Elkuwaiz: Our Goal is to Create a Capital Market that is Liquid Enough to Contribute to Financing New Sectors of Economic Activity
May 13 2024 - 4:32AM
Elkuwaiz: Our Goal is to Create a Capital Market that is Liquid
Enough to Contribute to Financing New Sectors of Economic
Activity
The Chairman of the Board of the Capital Market Authority (CMA) of
Saudi Arabia, HE Mohammed Bin Abdullah ElKuwaiz reported that the
Saudi capital market continues forwarding towards achieving more
growth and progress, in line with the Kingdom’s Vision 2030, and
some of the ambitious parts of the Vision come to fruition earlier
than planned. The Saudi market is now among the top 10 largest
markets in the world. Further, the market is ranked the 8th largest
market as of the market capitalization, moving from 23rd in 2017.
Also, the market used to rank 53rd in 2017 in terms of IPO proceeds
and in 2023 we were ranked 16th.
During his participation in Milken public
session held in USA, ElKuwaiz stated that the economic and social
reforms that the Kingdom started in 2017 within the Kingdom’s
Vision 2030 contributed to reducing the impact of global
fluctuations including interest rates. The Kingdom’s GPD almost
doubled during the last 3 years crossing $1 trillion. For the first
time in our history, the non-oil GDP represents 50% of the GDP.
“Being open to the world and easing foreign
investment in a way that shall achieve the Kingdom's objectives are
among the enablers of creating a capital market that is liquid
enough to contribute to financing new sectors of economic activity
and sustainably increase the capacity of our markets via more
international investors, increasing free float,
and more liquidity,” ElKuwaiz added.
The CMA’s Chairman referred to the size of listings
in the capital market over the last three years as the number of
listed companies in the Kingdom has increased by 50% (207 in 2020
to 310 at the end of 2023). This clearly shows the role of the
public market in capital formation. ElKuwaiz concluded that while
the stock market is relatively mature, we still need to enhance
other markets in Saudi Arabia such as the debt market and
derivatives markets.
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معلومات التواصل:
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Contact:
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هيئة السوق الماليةالإدارة العامة للتواصل وحماية
المستثمر+966114906009+966557666932Media@cma.org.sawww.cma.org.sa
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Capital Market AuthorityCommunication & Investor
Protection Division
+966114906009+966557666932Media@cma.org.sawww.cma.org.sa
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عن الهيئة:
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About CMA:
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نشأت السوق المالية في السعودية ببدايات غير رسمية في
الخمسينات، واستمر الوضع كذلك إلى أن وضعت الحكومة التنظيمات الأساسية
للسوق في الثمانينات. وبموجب “نظام السوق المالية" الصادر بالمرسوم
الملكي رقم (م/30) وتاريخ 2/6/1424هـ تأسست هيئة السوق المالية. وهي
هيئة حكومية ذات استقلال مالي وإداري وترتبط مباشرة برئيس مجلس
الوزراء.
للمزيد من المعلومات عن الهيئة يرجى زيارة موقع الهيئة
الرسمي على شبكة الإنترنت: www.cma.org.sa
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The Capital Market Authority (CMA) in Saudi Arabia unofficially
started in the early fifties, and continued to operate
successfully, until the government set its basic regulations in the
eighties. The current Capital Market Law is promulgated and
pursuant to Royal Decree No. (M/30) dated 2/6/1424H, which formally
brought it into existence. The CMA is a government organization
applying full financial, legal, and administrative independence,
and has direct links with the Prime Minister.
For more information about CMA, please visit the official
website: www.cma.org.sa
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Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f80f183-9752-4dea-a262-b1994d370f41https://www.globenewswire.com/NewsRoom/AttachmentNg/51cdff72-1e53-429b-a2b0-e1910d38f6e0