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RIYADH: Small and medium-sized businesses in ¶¶Òõ¶ÌÊÓƵ are on track to prosper thanks to eight newly inked agreements within Riyadh’s CEO Forum. 

Organized by the Kingdom’s Small and Medium Enterprises General Authority, also known as ²Ñ´Ç²Ô²õ³ó²¹â€™a³Ù, the sixth edition of the event focused on the sector’s funding environment, venture capital investment strategy and sustainable and profitable businesses, the Saudi Press Agency reported. 

The forum was held on Oct. 18 and aimed to influence growth opportunities in developing economies for SMEs and explore the use of artificial intelligence and innovation in reshaping businesses. 

During the event, participants highlighted the investment prospects in nurturing entrepreneurs, raising training capabilities and making information available to businesses. 

In a session on building business governance and sustainability, the participants explained that regulation is vital in creating a viable business environment that supports and nurtures startups. 

In another session on reshaping business sectors through AI, a group of CEOs stressed the importance of using and employing such technologies in supporting and propelling SMEs to achieve sustainability in the industry. 

A panel discussion on developing the investment environment underscored the need to reconsider venture capital investment blueprints, build relationships with investors and enhance support for smaller businesses.

The participants in the session spoke about the Kafalah program, which aligns with the Kingdom’s Vision 2030 to overcome the obstacles to financing SMEs unable to provide the required guarantees to financing agencies. 

They underlined the role of the program in creating a positive economic impact by providing the necessary financing to expand the activities of new and growing firms.

The Kafalah program has 17 pillars aimed at empowering the Saudi economy and providing attractive programs in the industrial sector through financial consultation and guarantees. 

In August, Kafalah collaborated with the Saudi EXIM Bank to introduce an export sector financing guarantee to foster the growth of SMEs involved in international trade. 

Under the agreement, the bank will broaden its financing outreach to a broader range of SME exporters through a specialized credit track, including reduced fees and increased coverage volume.