How Biban is forging the future of the Saudi SME ecosystem

Our ecosystem of small and medium enterprises is maturing. Driven by ambitious, pro-business reform policies, smart upskilling programs and robust funding opportunities for startups and entrepreneurs from all over the country, SMEs are at the forefront of the Kingdom’s economic transformation.

Aligned with Vision 2030’s goal of diversifying the economy and ensuring that SMEs account for 35 percent of the gross domestic product by the end of the decade, Monsha’at is helping create the next generation of ambitious entrepreneurs to underwrite our economic future.

Events such as Biban, which means ‘doors’ in Arabic, are vital to this transformation. An opportunity for the world’s best business leaders to come together in Riyadh, Biban allows startups, business leaders, innovators and investors from every sector to exchange ideas, network, raise capital and forge new partnerships.

As the first Biban to be held since the pandemic, this year’s event is an open door to the future of the Kingdom’s growing economy.

First, it reveals our post-pandemic economic journey and the record of resilience and innovation that have spurred the Kingdom’s market since 2020. And second, it displays how the Kingdom is a natural home to SMEs and entrepreneurs worldwide.

Proof of this can be seen in the growth of venture capital funding in the Kingdom, which grew 72 percent year-on-year through the fourth quarter of 2022 to reach $987 million across 144 deals.

This growth was demonstrated most profoundly in the fintech, food & beverage, and transport & logistics sectors, where funding increased 167 percent, or SR896 million ($239 million), 399 percent, or SR701 million and 260 percent, or SR675 million, respectively.

As a national showcase of Saudi Arabia’s unprecedented SME ambitions, Biban 23 is a valuable opportunity for policymakers, investors, innovators and entrepreneurs to capitalize on the historic business-friendly reforms transforming the Kingdom and launching the ideas and partnerships of the future.

Sami Ibrahim Al-Husseini

Hosting tens of thousands of SMEs, leaders, investors, policymakers, and business minds from MENA and beyond, Biban 23 is showcasing the extent to which Saudi Arabia is open for business.

It is also building upon the Kingdom’s strong heritage of traditional SMEs, which have long been the source of its private sector prowess. In addition to helping older SMEs gain the funding, upskilling, and networks they need to scale, Biban is also dedicated to fostering tangible opportunities for the next generation of venture builders.

Through an informative collection of forums, seminars, workshops and discussions, Biban 23 will strongly focus on companies in new sectors and feature over 750 local, regional and international exhibitors.

The event will also receive over 350 local and international speakers, over 50 local and international franchise brands, over 20,000 training opportunities from more than 300 workshops, and over 120 enablement entities.

Topping it off, it will be the largest and most international version of any Biban event to date, with over 105,000 visitors worldwide.

Biban 23 will also host the Entrepreneurship World Cup global finals, the largest startup pitch competition in the world.

With entrepreneurs from all over the world competing for a share of $1 million in cash prizes, 100 finalists from across the planet will converge in Riyadh this March for the final round of one of the world’s most intellectually stimulating and diverse pitch competitions.

As a national showcase of Saudi Arabia’s unprecedented SME ambitions, Biban 23 is a valuable opportunity for policymakers, investors, innovators and entrepreneurs to capitalize on the historic business-friendly reforms transforming the Kingdom and launching the ideas and partnerships of the future.

With the full support of Monsha’at behind it, events like this are internationalizing our ecosystem and ensuring it has the health, human capital and toughness to lead our social and economic transformation for decades to come. I look forward to seeing as many of you as possible in March as we solidify the Kingdom’s position as a global SME hub.

• Sami Ibrahim Al-Husseini is the governor of Monsha’at.