Saudi Tadawul CEO says 18 listings approved until year-end, 'market maker' under development

The Capital Market Authority (CMA) gave the go-ahead for 18 listings on the Saudi Exchange (Tadawul) until year-end, Tadawul CEO Mohammed Al-Rumaih told Al Arabiya TV on the sidelines of the Future Investment Initiative (FII) Conference.

He added that the market has witnessed 39 listings in different sectors since the beginning of 2022, including information technology, real estate development and retail. This, accordingly, serves the best interest of the market and gives investors diverse options.

The top executive said that foreign investors' ownership has increased by nearly 30% year to date.

"We are working to increase this percentage through developing the market, including all products, to fit institutional and retail investors, as well as brokerages in order to record higher liquidity," he noted.

Al-Rumaih added that Tadawul also reached advanced stages with regard to developing the “market maker” in the stock and derivatives markets to drive liquidity.

Tadawul is also working on the options contracts in the derivatives market, being one of the high demand products.

Elsewhere, he added traded bonds in the secondary market grew by 200% to SAR 1 billion. Trading was mainly focused on government sukuk, Al-Rumaih concluded, expecting heavier trading on the diversity of issuances.

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