CMA develops strategic plan for 2024-2026: Chairman

Mohammed El-Kuwaiz, CMA Chairman

Saudi Arabia’s Capital Markets Authority (CMA) is working on its strategic plan for the period 2024-2026, Chairman Mohammed El-Kuwaiz said in a statement.

The aim is to ensure sustainable development of the financial sector, along with new achievements and record-breaking results that will reflect positively on the stock market, in particular, and the sector, in general, El-Kuwaiz said on the 93rd National Day.

The financial market surpassed the targets for a number of indicators set in CMA’s strategic plan for 2022, the Chairman said.

The market capitalization as a percentage of GDP reached 91%, exceeding the target of 77%, with an achievement rate of 118%. The volume of the debt instruments market, as a percentage of GDP, reached 32%, surpassing the target of 18.7% and with an achievement rate of 171%.

The number of investment funds reached a record high of 1,130 by the end of the second quarter of 2023, a 34.68% increase from 839 funds in the year-ago period, El-Kuwaiz said.

He also noted that the number of subscribers to both public and private investment funds increased by 33.5% to 901,900, up from 675,500 subscribers at the end of Q2 2022.

Qualified foreign investors' ownership of the main stock market amounted to SAR 298.45 billion in Q2 2023, up from SAR 284.01 billion in Q2 2022, an increase of SAR 14.43 billion, or 5.1%, on an annual basis, the Chairman added.