Saudi Exchange (Tadawul)
The largest stock exchange in the Middle East and the only venue for listed Saudi equities. It was opened to qualified foreign institutional investors in 2015 and added to major emerging-market indices from 2019, which drew substantial passive inflows. Its capitalisation is dominated by a single company, Saudi Aramco.
- Location
- King Fahad Road, Riyadh, Saudi Arabia
- Trading currency
- Saudi riyal (SAR)
- Trading hours
- 10:00 to 15:00, Sunday to Thursday
- Trading days
- Sunday to Thursday — the week does not fully overlap with Western markets
- Time zone
- Arabia Standard Time (UTC+3, no daylight saving)
- Market capitalisation
- Approximately USD 2.4 trillion (2025)
- Listed companies
- Approximately 240 on the main market, with a further 90 on Nomu (2025)
- Settlement
- T+2 through Edaa, the Securities Depository Center Company.
Top performing companies today
Ranked by the current session’s percentage move, strongest first, from the companies this platform covers on this venue.
Retrieving current-day prices for the companies covered on this venue…
What trades here
Major indices
- TASI (Tadawul All Share Index)
- MT30
Major listed companies
- Saudi Aramco
- Al Rajhi Bank
- Saudi National Bank
- SABIC
- stc
Major sectors
- Energy and petrochemicals
- Banking
- Telecommunications
- Materials
How the market works
Market structure
An electronic order book run by the Saudi Exchange under the Saudi Tadawul Group, with a main market and Nomu, a parallel market for smaller companies restricted to qualified investors. Edaa is the depository and Muqassa the central counterparty.
Trading mechanisms
An opening auction from 09:30, continuous trading 10:00 to 15:00, and a closing auction. Daily price fluctuation limits of ±10% apply on the main market, and ±30% on Nomu.
Listing requirements
A main-market listing requires a minimum market capitalisation of SAR 300 million, at least three years of operating history and audited financial statements, a public float of at least 30% (or 200 shareholders), and a financial adviser licensed by the Capital Market Authority.
Settlement
T+2 through Edaa, the Securities Depository Center Company.
Regulatory authority
Capital Market Authority (CMA).
How to invest in this market
What it takes to open an account and deal on Tadawul, separated by where you live — the two answers are rarely the same, and on some markets they are not even the same process.
Domestic investors
Residents of Saudi Arabia
Saudi nationals and residents open an investment account with a CMA-licensed local brokerage, usually through their bank, and are assigned a national investor number.
- An investment account with a brokerage licensed by the Capital Market Authority.
- National identity card or iqama (residence permit) and a local bank account.
- A national investor number registered with Edaa.
- Tax: no personal income tax and no capital gains tax on listed shares for individuals; zakat considerations apply to Saudi and GCC nationals.
Foreign investors
Open through a defined route
Access has been progressively liberalised since 2015. Institutions register as Qualified Foreign Investors; retail foreign investors outside the GCC generally reach the market indirectly, through swaps, depositary receipts or funds, rather than by opening a local account.
- Institutions: Qualified Foreign Investor registration, applied for through a CMA-authorised assessing authority (typically a local custodian or broker), with minimum assets under management and a regulated status in the home jurisdiction.
- GCC nationals and resident foreigners can generally invest directly on the same footing as residents.
- Other foreign investors: indirect access via swap agreements with authorised persons, exchange-traded funds, or depositary receipts.
- Tax: no withholding on dividends for QFIs under current rules, and capital gains on listed shares have been exempt — confirm the position with a custodian, as the framework has been amended several times.
Foreign ownership limits
A combined foreign-ownership ceiling has historically applied per issuer, alongside limits on any single foreign investor's stake and sector-specific restrictions. Strategic foreign investment above the portfolio thresholds is a separate regime. Confirm the current caps with the CMA before sizing a position.
Currency considerations
Quoted in Saudi riyals, pegged to the US dollar at 3.75, so currency risk for a dollar investor is minimal while the peg holds.
Regulated routes to an account
- Al Rajhi Capital
- SNB Capital
- Saudi Exchange — list of membersAuthorised members are published by the exchange.
Licensed intermediaries and official exchange platforms, listed to show the regulated routes into this market. This is not a recommendation and not an exhaustive list — check any firm against the regulator’s register before opening an account.
Verify before you act
Why this market matters
Why investors follow it
It gives direct equity exposure to the world’s largest oil exporter and to the domestic diversification programme reshaping the Saudi economy. Its inclusion in emerging-market indices means many global funds now hold it whether or not they take an active view.
Interesting facts
- It trades Sunday to Thursday, so its week does not overlap fully with Western markets — a practical consideration for cross-market strategies.
- The 2019 Saudi Aramco listing was the largest initial public offering in history by amount raised.
- Foreign ownership was effectively closed to direct institutional investment until 2015.
Official sources