Saudi market likely to continue momentum: Yaqeen Capital CEO

Ahmed AlShabanah, CEO & Managing Director of Yaqeen Capital Co.

Ahmed AlShabanah,CEO & Managing Director of Yaqeen Capital Co., said that the Saudi stock market witnessed a significant increase in liquidity in the fourth quarter of 2024, both in the Main Market (TASI) and Nomu-Parallel Market.

The Saudi stock market is expected to maintain this momentum in 2025 and 2026, backed by the increasing initial public offerings (IPOs) and investments, including foreign investments, AlShabanah told Argaam on the sidelines of the Capital Markets Forum 2025.

Moreover, the Saudi stock market is witnessing elevated interest from local and foreign investors, which in turn strengthens its position as a key investment hub in the coming years.

Upcoming Nomu offerings in 2025 are likely to be focused on multiple key sectors, most notably retail, industrial & manufacturing, consumer services, and food production. Several companies are projected to be listed in these sectors, according to AlShabanah.

Regarding investment funds, the CEO pointed to the strong demand for funds in general, especially Murabaha funds, given the decline in interest rates. He indicated that the company's investment funds have witnessed remarkable growth, as Yaqeen Capital was among the frontrunners to launch exchange-traded funds (ETFs) in the Saudi Exchange (Tadawul).

Yaqeen Capital announced the listing of Yaqeen S&P ESG MENA ETF Fund, which will be officially launched tomorrow, to be the first of its kind in Saudi Arabia.

This ETF will help diversify the investment channels available to investors. It also aligns with Yaqeen Capital’s vision and general strategy, not to mention being in line with the Saudi Vision 2030’s goal to promote sustainable investments, AlShabanah explained.

The CEO also stated that Yaqeen Capital’s operating income appreciated by 70% YoY in 2024, driven by the strong performance in the investment banking, asset management, and financial brokerage segments.

In 2024, Yaqeen Capital’s investment banking segment recorded the highest revenues, followed by asset management and then financial brokerage, he added.

Assets under management increased from SAR 1.5 billion to SAR 2.5 billion in 2024, marking a remarkable achievement that reflects the company's sustainable growth. The investment banking segment also witnessed a surge in business volumes and revenues.

According to Argaam’s data, Yaqeen Capital’s 2024 profit shed about 44% to reach SAR 21.5 million, compared to SAR 38.2 million in 2023.