Saudi Arabia seals SAR 51.8 bln agreements during Global Entrepreneurship Congress

The Global Entrepreneurship Congress

Saudi Arabia announced agreements and investment initiatives worth SAR 51.8 billion (or $13.8 billion) in various fields during the Global Entrepreneurship Congress (GEC), which was held in Riyadh. 

The total value of agreements and memorandums of understanding (MoUs) reached SAR 25.2 billion. New launches reached SAR 22.9 billion. The total value of venture capital and private equity deals stood at SAR 3.7 billion, with SAR 109 million investment rounds. 

Among the most important agreements signed during GEC was one by the Social Development Bank (SDB), which unveiled its plan to allocate more than SAR 11 billion (or $3 billion) to finance the entrepreneurs.

Saudi Venture Capital (SVC) signed agreements with investment funds at a total value of SAR 2.4 billion (more than $656 million).

Saudi Basic Industries Corp. (SABIC) announced the launch of Nusaned Fund II, in cooperation with SNB Capital, at a value of SAR 750 million ($200 million) to support start-ups and develop the industrial sector. SME Bank also announced a budget of SAR 12 billion ($3.2 billion) to finance small and medium-sized enterprises.

The Small & Medium Enterprises General Authority (Monsha’at) signed a MoU with Saudi Amazon to enable local firms to promote and sell their products across the Kingdom via Saudi Amazon.

Monsha’at signed a cooperation agreement with Al Rajhi Bank at a total value of SAR 2 billion (or more than $533 million) to offer innovative financing products.

Arab National Bank (ANB) also signed various cooperation agreements, including one for over SAR 1 billion ($293 million) to launch innovative financing products. A second agreement worth SAR 50 million was signed to launch credit cards for SMEs.

Moreover, new licenses and investments were announced by Ministry of Investment in Saudi Arabia (MISA) at a total investment value of nearly SAR 3.51 billion (more than $936 million).

The total value of innovative financing programs by banks surpassed SAR 7.3 billion ($2 billion) for the next five years.

A cooperation agreement worth SAR 1 billion was also made between Saudi National Bank (SNB) and Monsha’at to launch innovative financing solutions.

Another agreement was made by Monsha’at and Bank Albilad on offering innovative financing programs and solutions at a total value of nearly SAR 2 billion ($520 million).

Elsewhere, Kafalah Program signed 12 cooperation agreements and many MoUs worth SAR 6 billion ($1.6 billion).