Capital Market Authority

​The Capital Market Authority's (CMA's) Board approved the regulatory provisions to enhance the initial public offering (IPO) practices, to be effective from the date of their publication.

The approval of these regulatory provisions comes as part of the CMA's ongoing efforts to develop the capital market, develop procedures aimed at mitigating risks associated with securities transactions, and regulate and monitor the activities and operations of entities subject to the CMA's regulation and supervision.

The approved regulatory provisions include strengthening the role and responsibility of the underwriter in the offering process, by executing the underwriting agreement and having it become effective before the commencement of the book-building process, with the underwriter's obligation to purchase all shares offered becoming effective upon the commencement of the book-building process. If the underwriter's ownership of the offered shares results in a failure to meet the listing requirements under the Listing Rules, the issuer's shares shall not be listed, and the underwriter shall purchase all shares offered. The underwriting agreement may also include a mechanism for the disposal of such shares.

The approved regulatory provisions also require additional regulatory procedures in relation to the participation orders submitted during the book-building process, which include verifying that the participation orders submitted reflect the actual value of liquidity available to the investor, limiting the acceptable means of verifying the financial capacity of orders submitted by participating entities to cash or cash equivalents, and ensuring that such orders become binding for payment no later than the deadline for payment of the subscription amount, in accordance with the timeline specified in the prospectus, thereby strengthening the link between orders submitted during the book-building process and the liquidity or actual ability to pay.

In addition, the approved regulatory provisions require the issuer to disclose, in the prospectus and the registration document, the forward-looking statements and forecasts relating to it, including forward-looking financial performance indicators, for the period covering the remainder of the latest financial period included in the prospectus/registration document, in addition to at least the financial year following that period, while verifying that the forward-looking statements and performance forecasts are clear, not misleading, and based on reasonable and measurable grounds. The provisions also require the financial advisor, when advising the issuer on such forward-looking statements and performance forecasts, to exercise the necessary professional due diligence to reach a reasonable opinion thereon.

The approved regulatory provisions will also contribute to reinforcing commitment to the participation orders submitted during the book-building stage in accordance with the approved regulatory provisions, enhancing discipline and the efficiency of the offering process, and strengthening the integration of the roles and responsibilities of the underwriter in the offering process from the book-building stage, as well as the roles of the issuer, financial advisor, and participating entities. This would enhance the alignment of interests among the relevant parties and increase the reliability of information available to investors through  clear disclosure of the methodology used in preparing forward-looking statements and forecasts, the material assumptions on which they are based, and the key risks and factors that may affect the achievement of such forecasts or cause actual results to differ from them.

In addition, the approved regulatory provisions would contribute to enhancing initial public offerings, as well as improving the attractiveness of the Saudi capital market by increasing transparency and strengthening the environment for conducting initial public offerings.

The CMA had published, on 22 September 2026, the draft “Regulatory Provisions Associated with the Draft to Enhance IPO Practices" on the Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform), affiliated with the Saudi Competitiveness & Business Center, and the CMA's website, for a period of (30) calendar days, for public consultation.

For further clarification and detail, a number of questions and answers regarding the regulatory provisions to Enhance IPO Practices will be published within the FAQs for Implementing Regulations.

​In accordance to the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H and its Implementing Regulations, the Capital Market Authority announces that Barclays Capital Saudi has completed the commencements of business requirements to conduct Arranging and Advising Activities in the Securities Business licensed as per CMA resolution dated 04/05/1447H corresponding to 26/10/2025G.

​In accordance to the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H and its Implementing Regulations, the Capital Market Authority announces that Sukuk Capital has completed the commencements of business requirements to conduct Managing Investments and Operating Funds Activity in the Securities Business licensed as per CMA approval dated 04/12/1447H corresponding to 21/05/2026G.

The CMA has issued its resolution approving the public offer, by "Sadara Capital", of "Sadara MidSmall Cap Fund".

An Investment decision without reading the Terms and Conditions carefully or fully reviewing its content may involve high risk. Therefore, investors should carefully read the Terms and Conditions which includes detailed information on the Fund, investment strategy and risk factors, and carefully study it to be able to assess the feasibility of taking into consideration the associated risks. If the Terms and conditions proves difficult to understand, it is recommended to refer to the fund manager for more information.

The CMA's approval of the fund should never be considered as a recommendation to subscribe in the fund, The CMA's approval of the fund merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.​

​Based upon the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H and its Implementing Regulations, The Board of the Capital Market Authority issued its resolution to approve the merger of UBS Saudi Arabia Company as the merged company into Credit Suisse Saudi Arabia Company as the merging company. 

​The Capital Market Authority (CMA) called upon all interested persons and participants in the capital market to share their feedback on the Draft for Enhancing Disclosure within the Management Discussion of Financial Performance Section in the Annual Board Report. The consultation period will last for 30 days, ending on 10/06/1448H, corresponding to 20/11/2026.

The Draft aims to strengthen corporate governance, transparency, and disclosure practices among listed companies and enhance the quality of financial information available to shareholders and potential investors, thereby enabling them to better assess companies' performance, results of operations, and financial positions, and make well-informed investment decisions.

The Draft includes developing the existing regulatory provisions related to the disclosure of financial and operational performance, by consolidating and organizing them within an independent section of the annual Board's Report titled “Discussion and Analysis of Financial and Operational Performance and Financial Position," alongside adding a number of requirements aimed at enhancing the comprehensiveness and quality of disclosures and facilitating investors' ability to access, analyze, and compare relevant information, thereby providing a clearer picture of companies' performance and the factors affecting it.

Most notably, the Draft specifies the minimum content that the independent section must include, covering an analysis of the company's performance, results of operations, financial position, and liquidity, and the financial information relevant to the audited financial statements, with an explanation of the reasons and drivers of material changes and the key factors affecting them, and a review of the material trends, factors, and uncertainties that are expected to affect the company's business, results, and financial position in the future.

The proposed requirements also include an analysis of the financial and operational performance during the financial year, and the key performance indicators, alongside an analysis of liquidity, financial solvency, financial position, and capital resources compared to the previous financial year, thereby enhancing investors' ability to understand the developments in the company's performance and assess its results of operations.

With respect to the key performance indicators, the Draft proposes that the analysis — where material — be based on the relevant financial and non-financial performance indicators, which may include profitability margins, return on capital or equity, revenue and profit growth rates, operational efficiency indicators, and other indicators determined by the nature of the company's business.

The Draft proposes that compliance shall be mandatory for all companies listed on the Main Market, starting from the first Board's Report issued after the date of the resolution approving the proposed regulatory provisions, and shall be on an indicative basis for companies listed on the Parallel Market, becoming mandatory for them starting from the first annual Board's Report issued in the year following the year in which the provisions are approved.

It is noteworthy that this Draft comes within regulatory directions the CMA is working on, aimed at enabling investors to exercise their rights more effectively and enhancing their participation in general assemblies. The CMA will announce any regulatory developments in this regard upon their completion.

The CMA emphasized that all feedback and comments received from the public shall be carefully studied for the purpose of approving the final version of the regulatory provisions related to the Draft for Enhancing Financial Disclosure Requirements within the Board of Directors' Report for listed companies. Comments can be submitted through the Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform), affiliated with the Saudi Competitiveness & Business Center, during the specified consultation period, through the following link: istitlaa.ncc.gov.sa​