Riyadh - SPA
Saudi Capital Market Authority approved the issuing instructions for depositary receipts abroad

As part of the Capital Market Authority's (CMA) strategic objectives to
deepen the capital market, promote its role in raising capital, and
increasing market attractiveness to foreign investors, and based on the
Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H,
the CMA Board issued its Resolution to approve the Instructions on
Issuing Depositary Receipts out of the Kingdom (“Instructions”), to be
effective as of the date of their publication.

This comes after CMA has published the draft Instructions on its
website for public consultation for a period of (30) calendar days.

The Instructions aim to set out the requirements and conditions for
issuing depositary receipts out of the Kingdom for shares issued in the
Kingdom and listed in the Exchange, or shares issued in the Kingdom and
its issuer has made the necessary arrangements for listing them in the

This includes setting the requirements for obtaining the Authority's
approval on issuing depositary receipts out of the Kingdom, and the
obligations of the issuers and depositary banks in this regard.

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