Elkuwaiz says listing applications on the rise

Mohammed Elkuwaiz, Chairman of the Capital Market Authority (CMA)

Mohammed Elkuwaiz, Chairman of the Capital Market Authority (CMA), said a large number of companies seek to list on the stock market, with the IPO applications increasing.

Speaking at the LEAP 25 Conference, Elkuwaiz said listings surged from 10 annually to over 40 in the past two years, noting that 50-60% of the listings are dominated by small and medium-sized enterprises, most backed by venture capital.

The Chairman highlighted developments in Saudi Arabia's financial market, including private credit, predicting that private capital funding will likely grow at a faster pace than venture capital.

He emphasized Saudi Arabia aims to become a hub for entrepreneurs from the Middle East and beyond through solving challenges related to information, financing, and tax.

According to Argaam data, the Saudi stock market (Tadawul and Nomu) maintained strong IPO momentum in 2024, as 45 companies and four REITs were listed.