• The head of Saudi Arabia’s Capital Market Authority announced on Sunday that 23 companies had been approved for listing on its stock exchange. These companies will have six months to launch their public share sales.
• At present, there are 75 companies awaiting approval to list, and 70 mandates with financial intermediaries have been signed. In the previous year, the Saudi stock market saw 49 new listings, with companies raising around $10B. In order to enhance the listing process, the market watchdog is working to formulate a regulatory framework for dual listings.
• Additionally, the bourse will launch depository receipts representing shares in a foreign company but traded locally, and establish single stock options so investors can buy or sell a stock at a fixed price later.