A total of 33 agreements besides several investments worth more than $4.2 billion were signed on the first day of the Global Entrepreneurship Congress in Riyadh.
These are aimed at supporting entrepreneurship in various fields and enhancing the Kingdom’s status as an attractive environment for pioneers, innovators and creators in the Middle East and North Africa, Saudi media reports said.
Saudi Aramco signed 10 memoranda of cooperation and two agreements with local and international companies in digital transformation, information technology, and national development, while the Social Development Bank signed agreements with several entities including the Royal Commission in Yanbu and the National Entrepreneurship Institute (Riyadah), and announced the launch of several initiatives to support Empowering entrepreneurs valued at more than SR11 billion (around $3 billion).
The Saudi Venture Investment Company (SVC) signed agreements with several investment funds at a total of SR2.4 billion (more than $656 million), while SABIC launched the “Nusaned Fund 2″ with Al-Ahly Capital Holding worth SR750 million ($200 million) to support start-up companies and develop the industrial sector.
Cars24, an automotive e-commerce platform, Lenskart, the largest Asian optical eyewear retail chain, and Kitopi, a cloud-kitchen platform, signed memorandums of understanding (MOU) with the General Authority for Small and Medium Enterprises (Monsha’at) to support entrepreneurs in specialized fields.
Monsha’at also signed a MOU with Saudi Authority for Data and Artificial Intelligence to launch the Ruwad initiative, and another MOU with the Royal Commission for Jubail and Yanbu, the Saudi Industrial Development Fund, and King Abdullah University of Science and Technology to cooperate in the fields of data, artificial intelligence, and SABIC, to boost cooperation in various initiatives for entrepreneurs and small and medium enterprises.
Moreover, an agreement was also signed with Aljabr Finance Company to finance products for entrepreneurs and small and medium enterprises, valued at SR20 million riyals ($5.33 million).