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This paper investigates the Saudi market and the ownership structures of listed firms within the Saudi context. This paper examines the historical phases of evolution of the Saudi market since the first flotation of a Saudi firm in 1935 to date. The data reveals high ownership by families and the government (30%) in the total companies listed. This paper also underscores the capacity of the Saudi market to develop into one of the leading stock exchange markets in the Middle East and East Asia. The discussion concludes that the Saudi market needs greater transparency, better legal frameworks, corporate governance codes, and more regulation, so as to realise its potential.