Mohammed Al-Quwaiz, the chairman of the Saudi Capital Market Authority (CMA), emphasised the remarkable development of the Saudi capital market, stating that it is currently the seventh-largest financial market globally, an accomplishment that is indicative of the strong performance of the country’s economy.
Speaking at a dialogue session titled “Financial markets as a catalyst for growth in Saudi Arabia” at the CEO Forum’s seventh edition in Riyadh, Al-Quwaiz stated that small and medium-sized businesses (SMEs) account for more than half of the roughly 70 companies that have recently gone public on the Saudi financial market. The General Authority for Small and Medium Enterprises (Monsha’at) organised the Forum with the topic “Opportunities to enhance business growth.”
Al-Quwaiz emphasised that increasing liquidity and opening up new opportunities for smaller businesses is one of the main tenets of the CMA strategy. Creating a vibrant debt market and growing the asset management sector are other priorities for Monsha’at in order to compete internationally and draw in more capital for the domestic economy. Al-Quwaiz emphasised the need of supporting the stock market and financial technology industries, saying that they are “critical to Saudi Arabia’s ambitions to become a leading financial hub in the region.”
He gave an overview of the CMA’s ongoing initiatives to open up new funding avenues, including enabling subscription fund management to guarantee the prompt and effective processing of initial public offerings. Despite the market’s noteworthy accomplishments, the CMA chief acknowledged persistent difficulties. “Encouraging liquidity, expanding the pool of offerings.
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