Capital Market Reform, Global Logistics Leadership, and Non-Oil Trade Growth

Saudi Arabia's economic landscape this week is shaped by significant regulatory developments in capital markets, strengthened international logistics partnerships, and resilient trade performance. As the Kingdom enters the holy month of Ramadan, these developments reflect a dual focus on institutional modernisation and the continued expansion of Saudi Arabia's role as a global trade and logistics hub. 

Capital Market Modernisation: Direct Listing of Subsidiaries 

The Capital Market Authority (CMA) has launched a public consultation on a proposed regulatory framework that would permit subsidiaries of companies already listed on the Main Market to list their shares directly. This initiative aims to deepen the Saudi capital market and diversify available investment products. 

Efficiency Gains: The proposal seeks to reduce the time and costs typically associated with traditional IPOs by enabling a more streamlined direct listing process. 

Investor Engagement: Issuers and financial advisors would be permitted to gauge investor interest and prepare analytical reports prior to official approval, provided such materials are not disclosed publicly at premature stages. 

Transparency Standards: Strong disclosure requirements remain central to the framework. Companies would be required to publish a detailed registration document outlining the pricing mechanism, valuation considerations, and associated investment risks. 

Global Logistics Leadership: Hosting GSCF 2026 

The Saudi Ports Authority (Mawani) and the United Nations Conference on Trade and Development (UNCTAD) have signed a Memorandum of Understanding to host the Global Supply Chain Forum (GSCF) 2026 in Riyadh. 

Strategic Alignment: The forum will take place from 29 November to 1 December 2026, coinciding with the second annual Global Logistics Forum, reinforcing Saudi Arabia's growing role in shaping global logistics dialogue. 

Global Integration: The partnership aims to enhance the resilience, efficiency, and sustainability of global supply chains whilst highlighting Saudi Arabia's strategic geographic position as a connector of three continents. 

Infrastructure Synergy: Mawani will leverage its advanced operational capabilities to showcase the ongoing development of the Saudi ports ecosystem to international stakeholders. 

International Trade Performance: Growth in Non-Oil Exports 

Data released by the General Authority for Statistics (GASTAT) for December 2025 indicates resilient trade performance, marked by an expanding surplus and a notable surge in re-export activity. 

Export Growth: Non-oil exports (including re-exports) increased by 7.4% year-on-year, driven primarily by a 43.1% rise in re-exports. 

Trade Balance: The Kingdom's trade surplus expanded by 7.1% compared to the previous year, with total commodity exports reaching SAR 97 billion in December. 

Key Trade Partners: Japan emerged as the primary destination for Saudi exports (11.7%), whilst China remained the leading source of imports, accounting for 28.7% of the total. 

Logistical Hubs: King Abdulaziz Port handled 25.4% of total imports, whilst King Abdulaziz International Airport served as the top gateway for non-oil exports, accounting for 17.7%.

Sources

• Capital Market Authority

• Saudi Ports Authority

• General Authority for Statistics