Logo ofCapital Market Authority (CMA)
The Capital Market Authority (CMA) posted a 22% year-on-year (YoY) lower revenues of SAR 1.41 billion in revenue for 2025 compared with SAR 1.81, the Saudi market regulator’s annual report showed. 
The decline was primarily attributed to lower securities trading commission revenue, in addition to a decrease in revenue generated from trading services and regulatory fines and penalties.
Actual expenses rose 18% YoY to SAR 1.14 billion in 2025, leading to a retreated annual surplus of SAR 262.7M, the lowest in six years.
CMA Financial Performance (SAR mln)
Item
2024
2025
Change (%)
Revenue
1813.8
1409.4
(22%)
Actual expenses
970.3
1143.7
+18%
Surplus*
843.2
262.7
(69%)
The market regulator generated SAR 780 million in revenue from stock trading commissions, down 31% YoY, making nearly 55% of total revenue.
The market turnover decreased to SAR 1.3 trillion, with an average daily trading value of around SAR 5.18 billion.
Revenue Details (SAR mln)
Item
2024
2025
Change (%)
Stock trading commissions
1128.3
780.0
(31%)
Trading services and CMA activities
174.5
169.5
(3%)
Violations of rules and executive regulations
261.2
208.4
(20%)
Revenue from exchange transactions
249.9
251.5
+1%
Total
1813.8
1409.4
(22%)
As for expenses, salaries and employee benefits accounted for 62% of total expenses, amounting to SAR 711.7 million. Meanwhile, spending on professional services and consultancies increased 61% YoY to SAR 50.6 million, while depreciation and amortization expenses surged 94% to SAR 33.8 million.
The regulator has 826 employees, a rise of 1% YoY.
Expenditure Details (SAR mln)
Item
2024
2025
Change (%)
Staff salaries and benefits
651.1
711.7
+9%
General and administrative expenses
209.9
278.6
+33%
Staff training and scholarships
60.4
68.9
+14%
Professional services and consultancies
31.5
50.6
+61%
Depreciation and amortization
17.4
33.8
+94%
Total
970.3
1143.7
+18%
Founded in 2003, the CMA is a government organization with full financial, legal, and administrative independence, and is directly subject to the prime minister. Its fiscal year starts on January 1 and ends on December 31 of each year.
The financial resources of CMA comprise fees of services, as well as commissions charged, fees for using its facilities, returns on its funds and proceeds of the assets’ sale, fines and financial penalties imposed on market violators, government funds to CMA, and any other resources determined by the board including (registration, listing or trading of securities, brokerages’ licensing and investment funds’ registration).
Logo ofCapital Market Authority (CMA)
The Capital Market Authority (CMA) posted a 22% year-on-year (YoY) lower revenues of SAR 1.41 billion in revenue for 2025 compared with SAR 1.81, the Saudi market regulator’s annual report showed.
The decline was primarily attributed to lower securities trading commission revenue, in addition to a decrease in revenue generated from trading services and regulatory fines and penalties.
Actual expenses rose 18% YoY to SAR 1.14 billion in 2025, leading to a retreated annual surplus of SAR 262.7M, the lowest in six years.
CMA Financial Performance (SAR mln)
Item
2024
2025
Change (%)
Revenue
1813.8
1409.4
(22%)
Actual expenses
970.3
1143.7
+18%
Surplus*
843.2
262.7
(69%)
The market regulator generated SAR 780 million in revenue from stock trading commissions, down 31% YoY, making nearly 55% of total revenue.
The market turnover decreased to SAR 1.3 trillion, with an average daily trading value of around SAR 5.18 billion.
Revenue Details (SAR mln)
Item
2024
2025
Change (%)
Stock trading commissions
1128.3
780.0
(31%)
Trading services and CMA activities
174.5
169.5
(3%)
Violations of rules and executive regulations
261.2
208.4
(20%)
Revenue from exchange transactions
249.9
251.5
+1%
Total
1813.8
1409.4
(22%)
As for expenses, salaries and employee benefits accounted for 62% of total expenses, amounting to SAR 711.7 million. Meanwhile, spending on professional services and consultancies increased 61% YoY to SAR 50.6 million, while depreciation and amortization expenses surged 94% to SAR 33.8 million.
The regulator has 826 employees, a rise of 1% YoY.
Expenditure Details (SAR mln)
Item
2024
2025
Change (%)
Staff salaries and benefits
651.1
711.7
+9%
General and administrative expenses
209.9
278.6
+33%
Staff training and scholarships
60.4
68.9
+14%
Professional services and consultancies
31.5
50.6
+61%
Depreciation and amortization
17.4
33.8
+94%
Total
970.3
1143.7
+18%
Founded in 2003, the CMA is a government organization with full financial, legal, and administrative independence, and is directly subject to the prime minister. Its fiscal year starts on January 1 and ends on December 31 of each year.
The financial resources of CMA comprise fees of services, as well as commissions charged, fees for using its facilities, returns on its funds and proceeds of the assets’ sale, fines and financial penalties imposed on market violators, government funds to CMA, and any other resources determined by the board including (registration, listing or trading of securities, brokerages’ licensing and investment funds’ registration).
