RIYADH: The Global Entrepreneurship Congress witnessed several investment initiatives launched worth almost $8 billion on its second day in Riyadh.

Major announcements on the second day included $3.2 billion in investments from the Small and Medium Enterprises Bank to finance new businesses.

New business licenses and cooperation agreements

Saudi Arabia’s Ministry of Investment issued six new business licenses and signed two Memorandum of Understanding, along with investments estimated at $1 billion on the second day of GEC 2022.

Monsha’at, Saudi Arabia’s General Authority for Small and Medium-Sized Enterprises, signed a cooperation agreement with Al Rajhi Bank worth $533 million, and another agreement with the same bank to launch point-of-sale and fleet financing products.

Monsha’at also signed cooperation agreements with the Saudi National Bank, one to support innovation worth $700,000, and another on financing products worth $266 million.

Monsha’at signed another agreement with Saudi Organization for Auditors and Accountants and THIQAH Company to provide advice to entrepreneurs and launch the new “Etkal” platform.

“GEC 2022 marks the entrepreneurial rise of the Middle East, and of Saudi Arabia’s potential as an innovation hub for the region,” said Saleh Ibrahim Alrasheed, Governor of Monsha’at. 

Credit cards for SMEs

On the second day of GEC 2022, the Arab National Bank launched a credit card for SMEs and other financial products and programs worth $293 million.

Albilad Bank also signed an agreement to provide financing products worth $520 million.