Riyadh - Mubasher: The listing manager in the Saudi Stock Exchange (Tadawul), Nayef Al Athel, said on Tuesday that the market management aims at attracting more companies from the KSA and the GCC to be listed in the parallel market.
Al Athel added that work is underway to create the biggest parallel market in the gulf region, and to make the Saudi parallel market one of the biggest platforms on both the local and regional levels.
Nayef Al Athel remarks were made in a meeting under the title (Nomu - The Parallel Market), which was organized by Asharqia Chamber on Monday, in cooperation with the Saudi Stock Exchange (Tadawul) and the Capital Market Committee and the General Authority for small and medium institutions in the chamber.
The parallel market official launch will be on 26 February, said Al Athel, he added that until now the parallel market has received about 77 letters for listing, and approved the inclusion of only five companies, stressing that the chance is still open to companies willing to be listed, according to the statement.
Unit director for the financial market committee, Talal Al Shimaisi, said that governance requirements will be consulting for companies listed in the parallel market similar to the companies not included in the market, so as not to compel it to apply to the list of governance applicable to listed companies in the main market.
For his part, the director of the department of information technology in the general committee for small and medium projects, Ahmed Al Abaishi, explained that the ratio of the contribution of small and medium institutions sector stood at 21%, while the international average is about 46%.
The ratio is to reach 25% with an increase in gross production by SAR 1.1 trillion, he added, noting that the main goal of the committee at the present time is to rise to 35% in the total gross production according to the 2030 vision.
