Main Market (First Market)
- Minimum market capitalisation
- Not specified
- Minimum free float
- 20%
- Track record
- 2 years
- Profit required
- Not specified
- Minimum shareholders
- 100
- Lock-up
- Not specified
Exchange comparisons
ADX or Tadawul
Listing requirements of ADX and Tadawul compared from the directory data. Check the primary sources before making decisions.
Data checked: 6 November 2026
Key facts
| Abu Dhabi Securities Exchange | Saudi Exchange - Main Market (Tadawul) | |
|---|---|---|
| Location | Abu Dhabi, United Arab Emirates | Riyadh, Saudi Arabia |
| Regulator | Capital Market Authority (CMA), formerly Securities and Commodities Authority (SCA) | Capital Market Authority (CMA) |
| Trading currency | AED | SAR |
| Indicative timeline | Not specified | Not specified |
| Listing segments | 2 | 1 |
Segments side by side
Figures by segment from the exchange rulebooks. Not specified means the rule does not set the figure or it has not been verified yet.
ADX
Growth Market (Second Market)
- Minimum market capitalisation
- Not specified
- Minimum free float
- 5%
- Track record
- 2 years
- Profit required
- No
- Minimum shareholders
- Not specified
- Lock-up
- Not specified
Tadawul
Main Market
- Minimum market capitalisation
- USD 80m
- Minimum free float
- 30%
- Track record
- 3 years
- Profit required
- No
- Minimum shareholders
- 200
- Lock-up
- 6 months
Abu Dhabi Securities Exchange
Who each exchange suits
- Home market of Abu Dhabi government-related IPOs, deep pool of local institutional investors
- Growth Market allows a private joint stock company to list without an IPO
- Free float below 20% possible for companies with capital of AED 500 million or more
- Low exchange fees
What to check
- First Category needs profits in 2 of the last 3 years and 100 shareholders, otherwise the company trades in the Second Category
- Growth Market liquidity is limited, and transfer to the Main Market takes at least 3 years
- Rules are being re-issued under the new CMA framework (2026), check the current edition before filing
Saudi Exchange - Main Market (Tadawul)
Who each exchange suits
- Large and liquid regional market with deep local institutional and retail demand
- Suits profitable or established companies with a 3-year operating history and a Saudi or GCC investor story
- No formal profit test, only track record and disclosure requirements
What to check
- Relatively high float requirement of 30% at listing
- Financial statements must follow SOCPA-endorsed standards and Arabic is the official language of documentation
Requirements change. Always confirm with the exchange and the regulator before making decisions. Educational material. Not investment, legal or tax advice.
Other comparisons
Which of the two fits your company?
Eurasia Consulting Group compares exchanges on the numbers and structure of a specific company.
Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer