The Saudi Stock Exchange seeks to be a hub for emerging...

Informed sources told Bloomberg News that the Saudi Stock Exchange is in talks with venture capital investors and technology companies, in an effort to transform its market for small businesses into a hub for the booming startup industry in the Middle East.

The agency quoted the sources as saying that the kingdom is seeking to encourage technology companies to raise funds through the smaller “Nomu” market in the stock exchange, instead of conducting private funding rounds.

The sources said that the Saudi stock market “Tadawul” does not currently offer incentives to list in Nomu, but it is informing some emerging companies that they may obtain regulatory exemptions to facilitate the listing process.

It is expected that the exchange will continue to encourage companies in other industries to list in the Nomu market.

Bloomberg notes that when Nomu was launched in 2017, the purpose was to provide small businesses with an easier way to go public, with less restrictive listing rules and more flexible disclosure requirements compared to the main market.

Jahez International IT, a food delivery company, is set to be the first technology company to go through this process.

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