CMA Chairman says more companies intend to list on Saudi market

Mohammed ElKuwaiz, Chairman of the Capital Market Authority

An increasing number of companies from different sectors have shown an inclination to list on the Saudi market during the past period, said Mohammed ElKuwaiz, Chairman of the Capital Market Authority (CMA).

Speaking during a panel discussion at the Global Entrepreneurship Conference, the top official explained that this is due to increasing opportunities in Saudi Arabia, as well as the efforts to facilitate the listing process by providing more channels by developing a growth market and providing direct listing, which helps emerging companies go public.

Moreover, many companies, especially after the COVID-19 pandemic, realized the differences and opportunities made available to listed companies, which helped them survive and overcome the repercussions of the pandemic.

ElKuwaiz added that financing is the key element for entrepreneurs, noting a need for financing options that live up to their ambitions.  

He said their requirements vary; therefore,  multiple financing options and solutions should be provided to suit the different entrepreneurs.  

More regulations are currently being worked on to facilitate business in the Fintech sector and make it more attractive to investors.  

The size of opportunities and the level of ambition for growth in the sector exceeds what has been achieved so far, the chairman said. 

ElKuwaiz also stated that all Fintech companies until last year were Saudi, adding there are currently non-Saudi Fintech companies in the local market, which is certainly a move in the right direction.  

He indicated that an attractive market is being created for local and foreign investors, which will boost competition and contribute to improving output.  

Crypto assets are among the things that have not been addressed in Fintech, the top official noted, pointing out increasing requests from the financial systems to work on this issue.