The Small and Medium Enterprises General Authority (Monsha'at) and King Abdullah University of Science and Technology (KAUST) have signed a Memorandum of Understanding (MoU) aimed at supporting and empowering entrepreneurs and SME owners through programs and initiatives offered by both parties. 

The signing occurred during the "Biban 24" global forum, organized by Monsha'at under the slogan "A Global Destination for Opportunities," at the Riyadh Front Exhibition and Conference Center from November 5 to 9. 

The MoU was signed by Monshaat's Deputy Governor for Enterprise Services, Eng. Rayan bin Ibrahim Alfayez, while KAUST was represented by the Vice President of the National Transformation Institute (NTI), Dr. Ian Campbell. 

The MoU focuses on cooperation that aims to remove barriers that negatively affect the entrepreneurial environment by designing new services for fast-growing enterprises in an ambitious program and providing an integrated system of specialized services. 

It also aims to facilitate the exchange of practical and academic expertise between both parties, explore collaboration opportunities in projects to enhance the entrepreneurship environment across the Kingdom, and organizing joint events, forums, and training programs to support SMEs, including offering training at the "Monsha'at Academy." 

The "Biban 24 Forum" seeks to boost the growth of entrepreneurial projects, increase their competitiveness, and foster an entrepreneurial culture, contributing to the Vision 2030 goal of raising the SME sector's contribution to the national GDP.