As we prepare for the first post-pandemic Biban event in Riyadh, Saudi Arabia’s dynamic entrepreneurial ecosystem continues to thrive. Thanks to its business-friendly reforms and forward-thinking policymaking, the Kingdom has become one of the Middle East’s most enticing destinations for startups and SMEs.
Now boasting more than 1.14 million small businesses, the number of SMEs grew 6% between Q3 and Q4 2022, a clear indication that Saudi Arabia’s private sector is forging new paths every day.
Events such as Biban, which means “doors” in Arabic, provide unique opportunities for entrepreneurs, investors, innovators, and policymakers to meet and build upon this rich ecosystem. With over 105,000 expected attendees, this year’s edition will feature a designated Business Lounge to facilitate connections and meeting requests between pitchers and investors.
In addition to hosting seminars and presentations from entrepreneurs, it will feature the Biban Draper Aladdin competition, which carries a SAR 1.875 million ($500k) prize for the winning startup.
Biban 23 will also host the 2023 Entrepreneurship World Cup (EWC) global finals. More than just a pitch competition, entrepreneurs will share their ideas, network, engage with investors, and build lasting new relationships. Previous editions have attracted up to 400,000 entries, with this year’s prizes exceeding $1 million.
As the Deputy Governor of Monsha’at, it is very exciting to watch the progress of Saudi Arabia’s SME ecosystem mature in real time. With initiatives such as Biban, Monsha’at is not only stimulating an expanding ecosystem but also encouraging entrepreneurial mindsets.
Through innovative challenges and comprehensive opportunities, these events and competitions are bringing many of the best and brightest to the Kingdom, where they are joining our own innovators to exchange best practices and groundbreaking ideas.
In time, these entrepreneurial projects from around the world will stimulate growth and new business models in Saudi Arabia. They will also help us address national priorities, from transport and clean energy to logistics, e-commerce, and tourism.
Along with a series of dynamic private sector accelerators, incubators, and upskilling programs, the suite of national initiatives underway is driving long-term resilience by unlocking new sectors, attracting international-level talent, and ensuring the Kingdom’s growing ecosystem is aligned with the best entrepreneurial minds, most innovative ideas, and the smartest capital in the SME market.
Together with the rest of the Kingdom’s public and private sector, Monsha’at is proud to help lead the drive toward economic diversification, the growth of the non-oil economy, and the sectors, ideas, and endeavors of the future.
As part of this journey, Biban 23 will be a celebration of Saudi Arabia’s achievements in enabling its SME ecosystem and a showcase of the Kingdom’s commitment to further growth in the SME field. Join us there to see how your business can grow, or how your investment can bear fruit, in our thriving ecosystem.
Follow us on
Brand View allows our business partners to share content with Arabian Business readers.
The content is supplied by Arabian Business Brand View Partners.
