![]() ![]() “Biban is a giant of a meeting with over 100,000 expected to attend, learn and, hopefully, use what they learn to start businesses,” Paul Sullivan, lecturer at Johns Hopkins University and a senior associate fellow at King Faisal Center for Research and Islamic Studies Energy and Environmental Security, told Arab News. Organized by the Kingdom’s Small and Medium Enterprises General Authority, also known as Monsha’at, this year’s Biban is expected to attract over 100,000 attendees from within the Kingdom and abroad, along with hosting 300 workshops likely to benefit more than 20,000 participants. To further accelerate the growth of Saudi Arabia’s SME sector, the Kingdom is hosting Biban 2023, touted to be the largest SME and startup conference from March 9 to 13 in Riyadh. RIYADH: Saudi Arabia, which has been dependent on oil for several decades, is now on a path of economic diversification, primarily driven by its small and medium enterprises operating in various sectors.Įven during the time of global economic headwinds, SMEs in the Kingdom showed strong growth as the investments in startups grew by 72 percent to a record high of SR3.701 billion ($987 million) in 2022, according to a report by venture data platform MAGNiTT. “Moving forward, cross-border payment transactions will become simpler through cross-border payments, local currency transactions and the digital rupiah,” he said. This includes, for example, policy incentives for banks to channel financing to priority sectors as well as support MSMEs development and digitalized them, while BI also promotes integrated, interoperable and interconnected payment systems for greater convenience. “Third, Bank Indonesia supports investment with policies, using a pro-stability and pro-growth policy mix to support a conducive investment climate. “In addition, the government continues to institute structural transformation of the real sector through mining and agricultural downstreaming, as well as the green and inclusive economy. This will further facilitate trade and investment. “Thus, the state revenue and expenditure budget is considered relatively optimal to dampen emerging economic shocks. With a strong leadership, Indonesia has an agile government policy, including sound fiscal and monetary coordination,” he said. “Second, strong national economic policy. Indonesia has monetary and financial stability, which is why circumstance is good for investment,” Warjiyo said. Economic fundamentals in Indonesia are solid, with optimized digitalization. “First, Indonesia has shown the best post-pandemic economic performance. In his speech, Bank Indonesia Governor Perry Warjiyo outlined three key reasons to invest in his country. Titled “Unlocking Indonesia’s Potential,” the forum included presentations of several investment project opportunities, an “Indonesian night” that featured a modest fashion show and an exhibition from the Indonesian Ministry of Micro, Small and Medium Enterprises Exhibition. It was hosted by Bank Indonesia in partnership with KJRI Dubai, the Indonesian Embassy in Abu Dhabi, the Indonesia Investment Promotion Center and the Indonesian Trade Promotion Center. The two-day event aimed to explore opportunities to attract foreign direct investment and expand markets for export-oriented products. The company’s current portfolio includes InvestSky, NovoGenomics, FENIX, Trukkin, Moji, Awaed, and Hubpay.ĭUBAI: The Indonesian Investment Forum kicked off on Thursday in Dubai, the Emirates News Agency reported. “We are excited to launch such an important fund, which will help bridge the knowledge and funding gap that is stifling many founders’ ambitions and limiting growth opportunities,” Ghassan Aloshban, general partner at Emkan Capital, said.Įmkan Capital’s team consists of seasoned investors and entrepreneurs collectively bringing nearly 50 years of experience in successfully investing in businesses across Saudi Arabia, the UAE, the US, and Asia. The capital will be directed at pre-seed and seed startups in technology sectors including fintech, e-commerce, logistics, artificial intelligence, cyber, cloud, and health tech. The fund, named Emkan Capital Fund I, drew its investment from institutions and businesses across the world with a third of the capital coming from partners based in Silicon Valley. CAIRO: Saudi-based venture capital firm Emkan Capital has launched a fund valued at $31 million for early-stage tech startups across the region. ![]()
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