Logo ofCapital Market Authority (CMA)
The Saudi Capital Market Authority (CMA) extended its fee waiver for Saudi Exchange (Tadawul) and the Securities Depository Center (Edaa) charges on debt listings for issuers with an active, publicly disclosed credit rating from a CMA-licensed agency, effective until the end of 2027. 
The CMA first issued the exemption on July 1, 2020, allowing issuers seeking public debt offerings to avoid paying CMA fees at registration requests, during review, and at registration, initially set to expire at the end of 2025.
The CMA said the move aims to support and grow the sukuk and debt markets, attract new issuers, expand the base of local and international investors, and improve access to long-term financing at competitive costs, while encouraging credit ratings to enhance issuance quality, disclosure, and investor confidence.
The waiver applies to debt offerings by non-government entities with an active, publicly disclosed credit rating from a CMA-approved agency, covering up to two issuances per issuer.
For private placements up to SAR 500 million, the waiver also applies to two issuances per issuer, provided the rating is active and publicly disclosed, and the CMA will cover Tadawul and Edaa fees for all eligible offerings, capped at SAR 5 million annually until 2027, with additional requests reviewed separately.
Recent developments and prior exemptions contributed to notable growth in sukuk and debt markets, with outstanding issuances rising from 32 in 2021 to 118 by Q4 2025, total market size expanding from roughly SAR 90 billion to about SAR 132 billion, and turnover of listed issuances jumping from 0.46% to over 9%.
About 60% of issuers now hold credit ratings, reflecting growing awareness of their importance in enhancing issuance appeal, transparency, and risk assessment, while investors increasingly prefer rated instruments for clearer risk profiles and credit quality.
The CMA noted that waived fees for public offerings with an active rating reach SAR 400,000 per issuance, while private placements under SAR 500 million with a rating are waived up to SAR 60,000, and said the decision continues prior efforts to attract more issuers, reduce issuance costs, enhance market attractiveness, stimulate sukuk and debt issuance, and deepen the market, supporting its role as a key financing channel for economic and developmental activities under Vision 2030 financial sector development program.
Logo ofCapital Market Authority (CMA)
The Saudi Capital Market Authority (CMA) extended its fee waiver for Saudi Exchange (Tadawul) and the Securities Depository Center (Edaa) charges on debt listings for issuers with an active, publicly disclosed credit rating from a CMA-licensed agency, effective until the end of 2027.
The CMA first issued the exemption on July 1, 2020, allowing issuers seeking public debt offerings to avoid paying CMA fees at registration requests, during review, and at registration, initially set to expire at the end of 2025.
The CMA said the move aims to support and grow the sukuk and debt markets, attract new issuers, expand the base of local and international investors, and improve access to long-term financing at competitive costs, while encouraging credit ratings to enhance issuance quality, disclosure, and investor confidence.
The waiver applies to debt offerings by non-government entities with an active, publicly disclosed credit rating from a CMA-approved agency, covering up to two issuances per issuer.
For private placements up to SAR 500 million, the waiver also applies to two issuances per issuer, provided the rating is active and publicly disclosed, and the CMA will cover Tadawul and Edaa fees for all eligible offerings, capped at SAR 5 million annually until 2027, with additional requests reviewed separately.
Recent developments and prior exemptions contributed to notable growth in sukuk and debt markets, with outstanding issuances rising from 32 in 2021 to 118 by Q4 2025, total market size expanding from roughly SAR 90 billion to about SAR 132 billion, and turnover of listed issuances jumping from 0.46% to over 9%.
About 60% of issuers now hold credit ratings, reflecting growing awareness of their importance in enhancing issuance appeal, transparency, and risk assessment, while investors increasingly prefer rated instruments for clearer risk profiles and credit quality.
The CMA noted that waived fees for public offerings with an active rating reach SAR 400,000 per issuance, while private placements under SAR 500 million with a rating are waived up to SAR 60,000, and said the decision continues prior efforts to attract more issuers, reduce issuance costs, enhance market attractiveness, stimulate sukuk and debt issuance, and deepen the market, supporting its role as a key financing channel for economic and developmental activities under Vision 2030 financial sector development program.
