Monsha'at: Biban24 fuels regional SME growth and development with landmark agreements worth ove
RIYADH, Saudi Arabia, Nov. 10, 2024 (GLOBE NEWSWIRE) - Biban24 — Saudi Arabia’s flagship startup and SME forum — set the stage for the advancement of Saudi entrepreneurship, bringing leading and budding entrepreneurs, businesses and investors from around the world together to launch a series of remarkable agreements worth more than $9 billion.
Organized by Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, Biban24 — which took place from 5 to 9 November at the Riyadh Front Exhibition & Conference Center — The forum attracted an impressive 182,000 visitors, and raised the bar for SME partnership-working, creating a constructive environment for investors and entrepreneurs to launch impactful partnerships and businesses.
The fifth and final day of the gathering brought leading entities together to sign a diverse selection of innovative agreements, Memorandums of Understanding (MoU) and exclusive partnerships aimed at advancing regional and global entrepreneurship.
Notably, on Day 5 of the event, Tameed launched a financing portfolio worth SAR 2.6 billion. Interactive Smart Communications also introduced a financing portfolio valued at SAR 1 billion, while Mudarabah announced a portfolio of SAR 1 billion. Additionally, Saudi Aramco announced investment rounds from WAED Ventures worth SAR 18 million.
Biban24 also hosted the final rounds of the Entrepreneurship World Cup (EWC). 100 finalists — representing 52 countries — participated in the finals of the annual startup pitch competition, providing competitors the chance to win $1 million in cash prizes and benefit from providing competitors the chance to win $1 million in cash prizes and benefit from networking and access to investment opportunities.
In previous years, the EWC featured several award tracks, including “Growth Stage”, “Early Stage”, “Idea Stage”, and “Innovation Priorities”, all aimed at supporting and empowering entrepreneurs worldwide to develop their projects, hone their skills, and engage with a global network of mentors and advisors.
The 2025 edition of the competition placed an emphasis on a new strategic track dedicated to space technologies, encompassing several subfields such as mining, health and sports, agriculture, and resource management. This track complements the general track, with cash prizes specifically for space technologies totaling $200,000, in addition to the overall prize pool of $800,000.
On the final day of Biban24, Nomiq was announced as the winner of the “Idea Stage”, Yumari was ranked first place in the “Early Stage” track, while MisMar was named as the winner of the “Growth Stage”.
VitruvianMD was revealed as the overall winner of the healthcare category. EnergyX took first place in the energy category, and Salutes Space was recognized with top honors in the “Economies of the Future” category. Marine Innovation was announced as the winner of the competition’s sustainability category.
Contact:
Tarek Chahine
tchahine@webershandwick.com