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Wednesday, Jul 24, 2024

Saudi Arabia's CMA Achieves Milestones in Foreign Investment and Sukuk Funds

Saudi Arabia's CMA Achieves Milestones in Foreign Investment and Sukuk Funds

Saudi Arabia’s Capital Markets Authority report for 2023 highlights major achievements, including raising eight billion US dollars via sukuk and debt instruments and securing 198 billion Saudi Riyals in foreign investments. The Kingdom saw regulatory advancements, a surge in market listings, and improved global rankings. These efforts align with Saudi Vision 2030, marking significant progress in market accessibility and investor protections.
Saudi Arabia’s Capital Markets Authority (CMA) has revealed significant achievements in its latest report for 2023.

The report highlights that the Kingdom raised 29.95 billion Saudi Riyals (eight billion US dollars) through sukuk and debt instruments and secured a total of 198 billion Saudi Riyals in foreign investments.

CMA's Chairman, Mohammed El-Kuwaiz, applauded the successes while noting the ongoing collaboration with the Financial Sector Development Program.

The authority also implemented new regulations, bolstered market listings, and improved global financial rankings, aligning with Saudi Vision 2030.

Key regulatory advancements included the approval of the Real Estate Contributions Law and updates to foreign investment rules.

The sukuk and debt market saw significant growth, contributing to 18.3 percent of GDP, with 70 instruments listed and drawing an impressive 29.95 billion Saudi Riyals.

Net foreign investments in 2023 stood at 198 billion Saudi Riyals, a 7.7 percent increase from the previous year.

Saudi Arabia also achieved top rankings in several global financial indices, enhancing its market competitiveness and governance.
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