The Capital Market Authority (CMA) of Saudi Arabia has opened a 30-day public consultation on proposed amendments to the investor eligibility framework for the Nomu Parallel Market. The draft, titled “Development of Investor Categories in the Parallel Market,” is available for public feedback until April 28, 2025, and is aimed at revising and broadening the pool of qualified investors allowed to participate in Nomu.
According to a statement from the CMA, the amendments propose easing the financial and transactional thresholds for individuals seeking to invest in Nomu. Under the new proposal, an individual would qualify as an investor if they have completed transactions worth SAR 30 million over the past 12 months. This is a reduction from the current requirement of SAR 40 million. In addition, the CMA plans to remove the existing condition that requires at least ten transactions per quarter. The aim is to lower the entry barriers while maintaining a level of sophistication appropriate for the parallel market.
The CMA also seeks to redefine the term “Qualified Investor in the Parallel Market” to apply strictly to those categories that meet the updated investment requirements. The regulator said the terminology shift is intended to provide greater clarity on eligibility criteria and remove ambiguity around participation rights.
Another key amendment includes granting qualified investor status to board members and committee members of companies listed on Nomu. This move is seen as an attempt to align market access with those who already hold fiduciary and governance responsibilities within listed entities, allowing them to engage in trading and investment activity in a formalised capacity.
The proposed framework reflects the CMA’s broader strategy to enhance liquidity and participation in the Nomu market, which has gained significant traction in recent years as an alternative listing venue for SMEs and high-growth companies. In 2024, Nomu recorded 28 initial public offerings and three direct listings, raising SAR 1.1 billion. The first quarter of 2025 has already seen eight new listings, highlighting the growing investor appetite for the segment.
The CMA said that all feedback from market participants, companies, and other stakeholders will be considered before finalising the amendments. Interested parties can submit their comments through the CMA’s online consultation platform. The regulator reiterated that the revisions aim to create a more inclusive and flexible investment environment, supporting the ongoing development of the capital market in line with Saudi Arabia’s broader financial sector strategy.
