SEDCO Holding, a leading Saudi investment company, launched Rowad Nomou, a financial management program intended for entrepreneurs in tech and innovation startups, whose businesses have reached a certain level of growth and are looking to acquire the necessary knowledge on how to grow their business further through external funding.
The launch was followed by three Memoranda of Understanding (MoU) signings with “Monsha’at”, “Kafalah” and Dulani Business Center during Biban 2023 Forum. The agreements aim to support the nationwide financial literacy awareness and support the Kingdom’s startup ecosystem.
Through these partnerships, SEDCO Holding will supply the curated “Rowad Nomou” program, which includes a series of digital videos and tools designed for entrepreneurs and startups. The program will be available on the new Rowad website. SEDCO Holding will also collaborate with the partners to share knowledge, organize financial management workshops, training programs and educational sessions.
Commenting on the launch, Mohammed Mosly, Chief Operating Officer of SEDCO Holding, said: “The business environment in Saudi Arabia witnessed a great shift, as Saudi Vision 2030 outlined goals to be achieved in the startup ecosystem front. This includes increasing the contribution of SMEs from 20% to 35% of the country’s GDP, which will positively impact the economy, sustainably develop society, and propel the growth of companies. As such, Rowad program aims to educate entrepreneurs and develop their financial management and planning skills to ensure that they can fulfil their roles of achieving sustainable growth in the Kingdom. To accomplish this, Rowad program aims to support entrepreneurs and startup owners learn how to manage their finances. This will in turn raise the number of successful, locally owned businesses within the Kingdom, aiding Saudi Arabia achieve growth, development, and prosperity.”
“Rowad Nomou” program will offer a comprehensive content covering the fundamentals of financial management, financing, financial resources, accounting, profit and loss accounts, balance sheets, cash flow, and Islamic banking services. The program will also tap into types of financing available, the investment preparation process, business and financial models, valuation, due diligence, and investment closure.
The program’s modules begin with short introductory videos from inspiring presenters from across the Kingdom’s startup ecosystem – successful founders, investors, legal and financial consultants – sharing key insights and lessons learned from their experiences. Topics are taught through a variety of digital learning components, including diagrams, illustrative animations, and interactive exercises.
The program also includes necessary tools that enable the owners of SMEs to overcome challenges in securing financing throughout the various stages of their business and startup’s growth journey, starting from the seed funding to private equity investments.
Additionally, a study conducted by “Rowad” program revealed that the difficulties of securing funding and financing, along with the competition in the markets, are among the most critical challenges facing SMEs, which hinders their continuity. It is shown that 79% of companies close their business within the first three years of starting their commercial activity. The study also revealed that most entrepreneurs manage their finances themselves and obtain funding through soft loans or family support, which makes financial awareness programs essential for ensuring business continuity.
The newly launched “Rowad Nomou” program follows the success of the “Riyali” financial literacy program, which is a pre-existing program SEDCO Holding launched in 2012.