Riyadh: The General Authority for Small and Medium Enterprises (Monsha’at) on Tuesday signed a memorandum of understanding (MoU) with the Korean Franchise Association at the Biban24 Forum. The agreement was signed by Monsha’at Governor Sami bin Ibrahim Al-Husseini and Korean Deputy Minister for Small and Medium Enterprises (SMEs) and Startups Lim Jung-wook. The signing ceremony was attended by Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Kassabi and Korean Minister of SMEs and Startups Oh Young-joo.

According to Saudi Press Agency, the MoU aims to support Korean brands interested in expanding both locally and internationally. It also seeks to encourage franchise brands from Saudi Arabia and Korea to engage in specialized exhibitions and workshops. This collaboration is expected to enhance business opportunities and foster a robust environment for franchise development between the two nations.

The Biban24 Forum, where the MoU was signed, is a significant platform that facilitates connections between
local and international organizations supporting entrepreneurship and SMEs. Its mission is to empower entrepreneurs and promote startup incubation through the collaboration of 50 local incubators and accelerators, along with more than 150 supportive entities globally. This initiative underscores the commitment of both countries to bolster their SME sectors by promoting innovation and entrepreneurship.