RIYADH: Saudi entrepreneurs stand to benefit from a recent agreement between the Small and Medium Enterprises General Authority and Mohammed Bin Salman Nonprofit City, emphasizing the development of the business environment through targeted programs and initiatives.

The memorandum of understanding, signed during a global forum in the presence of Monsha’at Governor Sami bin Ibrahim Al-Husseini and Misk City CEO David Henry, underscores a commitment to supporting male and female entrepreneurs, aligning with Saudi Vision 2030, the Saudi Press Agency reported.

The move aims to increase the contribution of businesspeople and SME owners to the local economy while facilitating their expansion in various fields.

The newly signed MoU will also aid in further developing the Kingdom’s entrepreneurship environment, ensuring its sustainability and embracing youth, volunteer teams, as well as local and international institutions.

Under the deal signed during the Misk Global Forum, Monsha’at and the world’s first nonprofit city will collaborate to address challenges facing entrepreneurs in the growth and prosperity of their business establishments.

In its seventh session, the forum seeks to help and encourage the region’s younger generations to develop their potential, promote collaboration, and instigate positive global change.

The event, held at Bujairi Terrace in Riyadh from Nov. 15-17, is organized annually by the foundation to empower and unite young leaders, innovators, and entrepreneurs worldwide.

Discussions, idea exchanges, and networking opportunities play a crucial role in the forum’s success.

SMEs are poised to play a significant role in achieving the Kingdom’s objectives of reducing the unemployment rate from 11.6 percent to 7 percent and increasing women’s participation in the workforce from 22 percent to 30 percent.

Additionally, they aim to expand their contribution to 35 percent of the gross domestic product by the end of this decade.

Monsha’at is fueling the growth of the SME sector in the Kingdom, offering entrepreneurial platforms such as business incubators, accelerators, and co-working spaces for small businesses to evolve and thrive in the market.

The authority also facilitates government fee refunds, direct and indirect lending programs for SMEs, and fast-growing unicorns.