The Small and Medium Enterprises General Authority ("Monsha'at") signed a memorandum of understanding for joint cooperation with SME Corporation Malaysia, as part of the Biban 24 forum held at the Riyadh Front Exhibition and Conference Center from November 5 to 9, 2024, under the theme "A Global Destination for Opportunities." The cooperation reflects both sides' commitment to supporting entrepreneurship and innovation in the small and medium enterprise sector and expanding international cooperation to achieve economic growth goals.

The signing ceremony was attended by Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi and Malaysia's Minister of Entrepreneur and Cooperatives Development, Ewon Benedick. Monsha'at was represented in the signing by its Governor, Sami bin Ibrahim Al-Hussaini, while the Malaysian side was represented by the CEO of SME Corporation Malaysia, Rizal bin Dato Nini. The partnership marks a strategic step boosting Saudi-Malaysian cooperation in supporting small and medium enterprises through knowledge and expertise exchange, with a focus on capacity building and facilitating access to international markets, contributing to sustainable development of the business sector in both countries.

The memorandum covers cooperation in several areas, including developing programs for high-growth small and medium enterprises, building joint capacities that strengthen efficiency and innovation within the sector, and exchanging best practices on relevant regulations and legislation. It also aims to facilitate business operations and knowledge transfer, boosting entrepreneurship and supporting ambitious business owners from both countries.

The Biban 24 forum, organized by Monsha'at, aims to strengthen the Kingdom's position as a global business and entrepreneurship hub by providing an environment that encourages innovation and the development of new ideas that support the local economy and keep pace with global trends. The forum seeks to spread an entrepreneurial culture and increase the number of startups, through programs and initiatives that boost the competitiveness of small and medium enterprises and support their success regionally and internationally.