Riyadh: The Saudi Exchange (Tadawul) has witnessed more than 120 listings over the past three years across all markets, CEO Mohamed Al Rumaih stated during the third edition of the Saudi Capital Market Forum this week.

Tadawul has also helped finance over $100 billion, Al Rumaih added, reflecting on the importance of the Saudi capital market in fueling economic growth as cited in a press release.

The CEO noted that the capital market is serving the Kingdom’s economy through foreign investments, adding that the number of qualified foreign investors (QFIs) in Saudi Arabia grew by over 70 times to hit more than 3,700 by the end of 2023 when compared with 50 in 2017.

As for post-trade enhancements, Al Rumaih unveiled that Tadawul would be concluding phase 2 of the Post Trade Development Program in 2024, after which the Saudi stock market will be able to provide more sophisticated products and services to clients.

Therefore, the Saudi economy will be endorsed through the capital market to transform from a regional leader to a global one, according to the official.

It is expected that the MENA region would form 10% of MSCI Emerging Markets (EM) Index and Saudi Arabia alone could represent nearly 70% of this percentage, according to Goldman Sachs’ Richard Cormack, Co-Head of Equity Capital Markets EMEA and Co-Head of UK Investment Banking.

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