Riyadh – Mubasher: The number of initial public offerings (IPOs) in the pipeline across the Saudi Exchange’s (Tadawul) Main market and the Nomu-Parallel market has surged 30% year-on-year (YoY) to 56, compared to the year before, said Mohammed ElKuwaiz, Chairman of the Capital Market Authority (CMA).
Thus, Saudi Arabia is poised to transform from a net exporter of capital to a net importer, which requires an entirely different infrastructure, ElKuwaiz added on the sidelines of the third edition of the Saudi Capital Market Forum (SCMF), according to a press release.
ElKuwaiz highlighted that the outstanding debt issuances from the private sector need to increase from the current level of approximately 4% of GDP to 18% by 2030.
He emphasized that the Information and Communications Technology (ICT) sector is one of the largest sectors in terms of the number of listings and the amount of capital raised, and the top-performing sector in the Saudi capital market in 2023.
The SCMF is organized between 19 and 20 February 2024 under the patronage of Mohammed Al Jadaan, Saudi Arabia’s Minister of Finance and Chairman of the Financial Sector Development Program.
Expanding upon the achievements of the previous two editions, the forum revolved around the theme "Powering Growth" and featured over 54 speakers, along with 69 sponsors, engaging in two days of expert discussions and debates.
