Riyadh: The Saudi General Authority for Small and Medium Enterprises (Monsha’at) signed a memorandum of understanding (MoU) with Bahrain’s Labor Fund (Tamkeen) at the Biban24 Forum. The agreement marks a significant step in strengthening economic, trade, and investment cooperation between the two countries, particularly in the small and medium enterprise (SME) sector.

According to Saudi Press Agency, the MoU was signed by Monsha’at Governor Sami bin Ibrahim Al-Hussaini and Tamkeen Chief Executive Maha Mofeez. The primary focus of the agreement is on collaboration in the Franchise Program. This includes facilitating the exchange of franchise brands for local and international expansion as well as fostering talent development and capacity building.

The memorandum also aims to expand cooperation through the “Global Practical Training Program,” which is designed to enhance skills and accelerate professional growth via international training experiences with leading global companies. Moreover, the MoU supports i
nformation exchange on policies, measures, and practices that empower SMEs and startups. It also promotes partnerships and investments among specialized supporting entities in both Saudi Arabia and Bahrain.