LISBON, Portugal, Nov. 17, 2023 /PRNewswire/ — As part of its work to showcase the growth of the Kingdom’s SME sector, Monsha’at, the General Authority for Small and Medium Enterprises of the Kingdom of Saudi Arabia, participated in Web Summit 2023: one of the world’s leading technology conferences.
Held from November 13 to 16, 2023 in Lisbon, Portugal, the event provided Monsha’at with the opportunity to showcase the most innovative SMEs in Saudi Arabia. The authority led a delegation of Saudi startups, drawing attention to their success and contributions to the national economy. In addition, the event provided a platform for industry leaders, including policymakers, heads of state and CEOs and founders of technology companies, to address global challenges.
Sami Al Hussaini, Governor of Monsha’at, stated: “2023 has been a historic year for Monsha’at and the Saudi SME sector, as the number of start-ups in the Kingdom has grown to over 1 .2 million. Although we have come a long way, we can achieve more. It is essential to launch innovative partnerships with companies and entities around the world. Events like Web Summit 2023 allow us to do this, immersing some of our top startups in an environment full energy conducive to collaboration, innovation and growth.”
Saudi Arabia’s startup ecosystem is currently going through a period of rapid growth. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best performing countries in terms of taking advantage of reforms to improve its environment business. In the second quarter of 2023, the Kingdom led the region in venture capital funding and capital raised, accounting for 42% of MENA funding worth $446 million.
Saudi startups participating in Web Summit 2023 include: Zid, Lendo, Nuqtah, Syarah, Asasat Advanced Systems, Wosul, Kabi, Master Works, resal, WhiteHelmet, Mustadem and Tachyon.
Monsha’at’s participation in WebSummit follows his recent participation in other world-class conferences, including SWITCH Singapore and ComeUp Korea, where he has helped connect some of the Kingdom’s leading startups with the international business and investment communities.
About Monsha’at:
Monsha’at was established in 2016 with the aim of regulating, supporting, developing and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their contribution to GDP.
To learn more about how Monsha’at supports Saudi Arabia’s SME ecosystem, visit www.monshaat.gov.sa
Tarek Chahine 852-852 92827642tchahine@webershandwick.com
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