CMA reviewing over 30 share listing requests, says ElKuwaiz

Mohammed ElKuwaiz, chairman of Capital Market Authority

The Capital Market Authority (CMA) received more than 30 requests from companies seeking to list shares on the Saudi Stock Exchange (Tadawul) and are currently under review, said Mohammed ElKuwaiz, the market regulator’s chairman.

The requests, the highest in the CMA’s history, are driven by higher market turnover, as the Saudi market reported an average traded value of around SAR 7 billion in 2020, ElKuwaiz added during the opening session of the AFE Annual Conference Saudi Arabia 2021.

Tadawul implemented a number of reforms over the previous years and fully restructured the listing regulations to facilitate the financing of new as well as existing industries, ElKuwaiz indicated.

“Tadawul’s pivotal role is not restricted to the existing industries, but it rather extends to the new promising segments,” he noted.

CMA seeks to make the Nomu-Parallel market as a platform to embrace the new promising segments such as information technology (IT), which will reflect positively on the whole economy.

“Investing in developing industries like the IT significantly buoyed the performance of some global markets,” ElKuwaiz assured.