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CMA Develops Strategy for 2024/2026

Saudi Capital Market Authority (CMA) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)
Saudi Capital Market Authority (CMA) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)
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CMA Develops Strategy for 2024/2026

Saudi Capital Market Authority (CMA) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)
Saudi Capital Market Authority (CMA) headquarters in Riyadh, Saudi Arabia (File photo: Reuters)

Saudi Arabia's Capital Markets Authority (CMA) is working on its strategic plan for 2024-2026, announced Chairman Mohammed el-Kuwaiz.

By the end of 2022, the financial market surpassed the targets for several indicators set in CMA's strategic plan.

Speaking on the Saudi 93rd National Day, Kuwaiz said the number of listings on the financial market reached 49 in 2022, while the target was 24, with a completion rate of 204 percent.

"The market value of the stock market as a percentage of the domestic product reached 91 percent, with a completion rate of 118 percent, compared to the target rate of 77 percent," he indicated.

The strategic plan targeted the size of the debt instruments market as a percentage of the domestic product to reach 18.7 percent, while what was achieved amounted to 32 percent, with a completion rate of 171 percent.

Kuwaiz pointed out that these numbers and other achievements made the market a role model among the region's needs.

The Authority's 2024-2026 strategic plan aims to achieve sustainable development of the financial sector and new achievements and records that will reflect positively on the financial market and the financial industry in general.

"As we celebrate this year's National Day, the Kingdom has advanced seven positions in the World Competitiveness Yearbook issued by the International Institute for Management Development (IMD) for 2023," he said.

Saudi Arabia reached 17th position globally out of 64 countries that are the most competitive in the world and third place among G20 countries, supported by strong economic and financial performance in 2022 and improved business legislation.

He said that the Kingdom's ranking rose in six out of 12 financial market indicators, and the ranking of two other indicators was maintained, while six indicators ranked among the top ten in the world.

During Q2 2023, the number of investment funds jumped to 1,130, marking a historic peak, with a surge of 34.68 percent, compared to 839 funds in the second quarter of last year.

Kuwaiz noted that the number of public and private investment fund subscribers increased by 33.5 percent to 901,900, up from 675,500 subscribers at the end of Q2 2022.

The Chairman added that qualified foreign investors' ownership of the leading stock market amounted to $79.5 billion in Q2 2023, up from $75 billion in Q2 2022, a 5.1 percent increase annually.

"All the achievements incentivized international institutions to praise the Kingdom's economy, including the International Monetary Fund's praise for the Kingdom's continuing efforts to complete economic and financial reforms and achieve Vision 2030 goals."

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."