The most recent report from the Kingdom’s Capital Markets Authority highlights some of Saudi Arabia’s accomplishments, including raising SR29.95 billion ($8 billion) through sukuk and debt instruments and securing SR198 billion in international investments.
The CMA detailed in an examination of 2023 how, in line with Saudi Vision 2030, its efforts have resulted in new laws, strong expanded market listings, strict enforcement actions, and improved worldwide financial rankings.
Mohammed El-Kuwaiz, the chairman of the authority, praised the accomplishments of the Saudi capital market in a news statement and highlighted the continued cooperation between the market and its partners in the Financial Sector Development Program.
The COVID-19 pandemic-related sell-offs that followed have resulted in a rebound in emerging markets, particularly those in the Middle East and North Africa, where the CMA’s work was conducted.
Attractive returns and extensive capital market reforms, such as the adoption of best practices and the digitization of pre- and post-trade procedures to increase liquidity, are what draw inflows of foreign investors into the region.
Significant regulatory developments, including the approval of a new regulation and modifications to four existing principles, regulations, and instructions, were made in 2023 under the direction of the CMA. Furthermore, the Real Estate Contributions Law was approved by the Council of Ministers, fortifying the existing legislative framework.
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