Saudi Arabia’s Capital Market Authority (CMA) said that 30% of companies listed on the Saudi capital market are small and medium enterprises (SMEs), with Nomu, the country’s parallel market, driving expanded access to capital for smaller firms.
Speaking at the SME Support Council during Finance Week, CMA Chairman Mohammed ElKuwaiz said that nine financing tools are available to Saudi firms, most of which were introduced in recent years. He cited the growth of Nomu as a key outcome, with its index rising tenfold since launch and market capitalisation reaching SAR 60 billion by the end of 2024, up 26 times from inception.
According to CMA data, trading volumes on Nomu rose eightfold to around SAR 14 billion last year.
Fourteen companies that began on Nomu have moved to the main market after expanding their operations. ElKuwaiz said this reflects the effectiveness of regulatory reforms introduced by the CMA, including revised listing requirements, direct listings, and reduced regulatory burdens developed with strategic partners.
The CMA has also launched more than 14 listing incentives in cooperation with other entities, targeting government procurement eligibility, credit ratings, and corporate evaluation standards.
ElKuwaiz added that fintech revenue in the capital market sector doubled year-on-year, with a 105% increase in 2024. He said improved credit rating frameworks and expanded access to debt instruments are critical for enabling SME financing and long-term market development.
