Main 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
DFM or Tadawul
Listing requirements of DFM and Tadawul compared from the directory data. Check the primary sources before making decisions.
Data checked: 6 November 2026
Key facts
| Dubai Financial Market | Saudi Exchange - Main Market (Tadawul) | |
|---|---|---|
| Location | Dubai, 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.
DFM
Private Market (private joint stock companies)
- Minimum market capitalisation
- Not specified
- Minimum free float
- Not specified
- 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
Dubai Financial Market
Who each exchange suits
- Large, liquid onshore UAE market with strong retail and institutional demand for IPOs
- No market cap threshold: two listing categories let smaller PJSCs list
- Private Market route lets private joint stock companies list without an IPO
- Low exchange fees
What to check
- Onshore issuer must be (or convert into) a UAE PJSC under the Companies Law, IPO prospectus approved by CMA
- Category Two status if fewer than 100 shareholders, free float below 20% or equity below paid-up capital; accumulated losses of 50% or 6-month suspension move a company to Category Two
- Foreign issuers need an existing foreign listing and 2 years of profits
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.
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