Saudi Arabia is working to boost the number of potential public offerings as part of its strategy to diversify its economy away from oil and enhance its financial sector. The country is focusing on attracting foreign investors through these efforts.

Mohammed Al-Rumaih, the chief executive officer of the Saudi stock exchange, stated in an interview with Bloomberg Television that there is an increase of nearly 30% in new listings compared to last year. He noted that the initial public offerings (IPOs) are coming from various industries, similar to the previous year.

Last year, Saudi Arabia’s stock exchange welcomed approximately 15 firms, with the food and beverage sector leading the listings. So far this year, companies have already raised over $1 billion through IPOs. These initiatives are crucial to the kingdom’s plan to broaden investment sources and enhance revenue streams beyond the oil sector.

Looking ahead, Al-Rumaih anticipates more listings from the telecommunications and technology sectors in the near future.