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3 Firms Listed in Saudi Stock Market in 2018

The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)
The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)
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3 Firms Listed in Saudi Stock Market in 2018

The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)
The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)

The year 2019 is forecast to witness the biggest listings in the local Saudi stock market after 2018 witnessed the listing of two firms in the primary market and one in the Nomu parallel market.

Tadawul witnessed the issuance of eight sovereign funds in 2018 – the IPO of the two listed firms in the primary market witnessed operations covering up to 327 percent by individual investors.

In this regard, Tadawul witnessed in 2018 the IPO of Leejam Sports Company, representing a 30 percent stake. The National Company for Learning and Education (NCLE) issued an IPO for 30.2 percent.

In the same context, the Tadawul All-Share Index (TASI) jumped Thursday 0.5 percent, closing at 7,830 points, rising 40 points. The overall value of trading totaled around SAR1.9 billion (USD506.6 million).

Investors in the stock market are awaiting the results of financial firms in Q4 2018, which began to be released on Tuesday. The results are estimated to be close to Q3 2018 levels.

The Ministry of Commerce and Investment had previously reported that the number of companies and institutions in the Kingdom jumped 35 percent during Q3 2018, compared to the same period of 2017, to reach 945,600.

The number of enterprises reached 824,700 in 2017 compared to 701,300 in the third quarter in 2016.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.