Lisbon, Portugal, November 17, 2023 /PRNewswire= Yonhap News/ — Monsha’at, the Saudi Arabian General Authority for Small and Medium Enterprises, participated in Web Summit 2023, one of the world’s top tech conferences, to showcase the growth of the Saudi SME sector.
During the event, which took place in Lisbon, Portugal, from November 13 to 16, 2023, Monsha’at had the opportunity to spotlight some of the most innovative SMEs in Saudi Arabia. Leading a delegation of Saudi startups, Monsha’at highlighted their successes and contributions to the national economy. The event served as a platform for policy officials, heads of state, tech company CEOs, founders, and other industry leaders to address global challenges.
Sami Al Hussaini, the head of Monsha’at, stated, “2023, a year in which the number of Saudi startups is expected to exceed 1.2 million, will be recorded as a groundbreaking year for both Monsha’at and Saudi SMEs. We have made significant progress so far, but there is still more to achieve.” He emphasized that building innovative partnerships with companies and organizations worldwide is essential and expressed hope that leading Saudi startups could immerse themselves in a vibrant environment conducive to collaboration, innovation, and growth through events like Web Summit 2023.
Saudi Arabia’s startup ecosystem is currently experiencing rapid growth. Thanks to steady growth in sectors other than oil, Saudi Arabia achieved the highest economic growth rate in the world last year. It was also recognized as one of the countries that have made the most significant progress in reforming the business environment. In the second quarter of 2023, Saudi Arabia successfully raised a total of $446 million in venture capital investments and capital funding, which accounts for 42% of the funds raised in the Middle East and North Africa (MENA) region.
Saudi startups such as Zid, Lendo, Nuqtah, Syarah, Asasat Advanced Systems, Wosul, Kabi, Master Works, resal, WhiteHelmet, Mustadem, Tachyon, among others, participated in Web Summit 2023.
Monsha’at’s participation in Web Summit 2023 follows its recent appearances at global conferences like SWITCH Singapore and ComeUp Korea, where it connected leading domestic startups with the international business and investment community.
About Monsha’at
Established in 2016, Monsha’at aims to regulate, support, develop, and sponsor the SME sector in Saudi Arabia following global best practices to enhance the productivity and contribution of SMEs to the Gross Domestic Product (GDP).
For more information on how Monsha’at supports the SME ecosystem in Saudi Arabia, visit www.monshaat.gov.sa.
Contact:
Tarek Chahine
+852-852 92827642
tchahine@webershandwick.com
info@prnasia.com
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