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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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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.