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Saudi Tadawul to Offer 36 Mn Share in IPO

Tadawul prepares for initial public offering (Asharq Al-Awsat)
Tadawul prepares for initial public offering (Asharq Al-Awsat)
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Saudi Tadawul to Offer 36 Mn Share in IPO

Tadawul prepares for initial public offering (Asharq Al-Awsat)
Tadawul prepares for initial public offering (Asharq Al-Awsat)

The Saudi Tadawul Holding Group, the kingdom's stock exchange, announced its intent to proceed with an initial public offering after receiving approval from the Capital Market Authority (CMA).

CMA said on Wednesday it approved an initial public offering of Tadawul of 36 million shares, which represents 30 percent of Tadawul's share capital.

Tadawul chairwoman Sarah al-Suhaimi said that the announcement marks a significant milestone in the company's growth story.

Suhaimi indicated that the announcement is a "natural next step as we emerge as a Saudi powerhouse with a global mindset that can leverage scale, innovation, and execution capabilities to drive long-term value for all our stakeholders."

The listing will help achieve the "nationwide goal of the successful delivery of Saudi's Vision 2030", which is "aligned" with the strategy of the Public Investment Fund (PIF), she added.

CMA CEO Khalid al-Hussan, said the institutional offering will be on November 21 over six days, while individuals' offering will be on November 30 for three days, indicating that nearly $133 million have been achieved in 2020.

The company said that all the offered shares would be delivered to institutional investors, with a clawback to retail investors of up to 10 percent of the offered shares.

The Tadawul Group includes in its portfolio four wholly-owned subsidiaries: the Saudi Tadawul Company, one of the largest financial markets in the world in terms of market capitalization, the Securities Depository Center Company (Edaa), the Securities Clearing Center Company (Muqassa), and Wamid, the applied technology services business and innovation arm of the group.

Tadawul is characterized by a diversified and interconnected business model, allowing the company to provide a full range of products and services related to the financial markets.

In accordance with Saudi regulations, CMA's approval is valid for a period of six months from the date of issuance. It will be annulled if the offering and listing of the shares are not completed during this period.

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Saudi Emerging Technology Adoption Index Rises to 70.7%

The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)
The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)
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Saudi Emerging Technology Adoption Index Rises to 70.7%

The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)
The “LEAP 2024” conference saw $1 billion in funding for emerging technology ventures in Saudi Arabia (Asharq Al-Awsat)

The performance index of Saudi government agencies in “Emerging Technologies Adoption” has improved significantly by 10% compared to last year, rising from 60.3% in 2023 to 70.7% in 2024.
This improvement is driven by an increase in the number of participating government entities, which grew from 13 to 35.
This progress was detailed in the annual report released by the Digital Government Authority (DGA), highlighting the readiness of government entities to embrace emerging technologies in 2024.
The rise in the adoption index reflects a broader participation and growing interest aligned with the Kingdom’s goals to foster innovation and support modern technologies.
It also underscores Saudi Arabia’s commitment to sustainable development and building an advanced digital future under the “Vision 2030” initiative, which positions digital transformation as a cornerstone of its future vision.
The report also highlighted advancements in various capacities for adopting emerging technologies.
This heightened focus on adopting emerging technologies coincides with a transformative period for the Kingdom's digital government, which is leveraging cutting-edge technologies to deliver superior services to citizens, residents, and visitors, playing a crucial role in the journey towards the future.
Saudi Arabia has integrated numerous emerging technologies into government services, enhancing efficiency, automating services, saving time and effort, and promoting transparency.
Globally, the leading emerging technologies in digital governments include artificial intelligence (AI), which is used to improve government services, the Internet of Things (IoT) for data collection and analysis, virtual reality for providing interactive citizen experiences, and 3D printing for manufacturing parts and components.
Notably, Saudi Arabia ranked first globally in the Government AI Readiness Index, a part of the Global AI Index by Tortoise Intelligence, which assesses over 60 countries. Germany and China ranked second and third, respectively.
Saudi Arabia achieved a perfect score in the index’s criteria, which include having a dedicated national AI strategy, a specific government entity for AI, allocated funding and budget for AI, and defined national AI targets.