Sukuk and debt instrument listings on the Saudi Exchange reached SAR 663.5 billion in 2024, up 20% from the previous year, according to new data from the Capital Market Authority (CMA). The growth reflects Saudi Arabia’s ongoing push to deepen domestic capital markets and diversify funding sources.
The CMA issued 25 new licences to capital market institutions in 2024, bringing the total number to 186. Revenues across these institutions climbed 29.6% year-on-year to SAR 17 billion, while net profits rose 39.3% to SAR 8.8 billion.
The CMA also approved four new fintech models, including those for real estate fund distribution, robo-advisory, and debt issuance platforms. A fifth model for social trading also received a licence. The total number of fintech experiment permits in the Kingdom reached 46 by year-end.
The expansion in the sukuk market comes amid broader efforts by the Saudi government to position the local debt market as a core funding tool for both public and private sectors. According to SAMA, Saudi Arabia’s total outstanding domestic debt stood at SAR1.1 trillion at the end of 2024, with sukuk forming a significant portion of that issuance.
The sukuk market also plays a role in the country’s Vision 2030 strategy, which aims to deepen financial markets and improve access to capital for Saudi corporates. The rise in fintech activity supports that objective by diversifying access channels and improving retail and institutional investor participation.
According to CMA data, the number of investment funds operating in the Kingdom also rose in 2024, supported by new distribution models and digital platforms. The regulator has signalled continued focus on digital transformation in the financial sector, including regulatory sandboxes for emerging business models.
