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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)
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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.

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Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
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Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)

Saudi Arabia ranks first globally in road network connectivity and has made significant strides, advancing to fourth place in road quality among G20 nations. These achievements are part of the Kingdom’s ongoing efforts to enhance road safety, which have contributed to a nearly 50% reduction in traffic fatalities.
Saudi Minister of Transport and Logistics, Eng. Saleh Al-Jasser, announced these figures on Sunday, during his opening remarks at the Road Safety and Sustainability Conference under the theme “Innovating for Tomorrow,” attended by over 1,000 experts from 50 countries.
Al-Jasser highlighted that the Kingdom has implemented numerous initiatives to maintain the safety and quality of its road network. These include “the adoption of performance-based contracts to ensure transparency, optimize spending, and improve quality and service standards,” all in line with the objectives of the National Transport and Logistics Strategy under Vision 2030.
At a press conference on the sidelines of the event, acting CEO of the General Roads Authority, Eng. Badr Aldulami, shared that the Ministry of Transport oversees more than 75,000 kilometers of roads, while the Ministry of Municipal and Rural Affairs is responsible for over 115,000 kilometers, totaling nearly 200,000 kilometers designed to meet the highest standards in execution, quality, and safety.
For his part, Eng. Abdullah Al-Mogbel, honorary president of the International Road Federation, emphasized Saudi Arabia’s longstanding partnership with the federation, which includes over 119 member countries. He noted that the Kingdom has co-organized five conferences with the federation, all focused on improving road safety, maintenance, and performance.
The General Authority for Roads’ spokesperson, Abdulaziz Al-Otaibi, noted that road fatalities have decreased from approximately 28 per 100,000 people in 2016 to 13 currently, with a target of reducing this to 5 by 2030. This progress has been achieved by adopting advanced technologies, methodologies, and large-scale projects, including the use of a global AI-powered fleet to survey the entire road network, assessing factors such as cracks, skid resistance, and road strength.
He further noted that the Kingdom aims to preserve the environment through asphalt recycling technologies, which have cut maintenance time by up to 40% and reduced carbon emissions.
The conference, spanning two days, will feature over 130 scientific papers and showcase approximately 27 innovations and modern technologies, focusing on innovative transportation solutions and government policies aimed at reducing emissions and seamlessly integrating green infrastructure to enhance road safety. The event also includes an exhibition featuring 20 entities showcasing the latest developments in artificial intelligence, intelligent transport systems, and sustainable transportation.