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."



Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)

The activities of the Saudi pavilion, organized by the General Authority for Military Industries (GAMI), kicked off on Monday at the International Defense Exhibition and Conference "IDEX 2025" in Abu Dhabi. This event is being held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.

Governor of GAMI Eng. Ahmad Abdulaziz Al-Ohali participated in the launch, in the presence of Lt.-Gen. Mohammad Bin Abdulrahman bin Hamed Al-Gharibi, Chief of Staff of the Royal Saudi Naval Forces, Sultan bin Abdullah Al-Angari, Saudi ambassador to the UAE, and a number of officials, international investors and decision-makers in the sector.

Al-Ohali emphasized the significance of the Kingdom's participation in IDEX 2025 as a leading global platform for showcasing the latest military technologies.

He underscored the importance of establishing international partnerships that enhance the Kingdom's defense and security capabilities.

The Saudi pavilion serves as a strategic window that reaffirms the Kingdom's commitment to developing its defense sector and strengthening national competencies, contributing to the ambitious goal of localizing over 50% of military spending by 2030, he added.

During the exhibition, GAMI signed a cooperation agreement in the field of government quality assurance with the Defense Acquisition Program Administration in South Korea.

The agreement aims to boost the assurance and reliability of defense products and services carried out under purchasing and acquisition operations, in accordance with the local laws and regulations of both sides.

The agreement reflects the mutual desire of both parties to deepen joint cooperation in the field of defense industry and technology, in a way that achieves the national interests of both countries. The two parties also intend to expand the scope of cooperation by exchanging experiences and best practices in the field of government quality assurance for defense products and services.

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030.

It is presenting the latest locally developed defense technologies across military, defense, and security industries. It features a variety of military products aimed at highlighting the capabilities of the defense and military sectors. Additionally, it presents investors with a conducive investment environment and the promising opportunities available in the sector.

In addition to GAMI and the General Authority for Defense Development (GADD), the pavilion includes the World Defense Show (WDS), along with several national companies operating in the military industries sector. The companies include the Saudi Arabian Military Industries (SAMI), the National Company for Mechanical Systems (NCMS), the Middle East Propulsion Company (MEPC), the Saudi Chemical Company Holding (SCCH), AlKorayef Group, Life Shield Military Industries (LIFE SHIELD), Emaan International, QUDRA Industrial Company, and the Saudi Company for Aircraft Maintenance and Preparation (GDC).