- ELITE and Monsha’at (Saudi Small & Medium Enterprises Authority) partner to launch business support & capital raising programme in Saudi Arabia
- First ELITE partnership in the Middle East, following launches in Brazil and China in 2017
- Kingdom unveils first group of ELITE Saudi companies
- Demonstrates LSEG’s commitment to strengthening ties with capital markets across the MENA region
LONDON, 08-Feb-2018 — /EuropaWire/ — ELITE, London Stock Exchange Group’s international business support and capital raising programme for high-growth companies, today announces that it has partnered with the Small and Medium Enterprises Authority in Saudi Arabia (Monhsa’at) to support the launch of ELITE in Saudi Arabia.
Twenty ambitious Saudi small and medium sized companies (SMEs) have been unveiled today as the first ELITE Saudi Arabia cohort. Companies come from across the country and a diverse range of sectors, from Riyadh to Jeddah and include the largest date exporter, Tomoor, cement manufacturer, Cement Industries and granite miner, Tanhat Mining .
ELITE and Monsha’at will work closely to implement and promote ELITE in Saudi Arabia. A locally anchored ELITE programme, as part of ELITE’s global network, will strengthen the environment for scale-ups across the country and help the Kingdom deliver its Vision 2030. Saudi Arabia recognises that high growth dynamic SMEs have a unique capacity to innovate, create new jobs, in turn becoming key contributors to the Kingdom’s GDP and driving economic development.
Luca Peyrano, CEO, ELITE:
“The launch of ELITE in Saudi Arabia today is testament to the Kingdom’s commitment to supporting the growth of SMEs and delivering Vision 2030. The Kingdom recognises that these companies have a unique capacity to innovate, create new jobs and ultimately drive economic prosperity.
“Our first partnership in the Middle East is a significant milestone that we are delighted to celebrate with Monsha’at. It reinforces ELITE’s enduring commitment to supporting ambitious scale-ups across the world. I’m delighted that from today Saudi Arabia’s business stars have the opportunity to be part of ELITE’s dynamic international community and access vital sources of growth funding within and outside the Kingdom.”
Monsha’at (Saudi Small & Medium Enterprises Authority):
“Monsha’at is thrilled to launch the first cohort of the Tomoh-ELITE programme, with more than 20 participants joining today. The programme aims to scale-up the fastest-growing companies to the next level. This will ensure the nation reaches the objectives of Saudi Vision 2030 where SME’s are planned to be a major contributor to GDP. ELITE offers companies taking part the opportunity to enhance their strategies and access a broad international network, including high profile consultants and local and international investors. ELITE is London Stock Exchange Group’s flagship SME support programme, and today it is launched for the first time in the region.”
New ELITE Saudi Companies:
|Abrar Communication Ltd||Riyadh||Technology Hardware & Equipment|
|Al Madinah Dates – Tomoor||Al Madinah||Food Producers|
|Al Naqool||Dammam||Construction & Materials|
|Al Ola Saudi Plastic Pipe Company||Riyadh||General Industrials|
|Khalid Abdulaziz Al Ghaith Trading||Riyadh||Food Producers|
|Manoosha Alreef||Khobar||General Retailers|
|Misyan Marketing Group||Riyadh||Construction & Materials|
|National Vacation Co||Jeddah||Travel & Leisure|
|Nesma Shaheen Trading Company Limited||Eastern Province||Personal Goods|
|Nozomi – Modern Food Co.||Riyadh||General Retailers|
|Resorts Holding||Jeddah||Travel & Leisure|
|Riyadh Food Industries||Riyadh||Food Producers|
|SAAS (Saudi Amad for Airport Services & Air Transport Support)||Jeddah||Transportation|
|Saudi Bell||Riyadh||Technology Hardware & Equipment|
|Tanhat Mining Co||Dammam||Mining|
|West Group Logistics Port Services||Eastern Province||Transportation|
– Ends –
SOURCE: London Stock Exchange Group plc.
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