Among the world's top technology conferences, Web Summit 2023 was one of the key events that Monsha'at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, attended as part of its work to showcase the growth of the Kingdom's SME sector.
During the event, which took place in Lisbon, Portugal from 13 to 16 November 2023, Monsha'at was able to highlight the most innovative small and medium-sized companies in Saudi Arabia. A delegation of Saudi start-ups was led by the authority to highlight the achievements and contributions of these companies to the Saudi economy. As well, the event provided an opportunity for industry leaders to address global challenges, including policymakers, heads of state, and tech CEOs and founders.
Taking place from 13 to 16 November 2023 — in Lisbon, Portugal — this event provided Monsha'at the chance to showcase Saudi Arabia's most innovative small and medium businesses. A delegation of Saudi start-ups was led by the authority, which emphasized their success and contributions to the national economy. Further, the conference also provided a forum for industry leaders to discuss global challenges, including policymakers, heads of state, and tech CEOs and founders.
The governor of Monsha'at, Sami Al Hussaini, said: "2023 has been a landmark year for Monsha'at and the Saudi SME sector as the number of start-ups in the Kingdom increased from 3,000 to over 2,000.There are two million people in the world. Even though we have made a great deal of progress, there is still a lot more that can be done. The importance of launching innovative partnerships with businesses and entities around the world cannot be overstated. As a result of events such as Web Summit 2023, we are able to do just that, immersing some of our most promising and exciting start-ups in a stimulating environment conducive to collaboration, innovation and growth.
As a result of events such as Web Summit 2023, we are able to do just that, immersing some of our most promising and exciting start-ups in a stimulating environment conducive to collaboration, innovation and growth.
As a result, Saudi Arabia's start-up ecosystem is experiencing rapid growth at the moment. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best-performing countries in terms of leveraging reforms to improve its business environment. It is estimated that the Kingdom led the region in terms of venture capital funding and capital raised in Q2 2023, accounting for 42% of MENA funding with a value of $446 million.
Among the Saudi start-ups that participated in Web Summit 2023, there were Zid, Lendo, Nuqtah, Syarah, Asasat Advanced Systems, Wosul, Kabi, Master Works, Resal, WhiteHelmet, Mustadem, and Tachyon.
We are pleased to announce that Monsha'at will be participating in WebSummit as part of its recent participation in other world-class conferences, including SWITCH Singapore, and ComeUp Korea, where it helped facilitate connections between some of the Kingdom's leading start-ups and the international business and investment community.
The following is a brief description of Monsha'at: 
Monsha'at was established in 2016 with the aim of regulating, supporting, developing, and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their overall contribution to the GDP in the Kingdom. 
To learn more about how Monsha'at supports Saudi Arabia's SME ecosystem, please visit the website www.monshaat.gov.sa 
Contact information:
The contact information for Tarek Chahine is +852-852 92827642 or email tchahine@webershandwick.com.
Monshaat is the source of this information
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