Saudi Exchange
Saudi Arabia's sole authorized securities exchange and operator of its main and parallel equity markets.
Last updated August 21, 2026
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Overview
Saudi Exchange, widely known as Tadawul, is the securities exchange serving Saudi Arabia and the country's principal venue for the trading and listing of public equities. The institution is the sole entity authorized to operate a securities exchange in the Kingdom. Although the modern exchange company was established as a joint-stock company in 2007, securities trading in Saudi Arabia has much older roots: an informal market was operating by 1954, and the market gained a more formal institutional structure through the Saudi Company for Share Registration in 1980. The exchange is regulated by Saudi Arabia's Capital Market Authority. Since 2018, it has operated with a degree of self-regulatory responsibility within the wider capital-markets framework. Its role extends beyond matching buyers and sellers. Tadawul provides listing and trading infrastructure, market information, issuer and investor services, and the rules and systems required for the orderly functioning of the Saudi public-equity market. Its principal market is complemented by Nomu, a parallel equity market introduced in 2017 for companies that may not yet satisfy the main-market requirements or that need an alternative route toward public listing. Saudi Exchange is central to the development of Saudi Arabia's capital markets and to the economic diversification goals associated with Vision 2030. It gives domestic and international investors access to listed Saudi companies and provides businesses with a mechanism for raising equity capital. The market includes companies from sectors such as energy, banking, financial services, telecommunications, healthcare, consumer goods, industrials, materials, utilities and real estate. The exchange has also been used to broaden foreign-investor access and strengthen Saudi Arabia's integration with global financial markets. The market experienced an exceptional speculative expansion and severe correction in 2006. The Tadawul All-Share Index reached 20,634.86 on 25 February 2006 before the market entered a dramatic collapse often referred to as Black February. The episode caused extensive losses among retail investors and prompted regulatory and market-structure responses, including changes concerning share denominations, investor access and market controls. A major international milestone came in December 2019, when Saudi Aramco began trading on Tadawul. The listing and subsequent rise in the company's share price made it one of the largest public offerings and listings associated with any exchange, substantially increasing Tadawul's global profile. In July 2024, the exchange's aggregate market capitalization exceeded US$3 trillion according to the cited reference material, while the main market contained 239 listed companies as of 10 October 2024. Those figures are time-specific and should not be treated as current without verification. Saudi Exchange participates in international and regional market organizations, including the International Organization of Securities Commissions, the World Federation of Exchanges, the Arab Federation of Exchanges and the United Nations Sustainable Stock Exchanges initiative. Trading takes place Sunday through Thursday, subject to Saudi public holidays, with the principal trading session operating from 10:00 a.m. to 3:10 p.m. local time under the schedule identified in the reference material.
History
Saudi securities trading predates the creation of the modern exchange. An informal financial market was operating by 1954 as Saudi companies and investors began trading shares without the institutional framework associated with a contemporary exchange. During the 1970s, the market remained small, with only 14 listed companies. The Saudi Company for Share Registration, established in 1980, provided a more formal structure for recording and administering share ownership. The market's importance increased as Saudi Arabia's economy expanded and more companies sought access to public capital. The modern Tadawul exchange was formed in 2007 as a joint-stock company and became the sole entity authorized to operate a securities exchange in the Kingdom. Its activities have been conducted within the regulatory framework of the Capital Market Authority, which oversees Saudi capital markets. From 2018, Tadawul acquired a partial self-regulatory role, allowing it to take on additional market-operational and rule-enforcement responsibilities while remaining subject to public regulation. The exchange experienced one of its defining episodes in 2006. The Tadawul All-Share Index climbed to 20,634.86 on 25 February, after a period of rapid appreciation and intense speculative activity. The subsequent collapse, commonly called Black February, caused severe losses for investors and sharply reduced market values. The crisis exposed weaknesses in market administration, investor behavior and risk controls. It also led to measures involving volatility limits, share denomination, market access and the treatment of non-Saudi investors. The episode remains an important reference point in the development of Saudi market regulation and investor-protection policy. Tadawul later pursued broader market development and internationalization. On 26 February 2017, the Saudi Parallel Market, known as Nomu, began operating. Its lighter listing requirements were intended to give smaller or developing companies an alternative platform for public equity issuance. Nomu also created a potential progression route for issuers that might later qualify for the main market. The exchange reached a global milestone when Saudi Aramco began trading on 11 December 2019. The listing raised Tadawul's international visibility and made the exchange a focal point for investors assessing Saudi Arabia's economic transformation. Aramco shares rose to SAR 35.2 and briefly placed the company above the US$2 trillion valuation threshold on the second trading day, according to the cited reference material. Saudi Exchange is wholly owned by Saudi Arabia's Public Investment Fund and operates as a strategically important part of the Kingdom's financial infrastructure. It provides the main and parallel equity markets, market information and listing-related services, while supporting the wider objective of deepening domestic capital formation. The exchange is affiliated with or participates in organizations including IOSCO, the World Federation of Exchanges, the Arab Federation of Exchanges and the United Nations Sustainable Stock Exchanges initiative. As reported in the reference material, the main market had 239 listed companies on 10 October 2024 and total market capitalization exceeded US$3 trillion in July 2024. These are historical snapshots rather than permanent characteristics. Trading is conducted Sunday through Thursday, with no regular trading on specified Saudi holidays. The schedule identified in the reference material is 10:00 a.m. to 3:10 p.m. local time.
- 2024
Main-market scale reported
[1]The reference material reported 239 companies listed on the main market as of 10 October 2024.
- 2019
Saudi Aramco begins Tadawul trading
[1]Saudi Aramco shares started trading on 11 December, significantly raising the exchange's international profile.
- 2018
Partial self-regulation introduced
[1]The exchange took on a partial self-regulatory role under the continuing oversight of the Capital Market Authority.
- 2017
Nomu Parallel Market launched
[1]Nomu opened as a parallel equity market with less demanding listing requirements than the main market.
- 2007
Modern Saudi Exchange company formed
[1]Tadawul was established as a joint-stock company and became Saudi Arabia's sole authorized securities exchange.
- 2006
Tadawul reaches an index peak before the market crash
[1]TASI reached 20,634.86 on 25 February, followed immediately by the severe Black February collapse.
- 1980
Formal share-registration structure established
[1]The Saudi Company for Share Registration gave the market a more formal institutional basis.
- 1970
Small listed-company base
[1]During the 1970s, the Saudi market had only 14 listed companies, illustrating its early-stage scale.
- 1954
Informal securities trading begins
[1]Trading in Saudi shares is reported to have begun through an informal financial market.
Products and positioning
Saudi Arabia's central and nationally authorized public-equity marketplace, positioned as a major regional exchange and an important infrastructure institution for the Kingdom's capital-market development and economic diversification.
equity market · 2007
Saudi Exchange Main Market
The principal Saudi public-equity market operated by Saudi Exchange. It provides the main listing and trading venue for companies that meet the applicable regulatory and admission requirements. The market covers a broad range of Saudi economic sectors and supplies the central platform for secondary trading, price discovery and public-company access to investors.
parallel equity market · 2017
Nomu Parallel Market
Nomu is a parallel equity market launched in 2017 with lighter listing requirements than the main market. It is designed to provide smaller or developing companies with an alternative public-market route while giving investors access to a separate segment with its own admission and trading framework.
market index
Tadawul All-Share Index
The Tadawul All-Share Index, commonly abbreviated as TASI, is the principal broad index associated with Saudi listed equities. It is used as a general indicator of the performance and direction of the Saudi equity market rather than as a standalone tradable exchange product.
exchange service
Listing and market-information services
Saudi Exchange supports issuers and investors through listing infrastructure, trading systems, market data, issuer disclosures and other exchange-operational services. These functions help companies access public capital and allow market participants to monitor prices, volumes and listed securities.
Brand decisions
2019
Admission of Saudi Aramco sharesProduct launchBackground
The listing formed part of the development of Saudi Arabia's public capital markets and brought the country's largest corporate issuer to the domestic exchange.
Action taken
Saudi Aramco shares commenced trading on Tadawul on 11 December 2019.
Aftermath
The transaction substantially increased global attention on Saudi Exchange and the depth of the Saudi equity market.
Saudi Aramco market capitalization at initial trading milestone. Approximately US$1.88 trillion when the share price reached SAR 35.2 (11 December 2019)
2017
Creation of the Nomu Parallel MarketProduct launchBackground
Companies that could not yet meet the main-market requirements needed an alternative route to public equity listing.
Action taken
Saudi Exchange launched Nomu on 26 February 2017 with lighter listing requirements.
Aftermath
Nomu expanded the exchange's market structure and provided a potential stepping stone toward the main market.
2006
Market controls and access responses after the Black February crashOtherBackground
The severe 2006 collapse followed a period of extreme market appreciation and speculative activity, causing significant investor losses and social pressure.
Action taken
Regulatory and policy responses included changes to volatility controls, share denomination and access for non-Saudi residents. The reference also describes intervention by King Abdullah during the crisis.
Aftermath
The episode became a defining event in the development of Saudi investor-protection measures and market administration.
Recent events
Tanmiah lists on the Saudi Exchange after its IPO[3]
Reported:
Tanmiah Food Company listed on the Saudi Exchange following an IPO that raised SR402 million through the sale of 30% of its share capital.
Tadawul announces restructuring into a holding group[4]
Reported:
Tadawul announced a corporate restructuring ahead of a planned IPO, moving to a holding group structure with four subsidiaries: Saudi Exchange, Wamid, Muqassa and Edaa.
Sources4 sources
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