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Stock exchanges review

Market-wide reviews of Arab stock exchanges: every listed company scored on audited fundamentals, independently of the sovereign rating, with its sector effect and Sharia qualification. One section per market.

Stock exchanges review

  • KSA – Saudi Arabia

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  • The Saudi Exchange under the ORION lens

    FY2025 executive report: scoring, Sector Effect and Sharia qualification of 325 listed corporates on the Main Market and Nomu

    ORION scored all 325 non-financial companies on the Saudi Exchange’s Main Market and Nomu on audited FY2025 fundamentals, independently of the sovereign rating. Strength is concentrated: 82% of market value sits in tier-A balance sheets, held by only 30% of companies. The Sector Effect changes the verdict for one company in three, and Sharia compliance depends heavily on which of seventeen methodologies is applied.

    Dr. Ghassan Chammas, Sep 2026. ORION Scoring & Rating and Orion Financial Solutions

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    PDF, 11 pp.

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