Saudi’s Capital Market Authority is paying $11 million back to investors who lost money on shares in a local steel company.
It’s the first time the regulator used new powers to fine individuals and companies for manipulating stock prices and put proceeds into a special fund to pay back those who suffered losses.
The payout to Watani Iron Steel Co. investors is the latest move by the Saudi regulator to boost confidence in the market in the hope of attracting more foreign capital. The operator of the exchange, the Saudi Tadawul Group Holding Co., said on Monday that net profit declined 41% in the first half of 2025 compared to the same period last year, with average daily trading value declining 33%, business news site AGBI reported.