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Expert Guidance by Saudi Capital Market Professionals

Our former regulators translate red tape into clear, actionable steps guiding you through licensing, GRC, internal audit inspections, and IPO readiness - all with zero guesswork.
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Why Dal Advisory

Work with experienced Ex-CMA & Ex-Saudi Capital Market Professionals
Speed up timelines, minimize roadblocks, & reach your goal, faster
Focus on your core competency while we focus on ours

Advisory Services

Under the supervision of a distinguished team of regulatory experts in the Saudi Capital Market

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Financial Institution Setup (Licensing & FinTech Permits)

Whether you’re establishing a new firm, need an additional CMA license, or are launching a FinTech , our experts will guide you from start to finish to meet regulatory requirements with expert guidance as fast as possible.

Governance, Risk & Compliance (GRC)

Avoid regulatory risk and potential penalties by strengthening your governance, risk, and compliance controls. Dal helps capital market firms build customer trust and stakeholder confidence by helping firms focus on areas of concern before they become problematic.

Internal Audit & Review

Let our ex-CMA inspectors assess and audit your organizational controls. Move with confidence knowing that your firm is complying with article 62 of the Capital Market Institution Regulations.

IPO Assessment & Readiness

Deciding to take your company public is a huge step in a company’s journey. Dal’s one-stop IPO service covers your organization’s IPO journey from readiness assessment to post-IPO services. Move confidently with our team of ex- Saudi capital market regulators who will help you ring the bell as quickly as possible.

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Dal proved to be a great partner in enhancing our GRC functions. The success of our initial risk project demonstrated their value so clearly that we engaged them for a full-scale implementation across all GRC domains. To us, Dal isn’t just a vendor—they’re a strategic partner in navigating the capital markets regulatory environment.

Abdulaziz Alsayyari
Chief Executive Officer, Sukuk Capital
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We couldn’t be happier with Dal’s support! They helped us navigate risk and regulatory requirements with clarity and simplicity. Their deep expertise and actionable insights were immediately implementable. What truly sets them apart is their genuine partnership—acting as a real extension of our team.

Majed Al-Ruwaie
Head of Compliance, MEFIC
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Dal transformed what is traditionally a complex licensing process into a seamless, end-to-end experience—executed with precision and unwavering attention to detail. What set them apart was their tailored approach, clear communication, and deep understanding of both our needs and our business. With Dal, licensing became more than a transaction—it became the foundation of a long-term strategic partnership.

Waleed Almokbel
CEO of a Capital Market Institution & Former CMA Manager
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Meet Our Experts

Meet our advisory bench of ex-CMA professionals and capital market professionals, all on your side.
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Mohammed Alhije, CFA
 Market Risk & Investment Expert
Former Head of the Market Stability Risk Unit at the Capital Market Authority and former Investment Expert at the General Organization for Social Insurance (GOSI). He Holds a Bachelor's degree in Actuarial Science from King Fahd University of Petroleum and Minerals and is a CFA Charterholder.
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Nawaf Alsolai
GRC, Internal & External Audit Expert
Expert of Internal Audit, and former expert in Compliance of Capital Market Institutions at the Capital Market Authority’s Capital Adequacy Unit. As a former external auditor at KPMG and worked at Saudi Industrial Devolopments Funds (SIDF), he holds several professional certifications in audit and compliance, including CMA 2, GRCP, and GRCA.
Ibrahim bin Nafjan
Ibrahim bin Nafjan
GRC, Licensing, and Inspection Expert
Former team leader in the inspection of capital market institutions, with 15 years of experience at CMA and its operations. Specialized in compliance, licensing, GRC, and inspection. Former team leader at the CMA licensing. Holds professional certifications: CCO, GRCP, ICWIM, and CME-2.
Malek Alkawas
Malek Alkawas
GRC & Internal Audit Expert
A financial market GRC and internal audit expert with 24 years of experience. Former Head of Risk Management at Alistithmar Capital, Yaqeen Capital, and Saudi Fransi Capital. Former Head of Internal Audit at Al Rajhi Capital. He holds the Certified Anti-Money Laundering Specialist (CAMS) certification.
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Abdulrahman Almazyad
GRC and Licensing Expert
Former Banking License Supervisor at SAMA with 7+ years of experience in licensing and regulatory supervision. Skilled in license approvals, compliance oversight, and regulatory alignment. Holds an MBA from University of Dallas, and professional certifications Certified Compliance Officer (CCO).
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Manal Kubrawi
AML & Compliance Expert
Over 17 years of experience as an ex-CMA expert and former Head of Compliance, AML, & CTF at Alistithmar Capital. At the CMA, her experience spanned investment funds, compliance, and offerings. She holds the Certified Compliance Officer (CCO) and ICCO (International Compliance) certifications.
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Dima Alhurib
Senior IPO Readiness Specialist
Former investment banking and private equity professional who has extensive experience preparing and qualifying several companies for listing on the public Saudi financial market. She holds a bachelor's degree in Finance and Investment from Imam Muhammad ibn Saud Islamic University.
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Jehad Alsuwayyid
Licensing Project Manager
Experience establishing and managing set up for numerous financial institution & FinTech licensing clients. He holds a Bachelor's degree in Actuarial Science and Financial Mathematics from King Fahd University of Petroleum and Minerals. He is also Certified in CME-1 and CME-2.
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Ammar Bukhamseen
Accounting and Finance Expert
Accounting and finance professional with proven experience at CMS MENA, Deloitte, and Dar Al Arkan. Skilled in accounting, auditing, and business analysis. Holds a Bachelor’s degree in Finance from KFUPM and has successfully completed Part 2 of the Certified Management Accountant (CMA) certification.

Frequently Asked Questions

Answers to some of the most common questions we get.
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Licensing for fintechs
GRC
Audit and inspection
IPO Readiness
What functions can be outsourced to Dal?
Governance, Risk, Compliance, and Internal Audit functions can be fully outsourced to Dal, or established under our leadership to meet the highest regulatory and professional standards.
Who are the target clients for these advisory services?
Our services address the full spectrum of CMA requirements for Capital Market Institutions (CMIs), tailored to support both established leaders and emerging firms. We have recently started to advise institutions on requirements as related to The Saudi Central Bank (SAMA) as well.
What is Dal’s signature service regarding compliance (Annual Compliance Monitoring Programme)?
Dal offers an Annual Compliance Monitoring Programme -  a full-scale compliance review for Capital Market Institutions (CMIs) led by ex-CMA experts. We identify gaps, highlight risks, and provide clear corrective actions.
Does Dal’s Internal Audit service ensure regulatory compliance?
Yes. Dal’s Internal Audit service is designed to bring CMIs into full compliance with Article 62 of the Market Institutions Regulations, which requires conducting a review related to securities business at least once every three years. 
Does Dal provide support to all types of financial institutions?
Yes. Dal is your trusted partner in navigating regulatory complexities across the financial sector, although we are highly specialized with respect to the CMA. However, we also have experience advising institutions with respect to other regulators. We can help institutions with:
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1. Understanding when direct engagement with the regulator is or is not required
2. Identifying which regulator or authority to approach.
3. Deciding whether to pursue licensing or to explore innovative ideas through the regulatory sandbox.
What does Dal deliver in IPO Readiness?
Dal supports companies from the very start of their IPO journey, providing an end-to-end service, from assessing feasibility to achieving a successful listing. Our core services are: IPO Readiness Assessment, Company Preparation, and IPO Journey Management
Why Dal, and how is it different from a Financial Advisor?
Dal steps in before appointing any IPO advisors—who may number up to 12, including the financial advisor. Unlike a single-role advisor, Dal oversees the entire IPO process, easing the company’s burden. So with Dal, you gain: (Higher chances of success, Cost efficiency, Timely listing, Less burden)
How do I know if my company is eligible to start the IPO process?
Dal provides a 7-minute self-assessment (with no fees) that quickly evaluates your readiness for listing. Upon completion, you will receive tailored feedback on your eligibility and next steps.
How does Dal provide assistance?
Dal offers comprehensive, end-to-end support throughout the entire journey. We prepare and structure all documentation required for regulatory approvals including business plans, feasibility studies, application forms, financial projections, and compliance assessments.
How long does it take to complete the process?
Dal ensures a fast-track journey with clarity and confidence at every step. The process unfolds seamlessly in two stages: Regulatory Approval – This stage involves obtaining approval from the relevant authority. Timelines may vary depending on the type of license or sandbox permit, as well as the regulator’s feedback.

Business Commencement – Once approval is secured, this stage focuses on operational readiness and launch. The timeline here is generally more controllable and can be efficiently streamlined.

#Move_Confidently

Contact now and let’s map the fastest path to approval.
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