Transformation of SME sector to be reviewed at Euromoney Conference 2017

While all eyes are on the potential impact of major listings in the Kingdom, such as the much-anticipated Saudi Aramco IPO, long-term transformative change is likely to come from the small business sector, according to senior experts set to speak at The Euromoney Saudi Arabia Conference 2017.
Saudi Arabia will see the growth of a major new investment opportunity in 2017, as new regulations permit the listing of small capitalized Saudi firms, adding new impetus to both the small and medium-sized enterprises (SME) sector and the stock market.
In February, Tadawul launched the NOMU-Parallel stock market, with seven firms debuting with an initial market capitalization of SR1.9 billion ($506 million). The businesses were from a range of sectors including retail and food services, and all seven hit the maximum daily growth limit on the first day of trading, indicating the strong appetite for SME investment in the Kingdom.
The market, which is open to qualified investors for direct investment, can be accessed by retail investors through specific investment funds, creating new options for diversification.
The private sector, and the SME sector in particular, has a key role in the Saudi Vision 2030 by diversifying the economy, creating jobs, and promoting growth. Alongside the new rules on listing SMEs, the Kingdom is also empowering the SME Authority and supporting wider economic innovation as part of a series of measures to support the growth of small businesses.
A special session at The Euromoney Saudi Arabia Conference, which is held in partnership with the Saudi Ministry of Finance, will look at the measures being taken to drive entrepreneurship across the Kingdom. Speakers will include Nawaf Attaf Alsahhaf, CEO of Badir, and Craig Smith, CEO of Dhahran Valley Technology Development Company.
Victoria Behn, Euromoney Conference’s head of Middle East and Africa, said: “The Kingdom of Saudi Arabia is promoting a wide range of measures to drive the transformation of the economy, and The Euromoney Saudi Arabia Conference will enable delegates to examine every angle of this far-reaching program.
The event brings together on-the-ground business and government leaders with international experts and global banking executives to provide insight into the impact of major initiatives like the transformation of the SME sector and the opportunities this is creating.”

Source: Arab News