DUBAI: The Saudi Ministry of Industry and Mineral Resources said that every riyal the government spends on the Royal Commission for Jubail and Yanbu (RCJY) attracts eight from the private sector.
The RCJY has so far attracted investment of about SR1.2 trillion ($319.9 billion) into the vast industrial cities at the heart of the Kingdom's petrochemical power, Al Arabiya reported.
Industrial investments reached SR934 billion with urban spending topping SR37 billion, it said.
Meanwhile commercial investments totaled SR17 billion.
The Ministry revealed 39 factories began production last month, with a growth rate of 26 percent compared to the previous month.
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Every government riyal spent on Jubail and Yanbu attracts eight from private sector
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Every government riyal spent on Jubail and Yanbu attracts eight from private sector
- The RCJY has so far attracted investment of about SR1.2 trillion ($319.9 billion) into the vast industrial cities
New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries
RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued Feb. 26.
The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.
It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.
The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.
They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.
The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.
It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.
Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.
This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.
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