RIYADH: The opening day of the Biban 2025 forum in Riyadh saw a wave of financing agreements and new initiatives exceeding SR22.3 billion ($5.94 billion) in value.
Held under the theme “A Global Destination for Opportunities,” the forum marked the launch of more than 30 agreements and memoranda of understanding aimed at boosting entrepreneurship and positioning the Kingdom as a global hub for innovation, the Saudi Press Agency reported.
The centerpiece of the first day was a series of landmark banking deals led by the Small and Medium Enterprises General Authority, known as ѴDzԲ’a. The authority signed a SR5 billion agreement with Riyad Bank, a SR4 billion pact with Al Rajhi Bank, and a SR2 billion deal with Arab National Bank.
These were followed by SR1 billion agreements each with Alinma Bank and Bank AlJazira, and a SR700 million agreement with Banque Saudi Fransi. ѴDzԲ’a also signed a memorandum of understanding with the Saudi National Bank to develop innovative funding solutions.
ѴDzԲ’a expanded its partnerships beyond banking through three cooperation agreements: with Saudi Aramco to support fast-growing enterprises under the “Tomouh” program, with the Social Development Bank for entrepreneurial financing and training, and with Reef Saudi Academy to empower agricultural entrepreneurs.
Bank Albilad unveiled two new financing portfolios totaling SR3.1 billion — SR2.9 billion for entrepreneurs and SMEs, and SR200 million for fast-growth companies — while the Saudi National Bank launched a SR5 billion portfolio offering flexible financing solutions. The Saudi First Bank also introduced a digital service enabling instant business account openings for micro-enterprises.
ѴDzԲ’a used the forum to roll out several digital initiatives, including a specialized artificial intelligence track in its virtual lab to help startups adopt AI technologies and a cybersecurity program targeting more than 500 enterprises. The National Cybersecurity Authority complemented this with the launch of a new cybersecurity accelerator.
The financing guarantee program “Kafala” signed agreements worth SR300 million with multiple institutions, including Tarmeez Capital and Bidaya Finance, while the SME Bank sealed two deals totaling SR220 million with Aljabr Finance and Yanal Finance Co. to enhance access to capital for entrepreneurs.
Adding an international dimension, ѴDzԲ’a signed a series of global memoranda of understanding to connect Saudi startups with partners worldwide. These included agreements with Japan’s JETRO and Korea’s KOSME for knowledge exchange and policy development, as well as with the Korea Institute of Startup and Entrepreneurship Development and Thailand’s National Innovation Agency to support tech startups through joint contests and research programs.
Further partnerships were inked with Enterprise Singapore and the Swedish Trade and Invest Council to develop joint incubators, accelerators, and international expansion programs.
An MoU with India’s Ministry of Commerce under the “Startup India” initiative will focus on incubator and mentorship development, while a pact with France’s Business France will design capacity-building workshops.
ѴDzԲ’a also signed agreements with LinkedIn to conduct workshops and training for high-growth firms and with Standard Chartered Capital for the “Women in Tech” program supporting female-led startups.
These wide-ranging partnerships and initiatives highlight ѴDzԲ’a’s strategy to build an integrated support system for entrepreneurs, aligning with Vision 2030 goals to expand the SME sector, champion innovation, and drive the diversification of the Saudi economy.
