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Saudi Gazette
12-05-2025
- Business
- Saudi Gazette
30% of listed firms on Saudi market are SMEs, says CMA chief
Saudi Gazette report RIYADH — The chairman of the Capital Market Authority (CMA) Mohammed Al-Quwaiz highlighted the growing role of Saudi Arabia's financial market in supporting small and medium-sized enterprises (SMEs), citing significant efforts in recent years to expand listing opportunities and diversify financing tools. Speaking during the Enterprise Support Council held as part of the 'Finance Week' organized by the General Authority for Small and Medium Enterprises (Monsha'at), Al-Quwaiz emphasized the impact of recent initiatives to empower entrepreneurs and business owners. Al-Quwaiz stated that the Saudi market now provides nine financing channels for companies, most of which were developed in recent years. Among the most notable developments, he said, was the launch of the parallel market 'Nomu,' which has facilitated wider market access for SMEs. Currently, 30 of the companies listed in the Saudi financial market are SMEs, 14 of which have graduated from the parallel market to the main market after achieving business growth. This, he noted, reflects the success of the investment climate cultivated by the CMA. 'The general market index for growth has increased tenfold since launch, and the market value has surged to approximately SR60 billion — a 26-fold increase. Liquidity in the parallel market has grown eightfold, with trading values in 2024 reaching SR14 billion,' said Al-Quwaiz. He added that the CMA has updated listing and offering requirements to align with international best practices. New tools, such as direct listings, have been introduced, while regulatory barriers have been reduced in collaboration with other government entities to ease the listing process for SMEs. The CMA has also worked with partner institutions to implement over 14 incentives supporting listing and offering, including advantages related to government procurement, credit rating, and company evaluation. Al-Quwaiz also noted the growing role of financial technology in the market, with sector revenues rising by 105% year-on-year in 2024. He underscored the importance of credit rating and evaluation in enabling companies to secure financing, particularly through debt instruments, calling them vital components for long-term growth and market sustainability.
Saudi Gazette
26-03-2025
- Saudi Gazette
Riyadh joy rider may get up to SR60,000 in fine and impounding of car
Saudi Gazette report RIYADH — The Riyadh Traffic Department arrested a man who appeared in a video committing a violation of joy riding in a residential neighborhood in the capital, endangering his life and the lives of others. The department stated that the man was referred to the Traffic Authority for taking legal action against him. It said that penalty for stunt driving includes a maximum fine of SR60,000 and impounding of the car involved in the drifting. After imposing the penalty, the violator will be referred to the competent court to consider confiscating the vehicle or imposing a fine of the equivalent value of the vehicle. Man arrested after shooting at 3 vehicles in Riyadh Security patrols in the Riyadh region arrested a Saudi citizen who appeared in a video shooting at three vehicles, ramming them, taking over one of them, and attempting to flee the measures were taken against him, the Public Security said, adding that investigations revealed that the accused is suffering from psychological disorders.
Gulf Insider
20-03-2025
- Gulf Insider
Saudi Man Arrested After Reckless Car Stunts Injure Four
Saudi police said they had arrested a citizen accused of injuring four persons while he performed dangerous car stunts in the kingdom's Eastern Province. The offender appeared in a video clip ramming into people and two parked vehicles while performing the stunts in Khafji governorate. The province's traffic authorities said the accident had left four persons wounded, all of whom were hospitalized. Material damage was reported. The offender has been referred to the public prosecution after legal procedures were completed. There were no immediate details when the accident happened or the medical condition of the authorities have toughened penalties against traffic violations to reduce road crashes. Street race-like car stunts are illegal in Saudi Arabia where the risky practice is punishable for the first-time offender by impounding the vehicle for 15 days and a fine of SR20,000. On repeat, the offender pays a fine of SR40,000 and is referred to the court where the violator could face imprisonment, while the car is impounded for one month. If caught involved in the practice for a third time, the offender pays a fine of SR60,000, stands trial at the court that rules if the car should be confiscated or ordering the violator pay a fine equivalent to the value of a stolen car, or even send him to jail. Authorities have also warned that using a cellphone at the wheel is an offence punishable by a fine of up to SR900, while driving a vehicle with an unclear or damaged number plate is a traffic infringement punishable by fines of SR1,000 to 2,000.
