The Saudi General Authority for Small and Medium Enterprises, known colloquially as ‘Monsha’at’, has made significant strides in fostering the growth of smaller businesses through the ‘Ambition’ national program. This initiative, tailored to assist companies in listing their shares on the parallel market ‘Nomu’, has successfully facilitated 21 companies in going public from its inception in June 2020 through the end of the first quarter of 2024.
The selection process for the ‘Ambition’ program commences with a set of preliminary criteria for the inclusion of small and medium-sized enterprises (SMEs). A key requirement is the demonstration of a growth rate of 20% or more in revenue or employee count over the last three years. Following this, the program offers a suite of nine services, including entry into the parallel market.
One of the critical services provided to enterprises seeking to list on the ‘Nomu’ market is financial advisory support. This encompasses covering up to 50% of the advisory costs, with a maximum cap of 800,000 Saudi Riyals per enterprise, thus significantly reducing the financial barriers for SMEs aiming for market entry.
