Saudi Press

Saudi Arabia and the world
Monday, May 27, 2024

CMA plans to list over 24 firms on Saudi stock market in 2023

CMA plans to list over 24 firms on Saudi stock market in 2023

Saudi Arabia has more than 24 initial public offerings lined up for 2023 as it seeks to create boost the economy and create financing channels for emerging sectors.
A report issued by the Capital Market Authority on Sunday said the Kingdom intends to boost its market’s appeal to foreign investors and increase their ownership as a percentage of the total market value of free float shares to reach 16.5 percent by the end of 2023.

The report said the market regulator aims to boost institutional investment in the capital market and plans to increase the percentage of assets under management to gross domestic product to reach 27.4 percent by the end of the current year.

The CMA plans to increase the size of the debt instruments market as a percentage of GDP to reach 20.1 percent by the end of 2023.

The authority “has developed its strategic plan for the next three years 2021-2023 in line with the plan of the Financial Sector Development Program … in a way that serves the goals of the Kingdom’s Vision 2030 to build an advanced and open financial market,” Mohammed El-Kuwaiz, chairman of CMA, said in a statement.

The Saudi capital market recorded a flurry of IPOs in 2022 with 49 listings, as well as SR40 billion ($10.66 billion) raised in equity capital; the highest number in any single year, barring 2019 when Saudi Aramco was listed.

“Saudi Arabia aims to establish an advanced capital market that is open to the world and capable of attracting local and international capitals, and that plays an efficient and pivotal role in meeting the economy’s funding requirements,” the authority said in a statement.

The CMA intends to develop and regulate the securities service providers sector, as well as to encourage innovative business models and emerging technologies that have the potential to push the financial services industry to new levels in terms of finance and investment.

“Given the importance of qualified human capital in the development of the securities sector, the CMA will seek to create multiple programs” to provide the sector with qualified human resources.

Speaking at the second edition of the Saudi Capital Forum in February, El-Kuwaiz said Saudi Arabia was the fourth-largest market in the world in terms of the amount of equity capital raised, just below China, India, and South Korea.

“We are continuing to see a rapid increase in the proportion of foreign investors, both in terms of percent of ownership and trading. On the equity market, the feedback from foreign investors continues to be quite positive. Our expectation is that positive is never good enough. I think we need to further improve regulations to make the market more accessible,” he said.

Related Articles

Saudi Press
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Global Life Expectancy Dropped By 2 Years Due To COVID-19
US Refuses World Court Jurisdiction
Norway, Ireland, and Spain Recognize Palestinian State
Iran President Ebrahim Raisi's Death Alters Succession Dynamics
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
Stay safe, ya Habibi
Dubai underwater, Influencers are stranded in their Rolls Royces in flooded roads as skies turn black in apocalyptic scenes as storm hits region.