By: Mohamed Idris

Riyadh - Mubasher: The vice chairman of the Saudi Capital Market Authority (CMA) said that Saudi Arabia aims to be the biggest market in the Middle East by 2020, and one of the world’s top 10 by 2030.

Mohammed bin Abdullah El-Kuwaiz added during the launching ceremony of the Nomu-Parallel Market that the Saudi market enjoys strong competitiveness in both the value and the volume of the capital market, which is ranked 23rd globally in terms of market capitalisation, and 13th in liquidity levels.

The Saudi Stock Exchange (Tadawul) launched the parallel market on Sunday, with trade beginning on seven stocks.

El-Kuwaiz also noted that launching the Nomu-Parallel Market helps achieve the CMA’s strategic goals of facilitating finance, stimulating investment, and supporting trust in the markets.

The new market will allow financing tools for a new category of companies, as it increases investment options, he added.

Nomu-Parallel Market is open to Gulf companies as it is for Saudi companies, El-Kuwaiz stated, adding that in the future, it will be the major market for foreign investors.

The CMA and Tadawul are working on completing all the needed legal and technical aspects in the upcoming period, and a time schedule is expected to be announced in this regard during the second quarter, El-Kuwaiz revealed.

Translated by: Moslem Ali