Saudi CMA vs Reality: Jeddah LDC Handbook & IISI

Passing the CMA Saudi exam involves a lot of memorization that feels detached from the real valuation work happening in the market. Almost every private equity transaction in Jeddah now requires a layer of due diligence that specifically interrogates the asset coverage ratios detailed in the SAR LDC handbook because banks are terrified of another credit crunch. My associates in Dubai are taking copies of the IISI threat assessment modules to their job interviews in Riyadh to signal they understand the operational security risks involved in regional infrastructure projects. I am skeptical if the IISI certificate actually adds any tangible value when you are already cross-listing on the Tadawul, but the compliance teams insist it is non-negotiable for delegation of authority levels.