Riyadh - Sharikat Mubasher: Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) launched a new report to provide an overview of Biban 2024, the Kingdom’s flagship event for entrepreneurs and small and medium-sized enterprises (SMEs).
The report, titled ‘Biban 2024: Global Destination for Opportunities’, mainly emphasized the importance of foreign investments and investment incentives in stimulating the investment environment in the Kingdom, the authority announced in a statement.
It also underpinned the pivotal role of the Public Investment Fund (PIF) in promoting investment in top-priority sectors and realizing Saudi Arabia’s transformation goals.
The report further showcased the positive impact of several Saudi programs, such as the Quality of Life (QOL) Program which contributed SAR 1.5 billion to the gross domestic product (GDP) through the fourth quarter (Q4) of 2023.
Additionally, Monsha'at highlighted the Kingdom’s efforts to empower women and increase their participation in the workforce, from new education and training programs to policy reforms that support female entrepreneurs and help ensure equal opportunities.
According to the report, women's participation in the Saudi workforce reached 35% in 2023, while their participation in the tech sector hit 35.4% as of 2024.
Furthermore, the report provided an overview of the business landscape in Saudi Arabia where the private sector continued to power the engine of MENA’s largest and most exciting economy.
The authority noted that the number of active commercial registrations in Saudi Arabia hit 1.5 million by the end of Q2-24, with a 4.9% increase in non-oil activities.
Moreover, Monsha’at affirmed the pivotal role of Biban 2024 in empowering enterprises, enhancing administrative and financial efficiencies, promoting strategic partnerships, and showcasing competitive opportunities across all regions in Saudi Arabia.
Organized from 5 to 9 November, Biban 2024 will spur creative synergies between Saudi Arabia and the global entrepreneurial ecosystem, creating unprecedented opportunities for local and international entrepreneurs and SMEs.
Over 250 speakers will participate in insightful discussions on ideas and topics related to entrepreneurship, e-commerce, franchising, investment opportunities, startups, and innovation.
Biban 2024 is expected to provide around 10,000 investment and entrepreneurial opportunities and several consultation and guidance sessions for more than 5,000 beneficiaries.