CMA CEO says 56 companies set to list on TASI, Nomu

Mohammed El-Kuwaiz, Chairman of the Capital Market Authority

A total of 56 companies are preparing to be listed on the Tadawul All Share Index (TASI) and the Nomu-Parallel Market, a 30% increase compared to the same period last year, according to the Capital Market Authority’s (CMA) Chairman, Mohammed A. El-Kuwaiz.

During his participation in the Saudi Capital Market Forum (SCMF), El-Kuwaiz said that the Kingdom is on the cusp of a historic transformation from a capital-exporting country to an attractive destination, stressing that this requires a completely different infrastructure than what is currently available.

El-Kuwaiz also highlighted the Kingdom's need to raise the total domestic private debt outstanding for the private sector from around 4% of gross domestic product (GDP) today to 18% by 2030.

The information and communications technology (ICT) sector was the best performing sector in the Saudi capital market in 2023, with the most listings and capital raised, he added.