Monsha’at’s CEO Forum signs eight deals to boost the SME industry

Saudi Arabia's small and medium enterprises (SMEs) are set to thrive following eight agreements signed at the Riyadh CEO Forum.

The event, orchestrated by the Kingdom's Small and Medium Enterprises General Authority, known as Monsha'at, marked its sixth iteration. It zoomed in on topics like funding mechanisms, venture capital investment approaches, and creating sustainable and profitable ventures, as informed by the Saudi Press Agency.
Convened on Oct. 18, the forum's primary objective was to accentuate growth avenues in emerging economies for SMEs and explore the transformative potential of artificial intelligence and innovation in business landscapes.

Forum attendees shed light on the potential of investments in mentoring entrepreneurs, enhancing training facilities, and disseminating crucial business information.

During a discourse on the significance of business governance and sustainability, the emphasis was laid on the crucial role regulations play in fostering a conducive business ecosystem, especially for budding startups.

In a segment dedicated to reconfiguring business sectors via AI, a consortium of CEOs articulated the essentiality of harnessing such technological innovations in assisting SMEs towards industry sustainability.

A panel chat focused on refining the investment milieu highlighted the imperative of reevaluating venture capital investment strategies, nurturing investor ties, and amplifying support for smaller ventures.

The dialogue also brought the Kafalah program into the limelight, aligning it with the Kingdom's Vision 2030 goals. This program aims to address financing challenges SMEs face, which cannot meet the prerequisite guarantees demanded by financial entities. The initiative's role in stimulating economic growth by facilitating essential financing for budding and evolving firms was accentuated.

With 17 foundational pillars, the Kafalah program is tailored to bolster the Saudi economy. It offers enticing schemes in the industrial domain through fiscal advisory and assurances.
Earlier in August, a partnership blossomed between Kafalah and the Saudi EXIM Bank. This collaboration was initiated to roll out an export sector financing guarantee, aiming to augment the evolution of SMEs in the global trade arena.

By this pact, the bank is set to extend its financing scope, catering to a more diverse group of SME exporters. This inclusion entails a specialized credit avenue with perks such as diminished fees and amplified coverage capacity.