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."