The value of assets under management in the Saudi capital market exceeded SAR1 trillion ($266.6 billion) for the first time by the end of 2024, recording a growth rate of 20.9 percent compared to the previous year, said the Capital Market Authority (CMA) in its latest 2024 Annual Report.
The report highlighted exceptional achievements and record-breaking figures across various regulatory, legislative and developmental areas, reinforcing Saudi Arabia’s position as an attractive destination for both local and international investment and demonstrating the rapid progress toward the goals of Saudi Vision 2030.
Value of listed sukuk and debt instruments surges 20.6 percent
The CMA revealed that the number of investment funds rose to 1,549, while the number of subscribers in public and private funds exceeded 1.72 million, an increase of 47 percent compared to 2023.
In 2024, the CMA prioritized the development of the sukuk and debt instruments market, which positively impacted the market through the approval of the largest set of regulatory enhancements since the market’s inception. These included easing regulatory requirements and expanding the category of qualified investors.
With regulatory support, the total value of listed sukuk and debt instruments in the Saudi capital market reached SAR663.5 billion by the end of 2024, compared to SAR549.8 billion at the end of 2023, reflecting a growth rate of 20.6 percent over the year.
2024 also witnessed growth in public offerings and equity registrations, with the CMA approving 60 applications, an increase of 36.4 percent compared to 2023, including 40 applications in the Parallel Market and 16 in the Main Market. A total of 44 listings were completed in both markets during the year, marking continued strong activity in IPOs.
Net foreign investments hit SAR218 billion
In terms of foreign investment, the Saudi capital market continued to achieve record levels, with net foreign investments reaching SAR218 billion by the end of 2024, compared to SAR198 billion the previous year, an increase of 10.1 percent. The value of foreign ownership also rose to SAR423 billion, representing 11 percent of the total free float shares in the Main Market.
As for the licensing and supervision of Saudi capital market institutions, the number of licensed institutions rose to 186 by the end of 2024. Revenues of capital market institutions also increased by 29.6 percent compared to the previous year, reaching SAR17 billion, while their profits grew by 39.3 percent to SAR8.8 billion.
Saudi Arabia leads G20 countries in key market indicators
The report also highlighted Saudi Arabia’s leading position among G20 countries in several international financial market indicators, according to the 2024 World Competitiveness Yearbook issued by the International Institute for Management Development (IMD). The Kingdom ranked first in the Capital Market Index, Stock Market Capitalization Index, Shareholders’ Rights Index, and Venture Capital Index.
Overall, Saudi Arabia saw improvements in 8 out of the 12 capital market-related indicators included in the report.
The report also highlighted the CMA’s continued efforts to enhance investor protection tools. In 2024, the CMA completed the handling of 121 cases, while compensation awarded to affected investors exceeded SAR389 million, distributed among 921 beneficiaries. The average litigation period decreased to 4.4 months compared to 5.5 months in 2023. Additionally, the CMA issued enforceable decisions against 171 violators of the laws and regulations under its jurisdiction, and followed up on 45 enforcement requests.
CMA marks key advancements in 2024–2026 strategic plan
Commenting on the report, His Excellency Mohammed bin Abdullah Elkuwaiz, chairman of CMA, said that the authority approved its strategic plan for the years 2024–2026, in line with emerging economic developments. The plan includes nine objectives distributed across three strategic pillars:
- Activating the capital market’s role in financing and investment.
- Empowering the capital market ecosystem.
- Protecting investor rights.
He noted that the plan was developed based on a comprehensive analysis of the capital market sector and through alignment with stakeholders to identify key areas for improvement and development.
Elkuwaiz further explained that the annual report reflects the profound transformation taking place in the Saudi capital market, confirming that 2024 witnessed significant developments that contributed to enhancing the regional and global standing of the Saudi capital market. This was evident in the increase in assets under management, the value of fund of funds, and exchange-traded funds, all of which reached record levels compared to the previous year.
These achievements, along with the CMA’s efforts to deepen the market, introduce regulatory enhancements, expand the investor base, improve liquidity and market stability, and boost competitiveness, are driving sustainable growth.
