Saudi Arabia Reveals Transformative Economic Insights with New Report at Biban24: A Strategic Blueprint for Global Innovation and SME Growth

RIYADH, Saudi Arabia, Nov. 5, 2024 /PRNewswire/ -- As Saudi Arabia accelerates toward its Vision 2030 goals, Monsha'at, the General Authority for Small and Medium Enterprises, is set to host Biban24 from November 5-9 in Riyadh. This premier event will unite entrepreneurs, investors, and SMEs globally to foster innovation, investment, and growth opportunities across the Kingdom. A key highlight of this year's event will be the launch of a comprehensive report on Saudi Arabia's entrepreneurial ecosystem, showcasing the latest economic insights, trends, and opportunities for SMEs in alignment with Vision 2030.

The newly launched report, reveals Saudi Arabia's remarkable progress in creating a dynamic business environment, catalyzed by a robust set of economic reforms and an ambitious diversification strategy. According to the report, Saudi Arabia experienced a 4.9% growth in non-oil economic activity in Q2 2024, reinforcing its position as a global hub for SMEs and foreign investors.

As one of the most eagerly attended events of its kind in the region, Biban24 will serve as a platform for collaboration, partnership building and the meaningful exchange of insights and ideas. Participants, including entrepreneurs and business owners, will be invited to make the most of 25,000-plus training, mentorship, and counseling sessions, gaining greater insight into launching and growing successful enterprises.

The forum also presents a unique networking opportunity for international entrepreneurs and investors, enabling them to connect with local entities and explore business openings within Saudi Arabia's burgeoning sectors. Biban24 serves as the ideal forum to provide SMEs with the strategic guidance and funding resources essential to drive sustainable growth and technological innovation.

The report provides a comprehensive analysis of key sectors targeted for development, such as renewable energy, artificial intelligence, and cultural tourism. It emphasizes Saudi Arabia's commitment to empowering SMEs through financial support programs and regulatory changes that lower business setup costs and streamline licensing processes.

Saudi Arabia has ensured economic stability by prioritizing growth in non-oil sectors, a strategic shift that has resulted in continued growth in non-oil activities, as highlighted by the report's findings. Biban24 will enable SMEs to harness these opportunities, with sessions dedicated to strategic growth, innovation, and sustainability across the Kingdom's diverse economic landscape.

To read the report, visit here: https://www.monshaat.gov.sa/sites/default/files/2024-11/V7.0%D9%80Monshaat%D9%80Biban24_EN.pdf

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