His Royal Highness Prince Mohammed bin Abdulrahman bin Abdulaziz, Deputy Governor of the Riyadh Region, reviewed the final report of the General Authority for Small and Medium Enterprises “Monsha’at” on the Riyadh edition of the Regional Entrepreneurship Acceleration Program (MIT REAP). The initiative, implemented in partnership with the Massachusetts Institute of Technology (MIT), is a flagship effort aimed at fostering an innovation-driven entrepreneurial ecosystem in the region.

The report was presented during an official meeting at Al Hukm Palace, where His Royal Highness received the Governor of Monsha’at, Mr. Sami bin Ibrahim Alhussaini, along with the Authority’s Deputy Governor for Entrepreneurship, Mr. Saud bin Khalid Alsbhan.

Prince Mohammed commended the collaborative efforts of all stakeholders involved in the program, emphasizing the strategic importance of leveraging its outcomes to strengthen Riyadh’s position as a regional hub for fintech, innovation, and entrepreneurship.

During the meeting, His Royal Highness was briefed on the program’s various phases and the key initiatives undertaken by Monsha’at to support and empower entrepreneurs and SMEs. Highlights included the launch of a fintech accelerator that hosted 17 startups, networking events engaging over 130 entrepreneurs and emerging companies, advanced academic and training programs in collaboration with universities, and a specialized initiative to prepare startups for entry into the regulatory sandbox.

The program unfolded through a series of strategic stages, beginning with the formation of a dedicated task force and the development of a comprehensive project plan. It involved in-depth analysis of the regional entrepreneurial landscape using data and statistical tools, distribution of surveys to identify ecosystem challenges, mapping of key enablers, and assessing the specific needs of entrepreneurs in the Riyadh region.

A competitive advantage-based strategy was then crafted for the city, with fintech emerging as a primary focus. This phase included targeted surveys, stakeholder sessions with Monsha’at, and in-depth dialogues with fintech entrepreneurs. The program’s implementation in Riyadh also featured the development of a strategic roadmap, and hosted workshops with participation from over 30 international entrepreneurship experts to diagnose challenges and co-create solutions.

The final phase emphasized sustainability and actionable implementation plans, culminating in a concluding workshop held in Boston, USA, where participants were exposed to global best practices and MIT’s ecosystem support model.