The Small and Medium Enterprises General Authority “Monsha’at” signed a cooperation agreement with the Saudi Stock Exchange (Tadawul) to launch the Financial Advisor Cost Coverage incentive, during the Financial Sector Conference held in Riyadh.
The signing took place in the presence of the Governor of Monsha’at, Engineer Saleh bin Ibrahim Al-Rasheed, and the Chief Executive Officer of Tadawul, Engineer Khalid bin Abdullah Al Hussan.
Under the Financial Advisor Cost Coverage incentive agreement, Monsha’at will cover the costs of the financial advisor for national companies eligible for listing on the Nomu Parallel Market.
The agreement comes as part of Monsha’at’s efforts to support SMEs and give an additional advantage to the companies listed under the initiative to stimulate and encourage private sector companies to offer and list their shares on the capital market, within the Financial Sector Development Program. It is also in line with the Tomoh ELITE enterprise growth program for promising companies eligible for listing, which aims to strengthen the growth of enterprises, prepare them for the pre-IPO stage, and give them access to a diverse network of local and international advisors and investors.
Monsha’at works primarily to enable and support SMEs by preparing, implementing, and supporting programs and projects to spread the culture of self-employment and innovation, diversify the sources of financial support for enterprises, and provide them with administrative and technical support, toward raising the contribution of SMEs to GDP from 20% to 35% by 2030.