JEDDAH: Small and medium enterprises now constitute 30 percent of listed companies in Saudi Arabia, following significant efforts by the Capital Market Authority to streamline the listing process and enhance the parallel market, according to CMA Chairman Mohammed El-Kuwaiz.

Speaking during “Finance Week” at the SME Support Council — an event organized by the Small and Medium Enterprises General Authority, also known as Monsha’at — El-Kuwaiz underscored the regulator’s commitment to broadening financing options and encouraging more SMEs to enter the capital market.

According to the Saudi Press Agency, El-Kuwaiz highlighted the 2017 launch of the parallel market, Nomu, as a major milestone in expanding access for smaller firms. Since then, 14 companies have successfully moved from Nomu to the main market, underscoring the strength of the investment ecosystem.

The Kingdom is targeting a 35 percent contribution from the SME sector to its gross domestic product by 2030, in line with the Vision 2030 economic diversification plan.

El-Kuwaiz noted that the Nomu index has grown tenfold since its inception, with market capitalization soaring 26 times to nearly SR60 billion ($16 billion) by the end of 2024. Liquidity has also surged, with trading values reaching approximately SR14 billion this year — an eightfold increase.

To further ease capital market access, the CMA has introduced a suite of new tools, including direct listings and regulatory simplifications, in collaboration with strategic partners. As a result, companies now have access to nine distinct financing options, most of which were developed in recent years.

The CMA chief also pointed to the rapid growth of the fintech sector within capital markets, with revenues more than doubling — up 105 percent compared to 2023.

He emphasized the growing importance of credit ratings and evaluations in securing financing, particularly through debt instruments, which are increasingly vital for fostering sustainable growth in the financial sector.

RIYADH: Egypt’s exports rose by 24.1 percent year on year in February to reach $4.43 billion, driven by increased shipments of key commodities.

The surge comes amid other economic indicators improving, highlighting the country’s developing financial landscape.

The latest monthly trade report released by the Central Agency for Public Mobilization and Statistics, known as CAPMAS, explained that the growth in exports was driven by an increase in ready-made garments, which rose by 30.6 percent, and petroleum products, which increased by 12.2 percent. 

Moreover, processed foods grew by 9.3 percent, and primary plastic products saw a 3.4 percent rise.

Egypt’s export growth comes as the Middle East and North Africa region navigates shifting global trade dynamics in 2025, with the impact of recent tariff measures and geopolitical tensions reshaping commercial flows worldwide. 

Egypt’s overall trade balance recorded a deficit of $2.33 billion, marking a 29.1 percent decline from February 2024, when the deficit stood at $3.28 billion. 

In the second month of this year, imports saw a 1.4 percent decline to $6.67 billion, down from $6.85 billion in the same period of 2024, due to the rise in prices of some imported goods.

Sector highlights

While some goods, including fresh fruits, fertilizers, potatoes, and iron products, saw declines, the surge in manufactured and petroleum goods bolstered the overall export figures.

Reduced purchases of wheat, raw iron and steel materials, pharmaceuticals, and primary plastics contributed to the import decline. Conversely, imports of petroleum products, natural gas, corn, and soybeans rose sharply. 

Adding to the economic momentum, remittances from Egyptians working abroad surged to a record $32.6 billion in the 12 months through February, marking a 72.4 percent increase from the previous year.

The North African country’s net foreign assets also rose by $1.48 billion in February, reaching $10.18 billion, supported by increased foreign investment in treasury bills. 

In a meeting with the National Press Authority in January, Rania Al-Mashat, the minister of planning and economic development, said that the economy is projected to grow by 4 percent this fiscal year, bolstered by structural reforms and a record $46.1 billion in foreign direct investment in 2023/2024.

The government is pursuing $4.2 billion in macroeconomic support from global partners, with negotiations underway for an additional $4.10 billion in EU budget aid.