Past years witness strong efforts to boost new listings: Elkuwaiz

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

Mohammed Elkuwaiz, Chairman of the Capital Market Authority (CMA), said past years have seen major efforts to promote listings on the Saudi financial market and expand funding options for small and medium enterprises (SMEs).

Speaking at the “Enterprise Support Council” during “Finance Week” hosted by Monshaat, he said SMEs now make up 30% of listed companies. After expanding their businesses, 14 of these moved from Nomu to the main market, demonstrating the CMA's ability to create an atmosphere that is conducive to investment.

Elkuwaiz noted that Saudi companies now have access to nine financing channels, most of which were developed in recent years, describing Nomu’s launch as a key reform to attract more companies to the market, the Saudi Press Agency (SPA) reported.

Since its launch, Nomu’s main index has grown tenfold. Market capitalization jumped 26x to nearly SAR 60 billion by the end of last year.

Liquidity also rose significantly, with 2024 trading value reaching SAR 14 billion, eight times higher than earlier levels.

The CMA reviewed all listing and offering requirements to align with global standards. It introduced direct listings and worked with regulators to ease rules, helping SMEs access the market more efficiently.

He said the CMA, alongside other agencies, launched over 14 incentives to support listings and new IPOs, including changes to government procurement laws, credit rating frameworks, and evaluation processes for listed firms.

Fintech has become a key player in the capital market. Sector revenues surged 105% in 2024 versus 2023, he added.

Elkuwaiz stressed the importance of credit ratings, especially for debt-based financing, as vital tools to support market growth and sustainability.