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Saudi Arabia

Aug 06, 2018

Offering Securities in the Kingdom of Saudi Arabia

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On 31 December 2017, the Capital Market Authority (the “CMA”) published the Rules on the Offer of Securities and Continuing Obligations (“ROSCO”), which were approved by CMA Board Resolution No. 3-123-2017 dated 9/4/1439H (corresponding to 27 December 2017). In the same Board Resolution, the CMA Board also approved the Listing Rules (the “Listing Rules”) of the Saudi Stock Exchange (“Tadawul”).

The ROSCO and the Listing Rules are effective as of 1 April 2018 and have replaced:

  • the Offer of Securities Regulations approved by CMA Board Resolution No. 2-11-2004 dated 20/8/1425H (corresponding to 4 October 2004), as amended;
  • the Listing Rules approved by CMA Board Resolution No. 3-11-2004 dated 20/8/1425H (corresponding to 4 October 2004), as amended; and
  • the Parallel Market Listing Rules approved by CMA Board Resolution No. 3-151-2016 dated 22/3/1438H (corresponding to 21 December 2016).

This article sets out a high-level overview of the new legal framework governing the offering of securities in the Kingdom of Saudi Arabia (the “Kingdom”).

Authors and Contributors

Marwan Elaraby

Partner

Capital Markets

+971 4 249 2123

+971 4 249 2123

+971 2 410 8123

+971 2 410 8123

Dubai

Dr. Sultan Almasoud

Partner

Mergers & Acquisitions

+966 11 213 7801

+966 11 213 7801

Riyadh

Sanjarbek Abdukhalilov

Partner

Mergers & Acquisitions

+966 11 213 7802

+966 11 213 7802

Riyadh

David Dixter

Partner

Capital Markets

+44 20 7655 5633

+44 20 7655 5633

London

Pawel J. Szaja

Partner

Capital Markets

+44 20 7655 5013

+44 20 7655 5013

London

Rodney Cannon

Partner

Mergers & Acquisitions

+971 2 249 2126

+971 2 249 2126

Dubai

Matthew Powell

Partner

Mergers & Acquisitions

+971 2 410 8125

+971 2 410 8125

+971 4 249 2125

+971 4 249 2125

Abu Dhabi

Brendan Hundt

Counsel

Project Development & Finance

+966 11 213 7805

+966 11 213 7805

+971 2 249 2160

+971 2 249 2160

Riyadh

Regional Experience