The value of sukuk and debt instruments listed on Tadawul rose 20% y-o-y to SAR 663.5 bn last year, according to the Capital Market Authority’s (CMA) annual report (pdf). Proceeds from sukuk and debt offerings also climbed 35% y-o-y to SAR 40.4 bn by year-end, of which SAR 39.4 bn were raised through private placements offerings and SAR 1 bn were raised through public offerings.

On the equity side: The CMA approved 60 public offering and share registration applications in 2024, up 36.4% y-o-y. Total IPO proceeds reached over SAR 13 bn from 44 new listings (13 on the main market, 27 on Nomu).

Assets under management (AUM) by CMA-licensed fund and portfolio managers rose 20.9% y-o-y in 2024, surpassing SAR 1 tn. Exchange-traded funds (ETFs) recorded an unprecedented 935% jump, reaching SAR 6.7 bn, while venture capital fund assets rose 63% to exceed SAR 4 bn. Funds of funds also expanded sharply, with assets up 126.5% to more than SAR 10 bn.

The CMA signed off on 44 new public funds in 2024, up 51% y-o-y, as the market continued to diversify. The approvals covered 15 equity funds, seven endowment (Waqf) funds, five money market funds, five funds of funds, four ETFs, and two each of multi-asset and closed-end investment traded funds. Rounding out the list were one sukuk and debt fund, one capital-protected fund, one closed-end REIT, and one feeder fund. Investor appetite was on the rise, with subscribers to public and private investment funds climbing 47% to 1.7 mn by year-end.

New players in the game: The CMA licensed 25 new capital market institutions last year, bringing the total to 186 in 2024. Revenues across these firms climbed 29.6% to SAR 17 bn, while their combined net income jumped 39.3% to SAR 8.8 bn.

The regulator also expanded its fintech sandbox, granting four new permits, including models for fund distribution, robo-advisory, debt offerings, and social trading, bringing the total number of experimental fintech models to 46 by the end of 2024.

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