The Saudi Capital Market Authority aims to manage 29.4% of the country's gross domestic product in assets by this same year, achieved through enhancing the investment environment and attracting more investors.

The report, which highlights achievements in the financial sector, also emphasizes the importance of innovation, investment in talent, and technology in the development of the sector, as stated by Mohammed Al-Jadaan, the minister of finance and chairman of the Financial Sector Development Program.

The minister prioritizes innovation, talent, and technology in finance, with a goal to help companies, particularly startups, thrive.

The Capital Markets Authority (CMA) plans to speed up listings, welcoming 24 new companies in 2024, and aims for micro and small enterprises to make up 45% of total listings.

The CMA also focuses on developing new sectors and deepening the sukuk and debt instruments market, with an objective to increase the debt-to-GDP ratio to 22.1% by 2024.

The text discusses measures taken by the Saudi Arabian financial sector to provide various financing options for companies and boost economic growth.

Mohammed El-Kuwaiz, chairman of the Capital Market Authority (CMA), mentioned the approval of rules for foreign investment in securities and simplified regulatory procedures, leading to a significant increase in foreign investments worth SR401 billion ($106.9 billion).

The Saudi Central Bank pledged to follow international standards and best practices to strengthen the financial sector.

Additionally, the Kingdom is committed to technological advancements, as shown by initiatives like digital solutions for financial sector supervision and enabling local and international FinTechs.

The Financial Academy announced a new strategy for 2024-2026, focusing on improving human capabilities in the financial sector through training programs and certifications.

The academy aims to increase the number of trainees and enhance the quality of services to meet industry needs.

The 2023 Financial Sector Development Program (FSDP) report showed progress in sectors like fintech and digital banking.

Saudi Arabia saw a rise in fintech companies, exceeding targets with 216 in operation and launching two digital banks.

The Kingdom ranked first in the Corporate Boards Index among G20 nations and secured second place in various indices.

Foreign companies relocated headquarters to Saudi Arabia, strengthening the capital market.

Credit rating agencies Moody's, Fitch, and S&P Global have upgraded Saudi Arabia's outlook to "Positive" while maintaining its "A1" and "A+" credit ratings.

The agencies cited the country's fiscal policy development, economic reforms, and structural improvements as reasons for the revision.

In addition, Saudi Arabia has been the leading investor in venture capital in the Middle East and North Africa, accounting for 52% of total investments in 2023.

The country also allocated SR10 billion to support small and medium enterprises during the first half of the year.