Saudi market withstands global headwinds, braces for 2023
Saudi Arabia's market performance has remained resilient, thanks to the best growth rate among G20 countries, ongoing attempts to diversify the economy, and a healthy inflow of foreign direct investment.
“Tadawul is by far the largest stock exchange in the Middle East, and it is seeking to become a regional center with cross-listings of companies from other countries in the Gulf,” said Waleed Rasromani, corporate mergers and acquisitions partner of Dubai and Riyadh at Linklaters, a UK-based multinational law firm.
Intense merger and acquisition activity, combined with strong growth in initial public offerings, has led to the evolution of the Kingdom's market, which is likely to continue beyond 2023.
The Kingdom's oil-led growth, non-oil diversification plan, and political stru...