SINGAPORE, Nov. 6, 2023 /PRNewswire/ -- Monsha'at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, participated in SWITCH 2023: Asia's leading innovation and technology festival.
Monsha'at led a delegation of Saudi startups - including Ynmo, Nitx, CASHIN, PTway, Soum, Morni, Osarah, and Golyv - from a diversity of sectors, offering the enterprises an opportunity to connect and network with SMEs and investors from around the world.
The technology festival - held from 31 October to 2 November 2023 in Singapore - served as a unique platform for innovative startups to showcase their businesses and call attention to the contributions of homegrown enterprises to the Saudi economy, reiterating the growth and development of the Saudi SME landscape.
SWITCH 2023 ultimately provided Monsha'at another opportunity to enable Saudi entrepreneurs to have an international presence and exposure which ultimately sets them up for growth, scalability, and potential partnerships with an international investor.
Sami Al Hussaini, Governor of Monsha'at, said: "It goes without saying that we live in a decidedly - if not increasingly - globalized world. As such, collaboration is more vital than ever to overcoming challenges and barriers to long-term success. Even more so, joined-up, cross-border working is essential to creating new, lasting opportunities that contribute to the growth of entire industries and economies. At Monsha'at, we aim to tap into new markets, such as the Singaporean SME and tech spaces, building constructive partnerships that drive the transformation of our respective countries. Ultimately, events like SWITCH 2023 promote international cooperation, enabling the Kingdom's thriving community of entrepreneurs to fulfill their potential by connecting with business leaders and investors beyond the region."
Monsha'at's participation in SWITCH 2023 underlines the authority's commitment to bolstering Saudi Arabia's SME infrastructure. As part of this mission, the authority has set about taking part in a variety of international engagements to expand its global network, showcase the growth of the Kingdom's SME sector, and strengthen ties with the wider business world.
Saudi Arabia's start-up ecosystem is currently undergoing a period of rapid growth. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best-performing countries in terms of leveraging reforms to improve its business environment. In Q2 2023, the Kingdom led the region in VC funding and capital raised, accounting for 42% of MENA funding at a value of $446 million.