Vision 2030 clearly defines goals of Saudi market: Tadawul Group CEO

Khalid Al-Hussan, CEO of Saudi Tadawul Group

Saudi Arabia’s Vision 2030 set clear goals for the capital market—to be an open, attractive and globally integrated market—and this was the starting point for its transformation and development, CEO of Saudi Tadawul Group Khalid Al-Hussan said.

Speaking at the second session of the Capital Market Forum 2024, Al-Hussan said that the Saudi market witnessed a major transformation, with the aim to support the economic changes taking place in the Kingdom.

Before Vision 2030, Saudi Arabia had a closed market with the focus on local exporters and investors, the top executive noted, adding that it was designed as such because at the time the economy was an exporter of capital.

Since Vision 2030, communication with international investors, index providers and financial institutions to join the market has not stopped, Al-Hussan said.

The Vision outlined a wide range of initiatives and goals, and that needed a strong financial market to help finance and facilitate the transformation, like any other global market in any growing economy.

Foreign capital flows into the Saudi market increased from almost zero in 2016 to $106 billion currently, and the inflow was in large amounts over a short period.

The CEO highlighted regulatory reforms as well as communications with international investors, inviting them to invest in the Kingdom.

Al-Hussan further pointed out the ambitious goals of the Kingdom and Hong Kong in strengthening the connection between financial markets through investment cooperation between the two parties.