Riyadh: The Small and Medium Enterprises General Authority (Monsha’at) signed a memorandum of understanding (MoU) with Groq, a company specializing in artificial intelligence (AI), during the Biban Forum 2025. The MoU was signed on behalf of Monsha’at by Vice Governor of Planning and Development Suliman Alturaif and on behalf of Groq by Vice President and MENA Managing Director Fahad AlTurief.

According to Saudi Press Agency, the partnership aims to accelerate digital transformation within the Kingdom’s small and medium enterprises (SME) sector and empower startups and entrepreneurs to adopt advanced AI solutions. The memorandum includes developing joint initiatives and training programs to build technical capabilities, transfer knowledge in AI and high-performance computing, and support the national innovation ecosystem by adopting smart applications that enhance productivity.