Saudi Arabia’s Tadawul All Share Index reached a market capitalization of $2.7 trillion at the end of 2024—up 463% over the past decade, according to S&P Global. The surge highlights Tadawul’s growing role in advancing the Kingdom’s Vision 2030 transformation goals.
Despite low foreign participation, the market has seen steady reforms, increased IPO activity, and broader investor interest. Key milestones include 91 IPOs since 2014, totaling $65 billion, with Aramco’s 2019 listing alone raising $29.4 billion.
S&P noted that government-backed entities dominate listings, contributing $44 billion in IPO proceeds. Ongoing reforms—like the 2024 investment law and pension system updates—aim to boost transparency, liquidity, and long-term capital inflows.Foreign ownership remains low at 4.2%, but expected to grow. As Saudi Arabia pursues over $1 trillion in mega-projects, a deeper equity market will be vital to financing national ambitions.