By: Mohamed Idris
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) is ranking 24th among global markets, and 7th among developing markets, in terms of market capitalisation, chairman of Capital Market Authority of Saudi Arabia (CMA), Mohammed El-Kuwaiz, stated.
The Saudi market is the biggest in the Middle East and the GCC, El-Kuwaiz added during an interview with Mubasher on the sidelines of the Financial Sector Conference (FSC) held in Riyadh.
Tadawul is a big and mature market, which facilitates any development, the top official said.
Yesterday, the bourse’s CEO Khalid Abdullah Al Hussan told Al-Arabiya on Thursday that the details of procedures of dual listing would be revealed within two weeks.
The development of the Nomu-Parallel Market enabled finance for a new company segment and attracted a group of non-listed companies, El-Kuwaiz remarked.
El-Kuwaiz stressed CMA’s intention to increase liquidity in Nomu.
The Saudi debt market is seeing great milestones, the last of which is the reduction of the par value of government bonds to SAR 1,000 from SAR 1 million, the chairman noted.
Translated by: Muhammad Abdul-Wakeel