EXITS MENA Expands in Saudi Arabia
This expansion is backed by a group of Saudi investors led by Ammar Ahmed Shata, Founder of Gotrah Ventures, who will serve as the non-executive chairman of the new JV.
EXITS MENA, the fintech arrangement platform for startups and small- and medium-sized enterprises (SMEs) in the MENA region, has announced a strategic joint venture (JV) in Saudi Arabia. This expansion is backed by a group of Saudi investors led by Ammar Ahmed Shata, Founder of Gotrah Ventures, who will serve as the non-executive chairman of the new JV.
The move is aligned with Saudi Arabia’s Vision 2030 initiative, which aims to diversify the economy and bolster the SME sector's contribution to GDP from 20% to 35%. EXITS MENA will provide vital support and resources, including capital arrangement, investment readiness, and strategic consultancy, to help businesses grow and attract investment.
EXITS MENA has a successful track record of closing nine deals in the past 18 months and a pipeline of 40+ mandates worth nearly $180 million.
The establishment of the joint venture will include applying for the necessary Capital Market Authority (CMA) license before commencing business activities in Saudi Arabia.
Earlier this year, the deadline for international firms to establish regional headquarters (RHQ) in Saudi Arabia or risk losing hundreds of billions of dollars in government contracts came into force on January 1st.
The RHQ Program was introduced in February 2021 to attract global corporations to establish their headquarters in Saudi Arabia and position the kingdom as the premier commercial, industrial, and investment hub for the MENA region.
In addition, the kingdom introduced a new set of online services tailored specifically for foreign companies seeking to establish RHQ in the kingdom.
The newly introduced online services cater to a range of needs, from issuing regional headquarters as branches to establishing entirely new foreign entities. Companies can leverage the platform for tasks including the issuance, amendment, and renewal of commercial registers, as well as reserving commercial names.