The General Authority for Small and Medium Enterprises (Monsha’at) has signed a Memorandum of Understanding (MoU) with the Malaysian Small and Medium Enterprise Corporation (SME Corp Malaysia).
The agreement was signed during the Biban24 Forum. The flagship event in the entrepreneurship sector is organized by Monsha’at under the slogan “Global Destination for Opportunities”. The forum is being held from November 5-9, at the Riyadh Front Exhibition and Convention Center.
Sami bin Ibrahim Al-Husseini, Monsha’at Governor, and Rizal bin Dato’ Nainy, SME Corp Malaysia Chief Executive, signed the MoU in the presence of Dr. Majid bin Abdullah Al-Kassabi, Saudi Minister of Commerce, and Ewon Benedick, Malaysian Minister of Entrepreneur Development and Cooperatives.
This marks a key step in enhancing relations and expanding cooperation in small and medium enterprise (SME) development between Saudi Arabia and Malaysia. The agreement creates a framework for both entities to collaboratively work on exchanging information and expertise to support the growth of SMEs.
The collaboration highlights capacity building, high-growth SME programs, market access facilitation, knowledge transfer, and the sharing of best practices related to SME regulations. These efforts seek to streamline business operations, boost innovation, and foster entrepreneurship.
The flagship ‘Biban24’ strives to position Saudi Arabia as a leading hub for entrepreneurs regionally and globally, with initiatives to develop programs and services that improve the competitiveness and growth of entrepreneurial ventures.
Furthermore, the forum promotes a culture of innovation and entrepreneurship, empowers new business, and attracts impactful ideas that drive local and global economic progress.
