Monsha’at signs MoU with Huawei Tech Investment Saudi Arabia to help Saudi SMEs with ecommerce tools

Monsha'at, Saudi Arabia's Small and Medium Enterprises General Authority, has signed a Memorandum of Understanding (MoU) with Huawei Tech Investment Saudi Arabia Limited on the opening day of Biban 2023, the kingdom's flagship startup and SME Forum.

The MoU aims to ensure the two entities join forces to increase the digital efficacy and transformation of the SMEs in Saudi.

Monsha’at and Huawei Tech Investment Saudi Arabia will work together to equip Saudi SMEs with the tools to grow and succeed in the ecommerce space. The agreement will promote joint-cooperation and pioneer leading-edge solutions designed to empower SMEs reliant on communication technology.

“We are fully committed to bolstering the national economy and fulfilling the Kingdom’s potential," said Sami Ibrahim Alhussaini, Governor of Monsha’at, in his opening speech. "As part of this mission, we aim to create an affirming entrepreneurial environment conducive to investment and growth. We have made significant strides on this journey over the years, as seen with the Kingdom’s recent leap from 41st place — in 2018—to second place, in 2022, on the Global Entrepreneurship Monitor’s ‘State of Entrepreneurship index’,” he added.

Apart from the MoU with Huawei, eight banks and financing entities pledged more than $2.93 billion to support the Kingdom’s SME ecosystem. The MoU with Huawei is one of the 25 other agreements made on the first day of the event. The event has attracted over 105,000 entrepreneurs, investors, policymakers, and SME owners from the region and beyond.

In line with Saudi's Vision 2030, the agreements aim to work towards the diversification of the national economy, transforming the country into a world-class hub of commerce: a nerve center of entrepreneurship and go-to investment destination. 

Alhussaini added, “Biban 2023 represents a fantastic opportunity for us to build on this progress and take more steps towards realising the goals of Vision 2030. Now a marquee international event, the five-day forum will feature more than 350 speakers and experts from over 120 public and private entities. A unique platform fully geared towards the meaningful exchange of insights, networking and collaboration, Biban 23 will help to inspire innovation and effect lasting positive change within the Saudi and global entrepreneurship sector.”