Qatar Development Bank (QDB) has signed a memorandum of understanding (MoU) with Saudi Small and Medium Enterprises General Authority (Monsha'at) to reinforce co-operation and provide new services in Business Incubators and Accelerators programmes with emphasis on supporting innovation and providing sessions and workshops to upgrade the capacities of entrepreneurs.

The MoU was co-signed by CEO of QDB, Abdulrahman Hisham al-Suwaidi, and Monsha'at Governor, Sami bin Ibrahim al-Husseini, on the margins of Biban24 forum held under the theme "A Global Destination for Opportunities", at the Riyadh Front Exhibition & Conference Center in Saudi Arabia.

Based on the MoU, the two sides will collaborate in providing training programs and consultancy services pertaining to entrepreneurship for small and medium sized enterprises (SMEs) in both countries, in addition to supporting national entrepreneurship ecosystems to tap into local and global markets and foster their competitiveness in these markets, through myriad programmes and services aimed at enhancing their skills and capabilities, as well as products and businesses.

In this context, al-Suwaidi said that QDB believes in the importance of co-operation pillar in entrepreneurship, and exchanging expertise and knowledge with business systems that share QDB's ambitions, challenges and visions for the future, indicating that this initiative with Monsha'at underscores the ironclad friendship ties and represents a strategic step toward enduring success of private sectors in the two countries.

He affirmed that this collaboration would ensure the diversification of support channels to enhance the positive contribution of both sectors to the national economies of the two countries.

Monsha'at Governor Sami bin Ibrahim al-Husseini said regional co-operation is one of the keys of success in advancing entrepreneurship, emphasising that the MoU with QDB represents a launch pad towards a strategic partnership aimed at enabling SMEs to access broader horizons in local and international markets, through the provision of innovative training programmes and consultancy services that motivate entrepreneurs and foster the competitiveness of their projects, in alignment with the Saudi Arabia’s Vision 2030 to promote a sustainable economy.

Biban24 forum is one of the largest events dedicated to entrepreneurs in the world, bringing together more than 250 speakers and 150 enabling organisations, offering over 420 workshops.

Through this event, Monsha'at intends to motivate idea owners to launch their projects, connect with local and global expertise, and strengthen the sector, fostering a culture of innovation and entry into the business world.