Total equity capital raised on the Saudi Exchange jumped 263% y-o-y to nearly SAR 72 bn last year, as the main and parallel markets saw a flurry of public and private offerings, buoyed by regulatory reforms, streamlined listing procedures and greater investor participation, according to the Capital Market Authority’s (CMA) 2024 report (pdf).

The breakdown: A total of 40 companies were listed last year, netting a combined SAR 13.2 bn — including 13 main market listings and 27 Nomu debuts. Private placements raked in more than SAR 4 bn, in addition to proceeds from eight rights issues, one non-rights capital increase, three direct listings on Nomu, and one newly-listed real estate investment fund.

Small caps + small investors: Out of 60 CMA-approved IPO and listing requests last year — up 36.4% y-o-y — nearly two-thirds were eyeing Nomu debuts, signaling continued momentum in SME listings. A total of 7.5 mn individual subscriptions were recorded across main market IPOs over the same period, reflecting higher participation from retail investors.

AND- Global investors are buying it: Foreign investment in the Kingdom’s capital market surged 10.1% y-o-y to SAR 218 bn in 2024. Total foreign ownership reached SAR 423 bn by year-end, accounting for 11% of free-float shares on the main market.

The debt market is also booming: The total value of listed sukuk and debt instruments hit SAR 663.5 bn last year, up from SAR 549.8 bn in 2023, marking a 20.6% y-o-y increase. Debt offerings raised some SAR 40.43 bn over the same period, up from SAR 29.95 bn the previous year, with private offerings accounting for SAR 39.43 bn of the total.

ASSET FLOWS-

Total assets under management (AUM) across public and private funds hit a record SAR 1.1 tn in 2024, up 20.9% y-o-y, as more capital flowed into professionally managed funds — signaling stronger institutional activity. Investment funds’ assets were up 25.2% y-o-y to SAR 699.1 bn over the same period.

Exchange-Traded Funds (ETFs) witnessed a 935% surge in total asset value to SAR 6.7 bn in 2024. The number of subscribers in ETFs increased by 39.8% y-o-y to 23.8k. Meanwhile, Real Estate Investment Trusts (REITs) saw their asset value increase by 5.8% y-o-y to SAR 29.3 bn, while their subscribers declined by 6.7% y-o-y to 513.6k.

Total assets of managed private portfolios climbed by 13% y-o-y to SAR 353.9 bn during last year. Local equities were the largest asset category, reaching SAR 166.8 bn, up 18.6% y-o-y, followed by other investment instruments at SAR 126.8 bn, and investment funds at SAR 28.3 bn.

MORE HIGHLIGHTS FROM THE REPORT-

  • The number of licensed financial institutions rose to 186 in 2024, with the CMA issuing 25 new licenses across the sector last year. The regulator also approved 46 fintech sandbox licenses, spanning robo-advisory, digital fund distribution, social trading models, and debt investment tools.
  • The Kingdom ranked first among G20 countries in equity market capitalization, shareholder rights and VC strength, and second globally in equity market development.
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