London Stock Exchange Group’s SME support programme ELITE launches in Saudi Arabia

  • 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:

Company Location ICB Sector
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
Almona Riyadh General Industrials
Cementix Qassim 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
Rest Water Riyadh Water
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
Tatweer Qassim Real Estate
West Group Logistics Port Services Eastern Province Transportation

– Ends –

SOURCE: London Stock Exchange Group plc.

Media Enquiries
London
+ 44 (0) 20 7797 1222
newsroom@lseg.com

Comments are closed.