Almost $8b in investment secured during 2nd day of

AMMAN — The value of investment agreements and announcements secured on day two, Monday, at the Global Entrepreneurship Congress (GEC) in Riyadh reached almost $8 billion.

Announcements on the second day included $3.2 billion from the Small and Medium Enterprises Bank to finance new businesses, according to a statement from the organisers.

Saudi Arabia’s Ministry of Investment also announced licensing for international companies to enter the country’s domestic market, along with investments estimated at almost $1 billion.

Monsha’at, Saudi Arabia’s General Authority for Small and Medium-Sized Enterprises, signed a cooperation agreement with Al Rajhi Bank worth $533 million, and another agreement with the same bank to launch point-of-sale and fleet financing products.

Meanwhile Monsha’at signed cooperation agreements with the Saudi National Bank, one to support innovation worth $700,000, and another on financing products worth $266 million.

Governor of Monsha’at, Saleh Ibrahim Alrasheed, said: “We’ve had yet another successful day bringing forward investment for entrepreneurs at GEC to help nurture Saudi Arabia’s economy.”

“GEC 2022 marks the entrepreneurial rise of the Middle East, and of Saudi Arabia’s potential as an innovation hub for the region,” he added.

Monshaat signed an agreement with the Saudi Organisation for Auditors and Accountants and THIQAH Company to provide advice to entrepreneurs and launch the new "Etkal" platform.

The Ministry of Investment signed memoranda of understanding with SDAIA to support and encourage the SMEs and entrepreneurs. The Prince Sultan bin Abdulaziz Fund for Development signed a cooperation agreement to launch a business accelerator in the Eastern Province, and provide training programmes and workshops through Monshaat.

Albilad Bank signed an agreement to provide financing products in total of $520 Million. Also, the Arab National Bank launched a credit card for SMEs and other financial products and programs worth some $293 million.

This year’s GEC is being co-hosted in Riyadh by Monsha’at and the Global Entrepreneurship Network (GEN) under the slogan “Rethink, Reboot, Regenerate".