Arab News, Saturday, Oct 23, 2021 | Rabi Al-Awwal 16, 1443
Tadawul aims to offer incentives for tech startup firms: Bloomberg
Saudi Arabia: Saudi Arabia’s stock exchange is discussing introducing
incentives for tech startups backed by venture capital investors and technology
firms, Bloomberg reported citing people familiar with the matter.
The stock exchange’s smaller market, Nomu, is where the small tech firms are
expected to raise capital.
Currently, Tadawul doesn’t provide incentives to list on Nomu, but it could
offer regulatory waivers for tech startups to speed up their listing, according
to Bloomberg.
In the UAE, tech-startups received considerable financing solutions.
In interviews with CNBC Arabia, Ammar Al Malik said that facilities received by
tech startups in Dubai Internet City reached AED1.4 billion ($380 million) while
Jida Itani, COO of Abu Dhabi-based Hub71, stated that the firm provided over
$260 million to startup companies.
Having the diversification of the economy as its target, the Kingdom aims at
attracting tech investments as efforts to create more jobs in the labor market
gain pace.