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CMA Chief: Trading Based on Algorithms Represents 25% of Transactions in Saudi Capital Market

President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)
President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)
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CMA Chief: Trading Based on Algorithms Represents 25% of Transactions in Saudi Capital Market

President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)
President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)

Mohammed Al-Kuwaiz, president of the Saudi Capital Market Authority (CMA), said that trading based on algorithms represents about 25% of the volume of transactions in the Saudi capital market, which confirms the importance of digitization.
Attending a dialogue session on the first day of the 24 Fintech Conference in Riyadh on Tuesday, he said that trading based on algorithms represents about 70% of global trading volumes, especially in developed markets.
Al-Kuwaiz said that “buy now, pay later” is an authorized field, and is the most desired among citizens, and it can be made easier to protect investors and customers.
“The financial sector was one of the first sectors to adopt digital transformation, as trade actually began in the 1970s before the launch of the Internet,” he said.
The CMA chief said that Saudi Arabia was one of the first countries to introduce digital trade in the 1990s, noting that this trade represents more than 90% of traded volumes at present.
“The financial services sector represents about 15% of global spending on information technology, which illustrates the focus of spending, its importance, and digitization in financial services,” he added.

 

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Yemen Minister: We Aim to Invest in Lithium Reserves for Renewable Energy

Yemeni Oil and Minerals Minister Saeed Al-Shammasi
Yemeni Oil and Minerals Minister Saeed Al-Shammasi
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Yemen Minister: We Aim to Invest in Lithium Reserves for Renewable Energy

Yemeni Oil and Minerals Minister Saeed Al-Shammasi
Yemeni Oil and Minerals Minister Saeed Al-Shammasi

Yemen has reserves of lithium, a key mineral for battery and electric vehicle production, according to preliminary studies, Oil and Minerals Minister Saeed Al-Shammasi said.

The findings underscore the urgent need for investment and infrastructure development.

Speaking to Asharq Al-Awsat on the sidelines of the Fourth International Ministerial Meeting at the International Mining Conference in Riyadh on Tuesday, Al-Shammasi revealed that the initial studies identified lithium reserves, a critical component in the production of batteries and solar panels.

“We also have copper reserves, but they require significant investment and infrastructure development,” he added.

Al-Shammasi said he met with Saudi Industry and Mineral Resources Minister Bandar Alkhorayef to explore collaboration opportunities with investors in the Kingdom.

He also announced a forthcoming meeting with the head of Saudi Arabia’s Chamber of Commerce and Industry to discuss joint projects.

“Recently, a Saudi-Yemeni Business Council was established to support the creation of joint ventures across various sectors,” he noted.

Al-Shammasi also highlighted the importance of the event, which builds on discussions from its previous edition. He said three new initiatives were introduced, focusing on investment in critical minerals essential for energy industries.

“These minerals will play a major role in the global energy landscape over the next 50 years, as countries seek to reduce dependence on oil,” Al-Shammasi said, emphasizing the need for investments and supportive legislation from resource-rich nations.

He stressed the importance of advanced technologies in modern mining and praised Saudi Arabia’s efforts, including the establishment of new research centers in the field.

Al-Shammasi further noted that the mining industry is helping reduce environmental pollution by leveraging alternative energy sources and critical minerals, aligning with the global shift away from traditional raw materials in sectors such as battery production and electric vehicles.