Riyadh, Feb 19, 2024: H. E. Mohammed ElKuwaiz, Chairman of the Capital Market Authority announced that there are 56 IPOs in the pipeline across the Main Market and the Nomu-Parallel market, representing a 30% increase from the same time last year.
During the Saudi Capital Market Forum in Riyadh, H.E ElKuwaiz asserted that for the first time, Saudi Arabia is encountering the proposition of transforming from a net exporter of capital to a net importer of capital, which requires a very different infrastructure.
H.E ElKuwaiz said that private sector local outstanding debt issuances need to grow from 4% of GDP, where it is roughly today, to 18% of GDP by 2030.
H.E ElKuwaiz said that one of the largest sectors in terms of the number of listings and the amount of capital raised is the ICT sector. He added that it was the best performing sector in the Saudi capital market in 2023.
