The Saudi General Authority for Small and Medium Enterprises (Monsha’at) has signed a memorandum of understanding (MoU) with Bahrain’s Labor Fund (Tamkeen) at the Biban24 Forum.
The MoU was signed by Monsha’at Governor Sami bin Ibrahim Al-Hussaini and Tamkeen Chief Executive Maha Mofeez.
The Biban24 Forum serves as a platform connecting local and international organizations that support entrepreneurship and SMEs. It aims to empower entrepreneurs and foster startup incubation through 50 local incubators and accelerators alongside over 150 supportive entities worldwide.
The MoU aims to bolster economic, trade, and investment cooperation in the small and medium enterprise (SME) sector across both countries, focusing on collaboration in the Franchise Program, including facilitating the exchange of franchise brands for local and international expansion and fostering talent development and capacity building.
Further, the agreement also seeks to expand collaboration on the “Global Practical Training Program,” which enhances skills and accelerates professional growth through international training experiences with leading global companies.
Additionally, it supports information exchange on policies, measures, and practices aimed at empowering SMEs and startups while promoting partnerships and investments among specialized supporting entities in both countries.
During the forum, Monsha’at also signed multiple memoranda of understanding (MoUs) with key organizations to enhance collaboration and drive innovation.
One MoU was established with X Development Company to offer specialized training programs and innovative solutions for digital transformation. Another agreement with the Korean Franchise Association focuses on supporting the expansion of Korean brands both locally and internationally, as well as encouraging franchise businesses from both countries to engage in specialized exhibitions and workshops.
Additionally, Monsha’at partnered with the Estonian Business and Innovation Agency to promote research and development initiatives between startups and research centers in both nations. This collaboration aims to share best practices in innovation and entrepreneurship and implement growth acceleration programs for high-potential companies.
