Saudi Arabia seals 33 agreements, launches investment initiatives of over SAR 16 bln

The Global Entrepreneurship Congress

Saudi Arabia closed 33 agreements, and launched investment initiatives of over SAR 16 billion ($4.2 billion) by the end of the first day of the Global Entrepreneurship Congress (GEC), Saudi Press Agency reported.

These agreements aim to support entrepreneurship in all fields, and strengthen the Kingdom’s position as an attractive environment for all entrepreneurs and innovators in the Middle East and North Africa (MENA).

Saudi Aramco closed 10 MoUs and two agreements with local and global firms in the fields of digital transformation, information technology, and national development.

Elsewhere, the Social Development Bank also signed several deals with the Royal Commission for Yanbu and the National Entrepreneurship Institute (Riyadah).

The Kingdom also launched several products and initiatives worth over SAR 11 billion (nearly $3 billion) to empower entrepreneurs. Saudi Venture Capital (SVC) signed agreements with investment funds at a total value of SAR 2.4 billion (more than $656 million).

Additionally, 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.

Cars24, Lenskart and UAE's cloud kitchen platform Kitopi inked MoUs with The Small & Medium Enterprises General Authority (Monsha'at).

Monsha’at also signed an MoU with Saudi Data and Artificial Intelligence Authority (SDAIA) to launch “Rowad” initiative. An agreement was also sealed with Aljabr Financing Co. to provide financing solutions for SMEs and entrepreneurs at a total value of SAR 20 million ($5.33 million).