Shaping what comes next in capital market development in Saudi Arabia, by providing best in class financial instruments across all asset classes, and supported by a strong, innovative and technologically advanced market infrastructure.


Providing markets that are reliable, resilient, transparent and efficient. Protecting market participants and offering tailored services that are attractive to domestic and international stakeholders.

The Saudi Exchange was incorporated on 30 March 2021 as a single shareholder closed joint stock company in Riyadh under Commercial Registration No. 1010697067 dated 17/08/1442H. The key activities of the Saudi Exchange includes listing and trading securities and providing market information. Its main operations include the managing the Exchange, providing a platform through which trading in securities listed on the Exchange is enabled, giving listed companies access to financing, and allowing investors to invest in the securities listed on the Exchange.

The Exchange includes two markets; the Main Market and the parallel market, Nomu, for the SME companies. While Nomu maybe smaller than the Main Market in terms of market capitalization, it plays an important role in the Saudi economy by facilitating the growth of the SME companies, thereby contributing to the goals of Vision 2030.



owned by the Saudi Tadawul Group


SAR 600 Mn


60 Mn

shares of SAR 10 each


Kingdom of Saudi Arabia, Riyadh


The Exchange’s key functions

With the formation of the Group, Saudi Exchange functions as a dedicated exchange. Since Edaa, Muqassa, and the new entity Wamid, have become subsidiaries of STG the Exchange can focus on its core function. The Exchange provides the infrastructure for trading and listing of a wide range of securities including equities, ETFs, CEFs, bonds, and Sukuks. The trading platform it hosts is accessible to both Saudi and international investors. All foreign investors now have access to the debt market. The Exchange also provides market information and analytics for a range of stakeholders especially investors.

The Exchange is the largest exchange in the MENA region; globally it ranks among the 12 largest by market capitalization and is also one of the fastest growing exchanges. It is also the third largest exchange in emerging markets. In addition to the Main Market the Exchange also includes the parallel market – Nomu, catering to the SME companies. While Nomu might be smaller than the Main Market in terms of market capitalization, it nevertheless plays a vital role in the Saudi economy, by contributing to the goals of Vision 2030.

Many components of the capital market infrastructure are in a dynamic state, which enables implementing several infrastructure enhancements, that aim to develop trading and post-trade services. This would contribute to expand investor access to the Saudi capital market as part of wider efforts to develop an advanced capital market in Saudi Arabia.

Impact of formation of the Group

The functions of the subsidiary companies are well integrated, so as be complementary and generate synergies. With the formation of the Group a comprehensive, cohesive and transparent long-term vision was laid out through the new strategic plan. The strategy also has a close match with the structure of the Group. The communication and interaction channels within the Group were also streamlined.
All these developments had a positive impact on the performance and operations of the Exchange.

The transformation is a milestone of the the Company’s journey, and creates vast opportunities to realize the vision of the “Saudi Exchange”, and continue its successes through the Group’s integrated and diverse business model, attract international investors, and enhance the infrastructure of the financial market. At the same time, it will provide best-in-class services to all market participants and keep pace with rapid developments in local and global markets.

Despite the initial challenges that are inherent in any restructuring, it has resulted in more streamlined interaction between the Group’s subsidiaries, business units, operations, and support functions.

Highlights of the year

The market and its performance grew by all important indicators during the year.

Main Market

2021 2020 Percentage
decrease (%)
TASI 11,281.71 8,689.53 29.83
Market capitalization (SAR Bn) 10,009.15 9,101.81 9.97
Value of shares traded (SAR Bn) 2,235.90 2,087.80 7.09

Nomu – Parallel market

2021 2020 Percentage
increase/decrease (%)
Nomu C Index 25,975.83 26,245.46 (1.03)
Market capitalization (SAR Bn) 19.03 12.18 56.23
Value of shares traded (SAR Bn) 11.36 7.11 59.77


It is clear from the above that both markets achieved remarkable growth in 2021. In addition the number of Qualified Foreign Investors increased from 2,333 to 2,658 at the end year 2021.

Our progress during the year


There has been a focus on enhancing listed instruments other than equities, such as fixed income securities and exchange traded funds. We have also achieved a growth in liquidity levels. Several related microstructural changes are in progress.

Enhancements have also been made for the fixed income and the funds market:

  1. Activation of yield calculation for fixed coupon Sukuk & Bonds on Saudi Exchange website in an effort to establish a reliable yield curve
  2. Inclusion of the Saudi Government Sukuk index into the iBoxx Global Government Bond Index, and FTSE Emerging Market Government Bond Index (EMGBI).
  3. A revised version of short selling regulations has been effective starting from March 2021, which allow all types of investors to conduct short selling, securities borrowing, and lending activities with specific conditions, in addition to amendments related to the criteria and requirements of such activities. Through these changes, it aims to develop a regulatory environment consistent with the international best practices and that will provide motivating and competitive atmosphere with high reliability.

Derivatives Market

Derivative products were first launched in 2020, with the introduction of index futures. However, this was only the first step. Our goal is to create a Derivatives platform with the necessary supporting infrastructure that competes both regionally and internationally. Over the year under review, the Team has been focused on expanding the Derivatives Market by offering new products, new memberships, and introducing market makers and liquidity providers. These developments will widen the client and investor base. The Derivatives Division has been preparing for the launch of single stock futures (SSF) contracts. These initial contracts will cover the largest and most liquid companies in the stock market. The launching of SSFs gives an opportunity for investors to trade and hedge, refining their strategies, and using sophisticated tools. The number of Derivatives Market members has been increased showing the strong potential of this market. With the introduction of SSFs we anticipate changes to the Derivatives Exchange Trading and Membership Procedures.


A major development occurred in the parallel market Nomu, with the amendment of rules permitting the listing of REITs, ETFs, and CEFs. We have also amended the rules that apply to companies transitioning from Nomu to the Main Market.
A new framework is under process for IPOs. This provides investors with the flexibility to subscribe through their desired portfolios under any of the financial market institutions. With the increasing number of IPOs, this also opens up new opportunities for financial market institutions to diversify their sources of revenue. It also contributed to developing the Capital Market to comply with international best practices. Other developments in listings during the year 2021 include:

  • Acceleration of the tradable rights process, which allows shareholders to sell their rights when a listed company makes a rights issue.
  • Publication of the Listing Securities 200 book.
  • A long pipeline of expected IPOs.
  • A number of links were established between companies interested in listing with financial advisers.
  • The first fully marketed offering was completed, which resulted in a large share of a listed company being sold to retail and institutional investors.

There have also been many developments in the Nomu market that are targeted at improving performance and experience for issuers, financial advisers, and investors. Another initiative has been the creation of a fund for independent researchers to conduct research on Nomu stocks. The Listing Division covers the cost of the independent research. The results will be made available through the Exchange providing more market information. During the course of the year seven independent researches were published.

The Listing Rules were amended to permit different types of securities (ETFs, REITs, and CEFs) to list on Nomu with lighter listing requirements, which also fosters the development of Nomu as a parallel market.


Building on the achievements of 2021, and considering where we are positioned now, there are a number of developments and focus areas we can identify for the next two to three years. Many of the anticipated developments are trading-related. One is the introduction of market makers to promote liquidity. New rules are expected to be introduced to facilitate this. Other developments in the pipeline are; value added services for members and their clients such as drop copy and cancel on disconnect; enhancing fixed income products and services as well as liquidity; periodical reports on performance of fixed income securities and market which will provide greater transparency; enhancing trading in the over-the-counter market; and continuous review of market-wide microstructural enhancements to further improve market efficiency. Business design of new services and market-wide enhancements to trading listed instruments can also be expected in 2022. The inclusion of Saudi Arabia in FTSE Emerging Markets Government Bond Index (EMGBI) will be effective in April 2022.

The goal of diversifying products and asset classes will lead to changes in listing processes. These will include developing the process of listings and secondary offering, enhancing transparency, supporting investor relations practices and exploring international listings opportunities. Developing derivatives will also be an ongoing process which will lead to increased liquidity and a wide client and investor base.

Several new Indexes – TASI large, medium and small companies, as well as an IPO Index- are in the process of being launched. A Sharia Index is also being developed. The information provided by these indexes will facilitate more prudent investment by asset managers when diversifying their portfolios. Market information is a key facet of the Exchange’s efforts to develop a more sophisticated market. The Sharia Index will represent all Sharia-compliant listed companies in the TASI Index.

There will be many challenges involved including ensuring launching of projects considering the plethora of initiatives. We will also have to work with a range of capital market participants to ensure ecosystem readiness and seamless integration. However, the Exchange has travelled far in the last few years, and we can face the future with confidence that we will overcome any challenges.


The Securities Depository Center Company

The Securities Clearing Center Company

Tadawul Advanced Solutions Company (WAMID)