عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi CMA Waives Sukuk, Bonds Trading Commission to Develop Market

Saudi Arabia’s Capital Market Authority (CMA) on Sunday announced waiving its share in sukuk and bonds trading commission starting from May 2023. (AP)
Saudi Arabia’s Capital Market Authority (CMA) on Sunday announced waiving its share in sukuk and bonds trading commission starting from May 2023. (AP)
TT
TT

Saudi CMA Waives Sukuk, Bonds Trading Commission to Develop Market

Saudi Arabia’s Capital Market Authority (CMA) on Sunday announced waiving its share in sukuk and bonds trading commission starting from May 2023. (AP)
Saudi Arabia’s Capital Market Authority (CMA) on Sunday announced waiving its share in sukuk and bonds trading commission starting from May 2023. (AP)

Saudi Arabia’s Capital Market Authority (CMA) on Sunday announced waiving its share in sukuk and bonds trading commission starting from May 2023.

This step comes as part of the efforts to reduce costs on market participants in a way that enhances liquidity, increases competitiveness in the local market and expands domestic investors' base in government debt issues.

This will contribute to achieving the strategic objectives of Vision 2030 related to developing a diversified and effective financial sector to support the development of the economy and create an advanced capital market, the market regulator said in a statement.

By this decision, the CMA affirms its pledge to stimulate activities of debt instruments secondary market. This comes in line with the authority's strategic objective relevant to developing the sukuk and debt instruments market to boost its attractiveness to issuers and investors.

CMA hopes this resolution will contribute to stimulating issuers to list local currency-denominated sukuk and bonds in the Saudi debt instruments market and encouraging investors to trade such instruments in a way that will help to deepen the market and raise its liquidity.

This is along with diversifying finance choices before public and private sectors by creating a new asset class available for all investors’ segments.

In other news, CMA extended the deadline for Tadawul-listed insurance companies to disclose Q1 2023 financial statements until July 2.

In a statement on Sunday, the market regulator said the decision aims to support all capital market participants.

It was also driven by the challenges facing the insurance sector for applying International Financial Reporting Standard (IFRS) 17 “Insurance Contracts", and the request received from the insurance executive committee to extend the deadline for disclosing the first-quarter results.

Trading on shares of any Tadawul-listed insurance services provider that has not disclosed Q1 2023 financial statements by July 2 will be suspended for one trading session following the end of the specified deadline. These stocks will restart trading on July 4 for 20 trading sessions.

Tadawul-listed insurance companies must disclose their interim financial statements during this period. Otherwise, their stocks will be re-suspended starting from Aug. 1, until they disclose the first-quarter results.

Most Viewed

 
 
Business

Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
TT
TT

Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)

Kazakh Ambassador to Saudi Arabia, Madiyar Menilbekov, announced that his country eagerly anticipates the completion of ACWA Power’s first wind energy project in the Zhetysu region. This project, led by the Saudi company, will have a total capacity of 1 gigawatt and an investment value of approximately $1.5 billion.
ACWA Power announced last March that it would execute this project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. Construction is expected to commence in the summer of 2025.
Menilbekov told Asharq Al-Awsat that both countries “have established a solid political dialogue at a high level, along with cooperation in trade, economics, culture, and parliamentary exchange.” He expects this high-level dialogue to continue at the upcoming COP 16 summit in Riyadh.
He further emphasized that trade, economic, and investment cooperation is the cornerstone of the bilateral relationship, noting: “Both countries share a similar outlook on economic development, reflected in Kazakhstan’s Strategic Program 2050 and Saudi Arabia’s Vision 2030.”
The Kazakh ambassador highlighted that last September, the Islamic Development Bank approved financing for projects in Kazakhstan focused on water resource development, enhancing agricultural productivity, and ensuring food security, with total allocations amounting to $1.153 billion.
In tourism, he noted significant progress toward establishing direct flights between the two countries. Air Astana launched flights between Shymkent and Jeddah in October and announced a route from Almaty to Medina, bringing the total to six direct flights. Additionally, Kazakh companies in construction, oil services, and IT have recently opened offices across Saudi Arabia. The Farabi Innovation Center was inaugurated in Riyadh to attract talented entrepreneurs and innovative startups from Nur-Sultan and Central Asia to the Kingdom.
Menilbekov explained that since gaining independence, Kazakhstan’s GDP has grown 17-fold, with foreign trade reaching $139.8 billion last year. He added: “Since 1993, Kazakhstan has attracted a total of $441 billion in foreign direct investment, allowing our economy to remain one of the most dynamic in Central Asia and the post-Soviet region.”
According to Menilbekov, Kazakhstan is the world’s largest producer and exporter of natural uranium, responsible for more than 45% of global production and exports. He also noted that Kazakhstan produces 18 of the 34 raw materials identified by the European Union as “critical materials.”
Menilbekov further mentioned that Kazakhstan possesses 200 million hectares of agricultural land, with about 100 million hectares currently under regular cultivation.