Development Bank, we believe in the importance of cooperation in entrepreneurship and emphasize the need to exchange expertise and knowledge with business ecosystems that share our aspirations and vision. This initiative with Monsha’at reflects strong bonds of friendship and represents a strategic step toward sustaining the private sector’s success in both countries, ensuring diversified support for positive contributions to our national economies.”
Al-Hussaini said, “Regional cooperation is a key to success in supporting and developing the entrepreneurship ecosystem. The MoU with Qatar Development Bank represents a strategic partnership to empower small and medium-sized enterprises to expand in local and international markets. We will provide innovative training programs and consulting services to stimulate entrepreneurs and enhance the competitiveness of their projects, in line with Saudi Arabia’s Vision 2030 to promote a sustainable economy.”
Further, this partnership aims to offer training programs and consulting services related to entrepreneurship for small and medium-sized enterprises in both countries. It also seeks to support national entrepreneurship ecosystems to reach local and global markets, enhancing competitiveness through various programs and services that build skills and promote products and businesses.
The MoU also includes field visits between entrepreneurship ecosystems in both countries, trade exchange opportunities, and participation in exhibitions and conferences in both nations.
The Biban24 Forum, one of the largest events for entrepreneurs globally, brings together over 250 speakers and 150 enablers, offering more than 420 workshops. Through this forum, Monsha’at seeks to encourage entrepreneurs to launch projects, engage with local and global expertise, and promote a culture of innovation and entrepreneurship.
