Monsha’at, also known as the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, recently participated in the Global Entrepreneurship Congress 2023 (GEC23) in Riyadh. The congress brought together leading entrepreneurs from Saudi Arabia to discuss the growth of entrepreneurship in the kingdom.
According to a recent announcement by Business Wire, a Saudi Arabian delegation led by Monsha’at participated in GEC23. Monsha’at, established in 2016 by the Minister Council Decision No. 301, is a governmental company that aims to regulate, support, and develop small and medium-sized enterprises (SMEs) in Saudi Arabia. SMEs contribute about 20% of the country's GDP and the goal is to increase this to 35% by 2030. Monsha’at's primary objective is to support and develop small and medium projects, fostering a culture of innovation and self-employment in the kingdom.
The participation of Monsha’at in GEC23 aligns with Saudi Arabia's Vision 2030, a governmental plan for growth and development. Crafted by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, Vision 2030 aims to bring about change in the public sector, the economy, and society as a whole. The plan focuses on improving government efficiency, creating investment opportunities, and enhancing the quality of life for Saudi Arabians. The vision is divided into three levels, with multiple objectives and programs that cover various sectors, including the Pilgrim Experience and the Financial Sector.
In addition to Monsha’at, other prominent Saudi Arabian entrepreneurs also participated in GEC23. One of them was Salem Aljawini, a Founding Partner at RasMal. RasMal is a platform that automates equity management and facilitates fundraising, providing companies with a simple, subscription-based way to manage their finances. Another participant was WakeCap, a technology and construction company that offers real-time field reporting for construction sites.
The Global Entrepreneurship Congress 2023 provided a platform for these entrepreneurs to share their experiences and insights, highlighting the entrepreneurial growth and potential of the Saudi Arabian kingdom. With the support of organizations like Monsha’at, Saudi Arabia is striving to create a thriving ecosystem for small and medium-sized enterprises, fostering innovation and self-employment in the country.