Image Commercially Licensed From: Unsplash
Web Summit 2023 is all set to welcome a new and influential partner to its global tech extravaganza, the Small and Medium Enterprises General Authority (Monsha’at) of Saudi Arabia. Established in 2016 by the Minister Council Decision, Monsha’at is on a mission to revolutionize the SME sector in Saudi Arabia by regulating, supporting, developing, and sponsoring it in accordance with global best practices. This partnership marks a significant step toward achieving the Kingdom’s ambitious goal of increasing the SME sector’s contribution to the GDP from 20% to 35% by 2030.
Monsha’at, also known as the General Authority for Small and Medium Enterprises, was founded with a clear mandate – to nurture and empower small and medium-sized enterprises (SMEs) in Saudi Arabia. These businesses are the lifeblood of the economy, driving innovation, creating jobs, and contributing significantly to economic growth.
One of Monsha’at’s primary functions is to regulate the SME sector, ensuring that businesses operate in a conducive environment. The authority also provides essential support to SMEs by offering guidance, mentorship, and access to resources. By streamlining regulatory processes and offering tailored support, Monsha’at aims to create an ecosystem where SMEs can thrive.
Monsha’at goes beyond regulation and support; it actively works to foster the development of SMEs. The authority offers various programs and initiatives to enhance the skills and capabilities of SME owners and employees. Additionally, Monsha’at sponsors promising SMEs, providing them with financial assistance and opportunities for growth.
The Significance of Monsha’at’s Partnership at Web Summit
Web Summit, renowned as “the world’s premier tech conference,” consistently attracts a diverse audience of entrepreneurs, investors, innovators, and thought leaders from around the globe. Monsha’at’s partnership with Web Summit 2023 represents a significant step in the authority’s mission to bolster the SME sector in Saudi Arabia.
Partnering with Web Summit provides Monsha’at with a unique opportunity to showcase Saudi Arabia’s burgeoning SME ecosystem on a global stage. As thousands of attendees gather in Lisbon for the event, Monsha’at can highlight the Kingdom’s commitment to fostering innovation and entrepreneurship.
Web Summit is not just a platform for networking; it’s a hub of knowledge and collaboration. By participating in this event, Monsha’at can gain valuable insights into global best practices in supporting SMEs. This knowledge exchange can contribute to the authority’s efforts to further enhance its services for Saudi Arabian SMEs.
One of the key outcomes of Monsha’at’s partnership with Web Summit could be attracting investment to Saudi Arabia’s SME sector. With the Kingdom’s Vision 2030 roadmap focusing on economic diversification and innovation, the SME sector is poised for growth. International investors attending Web Summit might find Saudi SMEs an attractive investment opportunity.
Monsha’at’s vision to elevate the SME sector aligns seamlessly with the ethos of Web Summit. Both share a commitment to fostering innovation, driving economic growth, and empowering entrepreneurs. This partnership reinforces the notion that technology and entrepreneurship are critical drivers of positive change in today’s world.
As Monsha’at joins the ranks of esteemed partners at Web Summit 2023, it carries with it the aspirations of an entire nation. Saudi Arabia’s SME sector is on a trajectory of transformation, and this partnership is a testament to the Kingdom’s dedication to nurturing its entrepreneurial spirit. With Monsha’at’s presence at the Web Summit, the world will witness Saudi Arabia’s commitment to creating a thriving SME ecosystem that contributes significantly to its economic prosperity.
“The World’s Premier Tech Conference”
Web Summit, often hailed as “the world’s premier tech conference,” serves as an annual nexus for tech enthusiasts, entrepreneurs, and visionaries. This globally renowned event has gained a reputation for pushing the boundaries of innovation and igniting conversations that shape the future. With over 70,000 attendees from 160+ countries, Web Summit fosters an environment where ideas converge, collaborations are forged, and transformative technologies are unveiled.
At the heart of Web Summit lies a diverse spectrum of topics, from artificial intelligence and sustainability to entrepreneurship and social impact. Attendees can engage in thought-provoking discussions, explore cutting-edge technologies, and gain insights from a constellation of luminaries. The event’s ability to unite individuals and organizations across industries has earned it the moniker “Glastonbury for geeks” by The Guardian.
