Al-Qahtani Auctions hires Amwal as financial advisor on Nomu listing

Snapshot of the agreement signing

Al-Qahtani Auctions Co. hired Amwal Financial as financial advisor on its planned initial public offering (IPO) on the Nomu-Parallel Market.

The IPO is subject to the regulatory approvals of the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul), Al-Qahtani Auctions said in a statement.

The company’s strategy focuses on delivering integrated services to clients, in line with the digital transformation of all operations in the coming years to align with the Saudi Vision 2030.

Al-Qahtani Auctions CEO Faleh Al-Qahtani emphasized the significance of this step for the company, which aspires to be a market leader locally and regionally. This is through horizontal and vertical expansions that stem from the intensive study of the auction services market.

Al-Qahtani further stressed that the company’s Nomu IPO will contribute to the development of its business and support its future plans in the coming period.

Mahmoud Al-Sayyed, CEO of Amwal Financial, noted that Al-Qahtani Auctions' move reflects the company's commitment to developing its operations, governance, and internal systems to align with its business goals and executive management's vision.

Al-Qahtani Auctions, based in Dammam, started as a branch of Al-Qahtani Group in 2011, before becoming an independent company in early 2022.

Its main activities involve organizing and managing public, international, and closed auctions for government, semi-governmental, private entities, and individuals, including electronic, real estate, and warehousing auctions. It operates through branches in Riyadh, Jeddah, Al Nairyah, and Khamis Mushait, with the main branch in Dammam.

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