- Saudi Arabia’s stock market valuation crossed $3 billion in 2023, representing 14% growth from 2022.
- The benchmark TASI index gained over 14% in 2023, closing at nearly 12,000 points boosted by higher oil prices.
- While trading activity declined in 2023, the milestone reflects Saudi Arabia’s economic diversification efforts under Vision 2030.
Saudi Arabia’s stock market reached new heights in 2023, crossing the $3 billion mark in total market capitalisation. The growth was driven by the strong performance of leading Saudi companies and increased foreign investment flows.
According to the annual report by the Saudi Stock Exchange (Tadawul), the total market value of the Tadawul All Share Index (TASI) reached SAR 11.26 trillion ($3 billion) last year. This represents a nearly 14% increase compared to the 2022 market cap of SAR 9.87 trillion.
The benchmark TASI index also posted double-digit gains in 2023, closing at 11,967 points, up 14.21% from the previous year’s close of 10,478 points. This growth was boosted by higher oil prices and an expanding Saudi economy.
While the headline numbers paint a positive picture, trading activity was more muted. The total value of shares traded on the Saudi bourse fell by 22% to SAR 1.33 trillion in 2023. The number of executed trades increased by about 7% to 94 million, but the volume of shares traded slipped slightly to 83 billion from 84 billion in 2022.
“The Saudi stock market displayed resilience and growth despite global headwinds,” said the CEO of Tadawul. “We expect continued foreign investment and more companies to list on the exchange as Saudi Arabia emerges as a regional financial hub.”
The milestone reflects the Kingdom’s efforts to diversify its economy and become less dependent on oil revenues. With Vision 2030 reforms underway, the stock market is poised for more growth in the coming years.
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