Global Entrepreneurship Congress 2022 In Riyadh Sees Almost US$8 Billion In Investments Announced On Its Second Day

"GEC 2022 marks the entrepreneurial rise of the Middle East, and of Saudi Arabia's potential as an innovation hub for the region," said H.E. Saleh Ibrahim Alrasheed, Governor of Monsha'at.

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The second day of the 2022 Global Entrepreneurship Congress (GEC 2022) running from March 27-30, 2022 under the slogan "Rethink, Reboot, Regenerate" in Riyadh, Saudi Arabia has seen investment agreements and announcements secured reach a value of almost US$8 billion.

Global Entrepreneurship Congress 2022.
Global Entrepreneurship Congress 2022.

This includes the $3.2 billion announced by Saudi Arabia's Small and Medium Enterprises Bank to finance new businesses, as well as investments estimated to be worth $1 billion declared by the Kingdom's Ministry of Investment, which also announced licensing for international companies to enter the country's domestic market.

Meanwhile, Monsha'at, Saudi Arabia's General Authority for Small and Medium-Sized Enterprises, signed a cooperation agreement with Al Rajhi Bank worth $533 million, while also inking another agreement with the same bank to launch point-of-sale and fleet financing products. The entity also signed cooperation agreements with the Saudi National Bank, one to support innovation worth $700,000, and another on financing products worth $266 million.

Commenting on the announcements made, H.E. Saleh Ibrahim Alrasheed, Governor of Monsha'at, said in a statement, "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."

Among other deals announced at GEC 2022 include an agreement signed by Monsha'at with the Saudi Organization for Auditors and Accountants and THIQAH Company to provide advice to entrepreneurs and launch the new Etkal platform, as well as memorandums of understanding between the country's Ministry of Investment and the Saudi Authority for Data and Artificial Intelligence to support and encourage SMEs and entrepreneurs.

The Prince Sultan bin Abdulaziz Fund for Development also signed a cooperation agreement to launch a business accelerator in the Eastern Province, and provide training programs and workshops through Monsha'at. At the same time, financial institutions like Albilad Bank signed an agreement to provide financing products in total of $520 million, while the Arab National Bank launched a credit card for SMEs and other financial products and programs estimated to be worth about $293 million.

Related: On The Fast Track: Saudi Arabia's Entrepreneurship Ecosystem