Argaam Weekend |Can Tadawul price what it cannot yet fully see?

Can Tadawul price what it cannot yet fully see?

25^thJuly 2026

● Rasan Was the Opening Statement. The Next Listing Is the Verdict
● The Contract That Never Expires Is Asking Saudi Arabia One Question: Is the Market Ready?

Topics of the Week

Rasan Was the Opening Statement. The Next Listing Is the Verdict

Rasan did not follow the script that global fintech investors have learned to be wary of. When it listed in May 2024 at SAR 37 per share — selling 30% of the company — the market responded with something closer to a scramble than a reception. Institutional orders reached SAR 108.6 billion. The book was 129 times oversubscribed. These are not the numbers of a market pricing in caution.

The Contract That Never Expires Is Asking Saudi Arabia One Question: Is the Market Ready?

There’s a puzzle at the heart of this report that’s worth stating upfront. Perpetual futures — derivatives with no expiry, no delivery, and no quarterly roll cost but with a funding rate mechanism instead — are among the most traded instruments in global crypto markets.