Under the patronage of His Royal Highness the Advisor of the Custodian of the Two Holy Mosques and the Prince of Makkah Province Prince Khalid Al-Faisal, His Royal Highness Prince Mashal bin Majid, the Governor of Jeddah, inaugurated “the Startup Saudi Arabia Forum” on Monday Rabi` Al-Awwal 18, 1440 A.H., corresponding to November 26, 2018 A.C. The forum was organized by the Small and Medium Enterprises Authority. A number of their Royal Highness, their Excellencies, businessmen and directors of governmental authorities in the Makkah province attended the forum at the Ritz Carlton Hotel in Jeddah.

In the speech in which the Governor of the Small and Medium Enterprises Authority (Monsha'at), Eng. Salih Al-Rashid, welcomed his Royal Highness Prince Mashal bin Majid and the honorable attendants, the Governor declared that Monsha'at guarantees they will take back forum registration fees, and asserted that Monsha'at pays great attention in supporting startup companies that participate in the forum.

Eng. Al-Rashid indicated that the forum aimed at linking entrepreneurs and owners of startup companies to investors and venture capital boxes for them to obtain investments to guarantee the development of their enterprises and their advancement from startup companies into small and medium-sized enterprises, in order to become major businesses which contribute effectively in furthering the development process.

He confirmed the keenness of Monsha'at on creating a competitive environment to encourage the admission of new enterprises to the market, and enable small and medium enterprises to grow and develop. The Authority also aims at closing the financial gap, giving licenses to business incubators to help them grow and invest, and informing small and medium enterprises and entrepreneurs about the official procedures and the requirements of different governmental bodies to help them increase their production and contribute in the gross domestic product by raising it from 20% to 35% by the year 2030 A.C.

The Governor of the Small and Medium Enterprises Authority concluded his speech by expressing his thanks and appreciation to his Royal Highness the Advisor of the Custodian of the Two Holy Mosques and the Prince of Makkah Province and his Deputy for what they offer of support and facilitation in order to make the forum in the best form to create investment chances for startup companies.

On his part, his Excellency the President of Umm Al-Qura University and the Chairman of the Board of Makkah Valley for Technology, Prof. Abdullah bin Omar Bafail, said that since the foundation of the Kingdom of Saudi Arabia at the hands of the leader of this renaissance King Abdulaziz, may Allah be merciful to him, and with the sequence of wise leaders that have governed this country, knowledge and education and their infrastructure have gained great support and care, due to the belief that building human beings should coincide with the building of the country itself.

His Excellency added, "We have the pleasure to announce to all that we will always, Allah willing, maintain a strategic partnership with the Small and Medium Enterprise Authority that has adopted this forum under its administration and finance in a step that incorporates our integration This is to make our future brighter, relying on the minds of our youth who are a source of pride for our country, and guarantee its future, Allah willing, to build a dynamic community and a flourishing economy in an ambitious country."

Finally, Prince Mashal witnessed the conclusion of several agreements among a number of companies participating in the activities of the forum.