Mqayes Al Deeqa hires financial advisor on IPO

Logo of Mqayes Al Deeqa

Mqayes Al Deeqa, a closed joint-stock company, appointed a financial advisor for its potential initial public offering (IPO) on Nomu-Parallel Market. https://www.mqayes-factory.com.

Incorporated in 2015, Mqayes Al Deeqa manufactures recycling carts, municipal waste containers and recycling containers for homes and trailers, as part of a vision aiming to promote the national industries.

Hassan Al-Shahrani, CEO and Managing Director at Mqayes Al Deeqa, said the local industrial sector is witnessing unprecedented growth, in light of Vision 2030, as the industry offered several job opportunities for various categories of society.

In addition, the sector managed to meet the local demand for some products, and exported aboard, the CEO said.

The number of factories in Saudi Arabia stood at 7,741 upon the launch of Vision 2030, with more than one million workers. Accordingly, the number of factories in the Kingdom exceeded 10,000 in 2021.

Mqayes Al Deeqa made an investment round of SAR 9 million, led by Afaq Capital, to expand and open its second factory to double the production volume five times the current capacity to reach approximately 17,840 products in 2022. This aims to boost the local industrial content through manufacturing national products.

Afaq Capital invested over SAR 50 million in the small- and medium-sized enterprises (SMEs) sector with a high selectivity and specialized in qualifying these opportunities for offering on Nomu.

In addition, Afaq Capital provides logistical support through effective partnerships with different authorities to achieve the maximum benefit for offered companies, corporate governance and marketing support on a large scale. Thus, it offers new investment opportunities and tools for individuals, institutions and funds by opening an investment portfolio on its official website: https://bit.ly/3uTJSpg.