RIYADH, Saudi Arabia, May 13, 2024 (GLOBE NEWSWIRE) -- 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.
??????? ???????: Contact:
???? ????? ???????
??????? ?????? ??????? ??????
???????? Capital Market Authority
Communication & Investor Protection
+966114906009 Division
+966557666932
Media@cma.org.sa +966114906009
(mailto:Media@cma.org.sa) +966557666932
www.cma.org.sa Media@cma.org.sa
(http://www.cma.org.sa) (mailto:Media@cma.org.sa)
(mailto:Media@cma.org.sa)www.cma.org.s
a (http://www.cma.org.sa)
?? ??????: About CMA:
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
(?/30) ?????? 2/6/1424?? ????? ???? 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
????????: www.cma.org.sa visit the official website:
(http://www.cma.org.sa) www.cma.org.sa (http://www.cma.org.sa)
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f80f183-9752-4dea-a262-
b1994d370f41
(https://www.globenewswire.com/NewsRoom/AttachmentNg/7f80f183-9752-4dea-a262-
b1994d370f41)https://www.globenewswire.com/NewsRoom/AttachmentNg/51cdff72-
1e53-429b-a2b0-e1910d38f6e0
Â