Riyadh, November 10, 2024 – The Small and Medium Enterprises General Authority (Monsha'at) concluded the Biban24 Forum with a ceremony honoring the top financial institutions supporting micro, small, and medium enterprises (SMEs) for 2023. Held under the theme "Global Destination for Opportunities," this year’s Biban24 Forum showcased Monsha'at’s commitment to fostering a robust SME ecosystem by encouraging increased financial support from key institutions across the Kingdom.
The Saudi National Bank (SNB) earned high recognition at the ceremony, receiving the Leading Bank for Micro and Small Enterprises Funding Award for 2023. This prestigious accolade reflects SNB’s instrumental role in promoting growth within the micro and small business sectors, which are vital to the Kingdom’s economy. Riyad Bank was also celebrated as the Leading Bank for Medium Enterprises Funding, in acknowledgment of its contributions to mid-sized businesses through a range of tailored financial solutions that bolster their long-term development.
Alinma Bank was distinguished as the Highest Growing Bank for Funding Micro, Small, and Medium Enterprises in 2023, recognized for its effective strategies aimed at empowering startups and driving sustainable growth. The bank’s support for emerging businesses underscores Monsha'at's objective to strengthen the financial landscape for SMEs through reliable and growth-oriented funding options.
Beyond traditional banking institutions, Monsha'at also recognized non-bank financial companies that are actively contributing to the entrepreneurial ecosystem. Abdul Latif Jameel Finance was awarded the Leading Non-Bank Financial Institution (NBFI) for Micro Enterprise Funding in 2023, celebrated for its innovative and accessible financing solutions tailored for small business owners. Additionally, Tamweel Aloula was named the Highest-Growing NBFI for MSME Funding, a testament to its proactive role in supporting entrepreneurship and accelerating SME development within Saudi Arabia.
The awards presented by Monsha'at serve as a significant milestone, showcasing the commitment of financial institutions to supporting SMEs, which are essential to Saudi Arabia’s Vision 2030 and its economic diversification goals. By recognizing institutions that prioritize SME growth and innovation, Monsha'at continues to promote a dynamic and supportive environment for entrepreneurs, reinforcing Saudi Arabia’s position as a global hub for opportunity and business development.