An initiative spurred by the Small and Medium Enterprises Development Authority (SMEDA) in order for a group of small and medium enterprises and startups to participate in the Biban Forum in the Kingdom of Saudi Arabia saw a boost
when the authority signed a Memorandum of Understanding (MoU) with its Saudi counterpart, the General Authority for Small and Medium Enterprises (Monshaat).
A MoU was signed on the sidelines of the Biban Forum, which is being held in the Saudi capital, Riyadh.
The MoU aims to enhance the horizons of cooperation between small and medium enterprises in both countries, and to contribute to the development of their competitive capabilities in order to enable them to reach global markets. Areas of cooperation included exchanging experiences and knowledge to develop the infrastructure of the sector through policies, initiatives and applications used to support these institutions.
Halima bint Rashid al Zariyah, Chairperson of SMEDA and Sami bin Ibrahim al Husseini, Governor of the Monshaat. “The participation of SMEDA in Biban Riyadh Forum comes in an effort to open cooperation opportunities to serve the small and medium enterprises sector and startups in the Sultanate of Oman in light of the participation of a very wide number of experts and enabling and supporting agencies for small and medium enterprises from different countries of the world," Halima said.
"This is in addition to promoting constructive communication between entrepreneurs with their counterparts around the world in order to exchange innovative ideas and experiences in light of the global trends to employ artificial intelligence and emerging technologies to support small and medium enterprises and startups," she added.
For this reason, Halima said the authority sought the participation of a group of small and medium enterprises incubated in various business incubators of the Sultanate of Oman in the start-up's exhibition. "Also, it is an opportunity for other institutions in the consumer exhibition to introduce their innovative products and services.” she said.
The MoU will also strengthen partnerships between specialised support institutions, as well as organising visits and exchanging information on promising opportunities related to small and medium enterprises in the two countries. This also includes agreement to organise training and educational programmes on the entrepreneurship sector and to enhance cooperation in the field of technology and innovation to improve productivity and competitiveness of these enterprises.
Ten small and medium Omani enterprises participated. This is in addition to participation of two institutions, Zakhraf for wood industries and Frankincense Kahraman for the manufacture of perfumes, incense and frankincense.
Lap Marine is also participating in the final qualifiers for the Entrepreneurship World Cup among 100 companies around the world. It is an emerging company that specialises in developing marine technologies and leading digital transformation in the environmental and fisheries sectors.
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