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The Saudi Capital Market Authority (CMA) revealed that the volume of initial offering requests in the main and parallel financial market tripled last year to $8.2 billion.

The Authority has published its annual report for the financial year 2021, which includes the most critical developments and procedures in the financial market.

Last year saw a significant jump of 385.8% in the number of requests for public offering and registration of shares on the main and parallel markets approved by the Authority to reach 34 offers.

The report pointed out that the shares of nine companies were offered an initial public offering (IPO) on the Tadawul main market, and three companies were offered an IPO on the parallel Nomu market.

Shares of eight companies have been registered for direct listing on Nomu, and one company has been promoted on the Tadawul market.

According to the report, securities offering volumes in Tadawul and Nomu reached around $8.2 billion, while assets under management increased by 24% to $202 billion.

The Authority tries to develop and develop the market for sukuk and debt securities.

The market saw several positive developments, such as the Saudi Stock Exchange joining the FTSE Emerging Markets of Government Bond Index – EMGB, and the iBoxx Global Government Bond Index.

The size of the sukuk and debt securities market grew as a percentage of gross domestic product output, reaching 29% at the end of last year.

The volume of funds from Sukuk offerings and debt instruments amounted to $9.9 billion, compared to $8.2 billion the previous year.

As part of the Authority’s strategic objectives to regulate and develop the capital market, it issued its resolution to approve the Regulation on Reporting Violations of the Capital Market Law.

The regulations aim to regulate the reporting of violations of the Capital Market Law and its implementing regulations or violations of the rules of the stock exchange, depositary center or clearing center.

The report indicates that the Authority has completed the necessary procedures for 160 cases and implemented 70 decisions issued by its council and the securities dispute resolution committees.

It also issued 17 licensing decisions for new financial market institutions while continuing to support fintech projects in the Kingdom.

The Authority issued 19 financial and technical authorisations.