STATEMENT: Monsha'at participated in SWITCH 2023

- Saudi startups join Monsha'at to explore Singapore's SME and tech sectors at SWITCH 2023.

STATEMENT: Monsha'at participated in SWITCH 2023

- Saudi startups join Monsha'at to explore Singapore's SME and tech sectors at SWITCH 2023

SINGAPORE, Nov. 6, 2023 /PRNewswire/ -- Monsha'at, the General Authority for Small and Medium Enterprises of the Kingdom of Saudi Arabia, participated in SWITCH 2023 - Asia's leading technology and innovation festival.

Monsha'at led a delegation of Saudi startups (including Ynmo, Nitx, CASHIN, PTway, Soum, Morni, Osarah and Golyv) from various sectors, offering companies the opportunity to connect and network with SMEs and investors from all over the world.

The technology festival, held from October 31 to November 2, 2023 in Singapore, served as a unique platform for innovative startups to showcase their businesses and draw attention to the contributions of local companies to the Saudi economy, reiterating the growth and development of the Saudi SME environment.

Ultimately, SWITCH 2023 provided Monsha'at another opportunity to enable Saudi entrepreneurs to have an international presence and exposure that prepares them 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 overcome the challenges and barriers towards long-term success. Furthermore, working together and across borders is essential to create new and lasting opportunities that contribute to the growth of entire industries and economies. At Monsha'at, we aim to access new markets, such as SMEs and spaces technology leaders in Singapore, building constructive partnerships that drive the transformation of our respective countries. Ultimately, events like SWITCH 2023 promote international cooperation, allowing the Kingdom's thriving community of entrepreneurs to realize their potential by connecting with business leaders and investors beyond region of".

Monsha'at's participation in SWITCH 2023 underlines the authority's commitment to strengthening Saudi Arabia's SME infrastructure. As part of this mission, the authority has set out to participate in a variety of international engagements to expand its global network, showcase the growth of the Kingdom's SME sector and strengthen links with the wider business world.

Saudi Arabia's startup ecosystem is currently going through 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 taking advantage of reforms to improve its environment business. In the second quarter of 2023, the Kingdom led the region in venture capital funding and capital raised, accounting for 42% of MENA funding worth $446 million.

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