The Small and Medium Enterprises General Authority (Monsha’at) announced it will host the Biban 24 forum, themed “Global Destination for Opportunities,” from November 5 to 9 in Riyadh. The five-day event brings together over 250 local and international speakers, along with 1,350 exhibitors representing entrepreneurs from domestic and international markets, underscoring Saudi Arabia’s growing role as a hub for business innovation.
Context and Background
Biban 24 is part of the Kingdom’s ongoing efforts to diversify its economy under the Saudi Vision 2030 framework, which prioritizes increasing the contribution of small and medium enterprises (SMEs) to the gross domestic product. Monsha’at, established in 2016, is the key government agency driving SME growth by providing support, regulation, and opportunities for entrepreneurs to thrive in a competitive global market.
Key Details
The forum will feature over 420 training workshops expected to benefit more than 19,000 participants, covering topics such as e-commerce, funding, and innovation. More than 150 entities from the public and private sectors will participate, offering services to address challenges that may hinder business growth. Additionally, the finals of the Entrepreneurship World Cup will be held during Biban 24, with participants from 151 countries competing for cash prizes of up to $1 million.
Monsha’at Governor Sami Alhussaini stated, “Biban 24 forum serves as a platform for entrepreneurs to discover new opportunities and promote the growth and sustainability of small and medium enterprises.” He added, “The forum also paves the way for future collaborations in innovation between entrepreneurs from Saudi Arabia and international counterparts, both regional and global.”
The event is expected to attract over 120,000 attendees and includes nine thematic doors: Start, Enablement, E-commerce, Funding and Investment, Innovation, Startup, Franchise, Fast-growing Enterprises, and Market, catering to diverse industry needs.
Implications and Impact
By hosting global events like Biban 24 and the Entrepreneurship World Cup finals, Saudi Arabia strengthens its position as a leading destination for entrepreneurship in the Middle East and North Africa region. The forum is anticipated to generate numerous launches and agreements that directly impact the SME sector, fostering investment and creating new companies in the local market.
The international participation of over 1,350 exhibitors and 250 speakers indicates the Kingdom’s successful engagement with global investors, innovators, and changemakers, opening doors for cross-border collaboration and knowledge transfer.
Vision 2030 Alignment
Biban 24 directly supports Vision 2030’s goal of increasing SMEs’ contribution to the GDP from 20% to 35% by 2030. By providing training, funding opportunities, and market access, the forum empowers aspiring entrepreneurs and accelerates the emergence of new businesses, contributing to a prosperous, diversified future for the Kingdom and its global partners.
20 Questions
Q1. What is the Biban 24 forum?
A1. Biban 24 is a five-day entrepreneurship forum hosted by Monsha’at in Riyadh from November 5 to 9, 2024, under the theme “Global Destination for Opportunities,” bringing together speakers, exhibitors, and entrepreneurs from around the world.
Q2. Who is organizing Biban 24?
A2. The Small and Medium Enterprises General Authority (Monsha’at) is organizing Biban 24, in line with its mandate to support and empower SMEs and entrepreneurs in Saudi Arabia under Vision 2030.
Q3. Where will Biban 24 take place?
A3. Biban 24 will take place in Riyadh, the capital city of Saudi Arabia, a major economic and cultural hub that is becoming a global destination for business events.
Q4. How many speakers and exhibitors are expected at Biban 24?
A4. The forum will feature over 250 local and international speakers and 1,350 exhibitors representing entrepreneurs from both domestic and international markets.
Q5. What is the theme of Biban 24?
A5. The theme of Biban 24 is “Global Destination for Opportunities,” reflecting its focus on connecting entrepreneurs with investment, innovation, and growth opportunities worldwide.
Q6. What is the Entrepreneurship World Cup?
A6. The Entrepreneurship World Cup is the world’s largest entrepreneurship competition, and its finals will be held at Biban 24, featuring participants from 151 countries competing for cash prizes of up to $1 million.
Q7. How many training workshops are offered at Biban 24?
A7. The forum will offer over 420 training workshops, covering topics such as e-commerce, funding, innovation, and business growth, benefiting over 19,000 participants.
Q8. Who is Sami Alhussaini?
A8. Sami Alhussaini is the Governor of Monsha’at, the Small and Medium Enterprises General Authority, and he made key announcements about Biban 24’s objectives and global impact.
Q9. What are the nine thematic doors of Biban 24?
A9. The nine doors are Start, Enablement, E-commerce, Funding and Investment, Innovation, Startup, Franchise, Fast-growing Enterprises, and Market, each catering to specific SME needs.
Q10. How many attendees are expected at Biban 24?
A10. The forum is anticipated to attract over 120,000 attendees from Saudi Arabia and around the world, including entrepreneurs, investors, and changemakers.
Q11. What is Monsha’at’s role in Saudi Arabia?
A11. Monsha’at is the government authority responsible for regulating, supporting, and developing the SME sector in Saudi Arabia to promote economic diversification under Vision 2030.
Q12. How does Biban 24 support Vision 2030?
A12. The forum aims to increase SMEs’ contribution to GDP, empower entrepreneurs, and foster innovation, directly aligning with Vision 2030’s goal of a diversified and sustainable economy.
Q13. What types of entities participate in Biban 24?
A13. Over 150 entities from the public and private sectors participate, including government agencies, banks, investors, and support organizations, offering services to help SMEs overcome challenges.
Q14. Will there be international participation at Biban 24?
A14. Yes, the forum includes international speakers, exhibitors, and competition participants from 151 countries, emphasizing Saudi Arabia’s role as a global entrepreneurship hub.
Q15. What is the goal of the Entrepreneurship World Cup finals?
A15. The finals aim to identify and award the top 100 entrepreneurs globally, showcasing innovative solutions and providing cash prizes of up to $1 million to support their ventures.
Q16. How does Biban 24 help entrepreneurs?
A16. The forum provides workshops, networking opportunities, funding avenues, and expert guidance to help entrepreneurs launch, grow, and sustain their businesses.
Q17. What is the significance of the forum’s theme?
A17. The theme “Global Destination for Opportunities” highlights Saudi Arabia’s commitment to becoming a central hub for international entrepreneurial collaboration and investment.
Q18. Are there any agreements expected at Biban 24?
A18. Yes, the forum is expected to feature numerous launches and agreements that will directly impact the entrepreneurship sector, fostering investment and new company creation.
Q19. How does Biban 24 foster innovation?
A19. By bringing together global changemakers and offering targeted workshops, the forum encourages collaboration and the exchange of innovative ideas for solving business challenges.
Q20. What is the long-term impact of Biban 24?
A20. The forum contributes to building a sustainable entrepreneurial ecosystem in Saudi Arabia, increasing SME contributions to GDP, and strengthening the Kingdom’s position in the global economy.
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