Debt listing fee waiver extended until 2027

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) extended its fee waiver for the Saudi Exchange (Tadawul) and the Securities Depository Center (Edaa) service charges on debt instrument offerings by issuers with an active, publicly disclosed credit rating from a CMA-licensed rating agency, effective until the end of 2027.

The CMA first issued the exemption on July 1, 2020, allowing issuers seeking public debt offerings to waive paying CMA fees at registration requests, during review, and at registration, initially set to expire at the end of 2025.

The CMA said the latest extension aims to stimulate the Sukuk/Bonds Market by lowering costs for issuers and encouraging long-term financing. The move also incentivizes companies to obtain credit ratings, thereby improving transparency and investor confidence.

The waiver applies to public debt offerings by non-government entities with an active, publicly disclosed credit rating from a CMA-approved agency, covering up to two issuances per issuer.

For private placements worth no more than SAR 500 million, the waiver also applies to two issuances per issuer, provided the issuer’s credit rating is active and publicly disclosed.

As for the fee ceiling, the CMA shall cover the applicable Tadawul and Edaa service charges for all eligible offerings, capped at SAR 5 million annually, until 2027, with certain requests reviewed separately.

Past exemptions and initiatives have contributed to notable growth in the Sukuk/Bonds Market, with outstanding issuances rising from 32 in 2021 to 118 by the end of Q4 2025. During the same period, the corporate Sukuk/Bonds Market size expanded from roughly SAR 90 billion to about SAR 132 billion, while the turnover rate for of listed issuances jumped from 0.46% to over 9%.

About 60% of issuers now hold credit ratings, reflecting a shift towards higher transparency and better risk assessment.

The CMA noted that the potential savings per issuance are substantial: up to SAR 400,000 for public offerings and SAR 60,000 for private placements.