Saudi Arabia’s Capital Markets Authority Reports Achievements in 2023
In the latest report from the Kingdom’s Capital Markets Authority (CMA), Saudi Arabia has made significant strides in raising funds and attracting foreign investments, all in alignment with Saudi Vision 2030.
Regulatory Advancements and Global Recognition
The CMA’s efforts in 2023 have led to new regulations, increased market listings, and improved global financial rankings. Chairman Mohammed El-Kuwaiz praised the capital market’s achievements and highlighted collaboration with partners in the Financial Sector Development Program.
Emerging markets, including the Middle East and North Africa, have seen a resurgence following the COVID-19 pandemic sell-offs. Global investor inflows into the region have been driven by attractive returns and comprehensive reforms in capital markets.
Debt Market Development and Sukuk Listings
The CMA’s adoption of the Debt Market Development Strategy has stimulated market growth. The sukuk and debt market reached 18.3 percent of GDP, with 70 sukuk and debt instruments listed, raising a total of SR29.95 billion.
Unlisted issuances showed robust growth, expanding to SR105 billion by the end of 2023. The corporate sukuk and debt market reached SR125 billion, with the number of issuing companies tripling.
Foreign Investments and Market Listings
In 2023, net foreign investments in the Saudi capital market reached SR198 billion, marking a 7.7 percent increase from the previous year. The market also saw substantial growth in listings, with 43 new listings representing a 79 percent increase from the target.
Global Financial Market Rankings
Saudi Arabia’s capital market achieved top rankings in various global indices in 2023, including first among G20 countries in the Board of Directors Index. It also secured second place in key indices like the Ease of Access to Financial Markets Index and Stock Market Capitalization Index.
According to the IMD World Competitiveness Yearbook, Saudi Arabia improved its position in six out of 12 financial market indicators, showcasing its progress and competitiveness on the global stage.