The Saudi Exchange published its guideline manual for foreign companies offering and/or listing on its Main Market. While current capital markets regulations and rules in Saudi Arabia permit such offerings, the lack of a clear criteria and process led to uncertainty among potential non-Saudi issuers, and may have deterred them from pursing listings or required them to restructure their operations in order to incorporate in Saudi Arabia before listing. In fact, to date there have been no cross-listings on the Saudi Exchange and only one dual-listing, which was the concurrent and dual-listing of Americana Restaurants in Saudi Arabia and the United Arab Emirates in December 2022.