GCC-listed firms eye Saudi market, says official

Several GCC-listed companies have shown great interest in the Saudi Stock Exchange’s (Tadawul) double listing, which was recently approved, Tadawul’s Chief of Markets Mohammed Al-Rumaih told CNBC Arabia.

Foreign firms wishing for a Saudi listing will provide new options to the investors and contribute in diversifying investment opportunities, he said, noting that these firms will have to meet all the regulatory terms and conditions, similarly to Saudi companies.

Commenting on Nomu Parallel Market’s direct listing, Al-Rumaih said that the step came after thorough discussions with small and medium enterprises, as well as authorized persons.

In direct listing, there will be no need for book building, as an indicatory price will be set on the first day of listing, which provides high flexibility, cost-effectiveness and time-saving for firm listing.