TAM receives IPO approval for Saudi share listing

TAM, a Saudi management consulting and digital solutions firm that partners on the delivery of public sector transformation initiatives announced today that it will be listing shares as the Riyadh-based company expands its presence in the Arab world’s biggest economy.

The Saudi Capital Markets Authority approved TAM’s application to list 585,600 shares, amounting to 16% of its share capital, on the Tadawul Saudi Stock Exchange’s Nomu-Parallel Market within the next six months on 29 December 2022. A prospectus for the initial public offering (IPO) will be published within sufficient time prior to the start of share sale.

TAM’s CEO and founder, Abdullah A. Youssef said: “We are seeing growth double annually as the Vision 2030 reforms expand, and partnerships with government entities increase. We proudly welcome and appreciate the Capital Markets Authority’s approval of our application and we look forward to progressing this IPO in the months ahead.”

TAM’s plans for an IPO underscore its ambitions and are a testament to the expansion of the private sector in the Saudi economy spurred on by government-led policies. Saudi Arabia has undergone significant structural changes that have enabled the private sector to support the government’s diversification plans and deepen the Kingdom’s capital markets.

Recently marking its 10th year of operations in the Kingdom, the company is undergoing a rapid phase of growth after increasing year-on-year revenue by more than twofold for the past three years. TAM announced in December the appointment of Careem co-founder, Dr Abdulla Elyas, to its board of directors as part of its expansion push.

Supporting delivery of the Vision 2030 reforms for its public sector clients, the consulting company has assisted the Kingdom’s government entities in wider strategic development, policy innovation, public engagement, and digital solutions.  TAM has participated in more than 100 Saudi government policies and initiatives, trained 10,000 Saudi nationals and managed SAR100m in government grants.

Examples of TAM’s work include:

1.    Ahlha Community Service Program – Ministry of Human Resources and Social Development

A program for young Saudi students to prepare them for the workforce – researching and developing the content for teachers to apply in lessons.

2.    Fikra – Monsha’at – Small and Medium Enterprises General Authority

An extensive study into how technology can improve education outcomes in Saudi Arabia.

3.    Filmmakers program – Ministry of Culture’s Film Commission

Developing the plans, digital framework and identity for the program to upskill amateur and professional Saudi filmmakers, scriptwriters, audio engineers, and film editors.

4.    Kiram – Saudi Tourism Authority

An initiative to help drive innovative thinking and enhance employee skills in the tourism sector, develop eco-tourism options, and improve the general guest experience for tourists to the Kingdom.

5.    iRead – Saudi Aramco

A program to encourage more reading among Saudi young people, generating over 18,000 participants.

6.    Azla Challenges – Private partnership

A contribution to the national lockdown campaign bringing 16 Saudi social media influencers to generate 16 challenges from the educational to recreational for over 9,000 participants to complete.

7.    Bootcamp 80 – Ministry of Health

An intensive program for communication practitioners to help the Ministry of Health meet its Vision 2030 target to raise life expectancy in Saudi Arabia to 80, including through the development of public health campaigns.

8.    Doyof Al Rahman Program – DARP

A range of initiatives developed to help enhance the pilgrim experience to Mecca, from a deep analysis of the current situation to the development of new services.

9.    Name a Rock – Royal Commission for Al-Ula 

A campaign aimed at raising awareness of the ancient city of Al-Ula by encouraging locals to search, identify and name unique rock formations.

10. National Culture Awards – Ministry of Culture

The development of the new National Culture Awards from initial promotion, web design to the management, review and longlisting of proposals through a bespoke digital sorting system.

11. NEOM Film Scholarship Program – NEOM

Development and promotion of a filmmaking scholarship program at one of the world’s highest ranking film schools, the UK’s National Film and Television School (NFTS).

12. DAW Film Competition – Ministry of Culture

Creation and launch of new film competition to identify and reward young Saudi filmmaking talent.

13. 101 Summer Experiences – TAM

A program to encourage young Saudis to take up work experience in the summer break, covering identity, program and course design to the web interface.

14. GEA Challenges – General Entertainment Authority

A new initiative to identify young talent in the creative arts.