Saudi Arabia’s General Authority for Small and Medium Enterprises, also known as Monsha’at, is teaming up with the US-based Silicon Valley Innovation Center (SVIC) to launch a specialized program for fast-growing enterprises. 

Based in Silicon Valley, SVIC offers companies worldwide a platform to build and grow through its global conferences, workshops, study tours, and executive programs focused on technology innovation and entrepreneurship. 

With a target of 50 enterprises over three months, the program aims to boost the growth of enterprises by developing their leadership skills and knowledge. 

The program will also offer access to a network of experts in the field of entrepreneurship to help enterprises expand their international growth. Selected participants can hone their capabilities with the help of Silicon Valley-based experts to elevate their digital skills. 

Monsha’at offered financing solutions worth $60.7 billion to the SMEs sector in 2022, said Sami Al Hussaini, Governor of Monsha’at, at the global entrepreneurship event Biban 2023. The kingdom’s SME sector has seen a huge leap in 2022, ranking second on the Global Entrepreneurship Monitor report. He noted that the number of SMEs in the Kingdom exceeded 1 million by the end of 2022, which created more than 6.2 million job opportunities. 

In March, GoDaddy and Monsha’at also launched a partnership to empower SMEs in the digital sector. The partnership will support entrepreneurs by offering training series, workshops, and seminars to enable SMEs to build their digital presence using GoDaddy’s integrated suite of tools and solutions.