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Logo of Capital Market Authority (CMA)
The Capital Market Authority (CMA) revealed its aspirations for 2023, the challenges and the required support in its 2022 annual report.
The authority said that it continues to work on implementing its strategic plan during 2023, to accomplish a number of achievements, most notably increasing the frequency of listings in the capital market as part of efforts to support the economy, develop and provide financing channels for new sectors, with the aim of listing more than 24 companies during the year.
Secondly, the CMA plans to raise the market’s attractiveness for foreign investors and increase their ownership as a percentage of the total market value of free float shares to reach 16.5% by the end of 2023.
Thirdly, the authority aims to enhance institutional investment in the capital market, deepening the investment funds sector to attract more investors, and raising effectiveness as an institutional investment channel. Meanwhile, the CMA plans to increase the percentage of assets under management (AUMs) to GDP to reach 27.4% 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% by the end of 2023.
In addition, the authority aims to develop and regulate the securities service providers sector, supporting innovative business models, and emerging technologies that have the potential to take the financial services industry to new horizons to facilitate financing and stimulate investment.
Finally, the CMA seeks to develop human capital in the Saudi capital market sector to support the market with the human resources required to sustain growth.
The market regulator added that it seeks to achieve these targets by working on a number of initiatives within the strategic objectives such as motivating the private sector to list on the Saudi capital market, preparing the regulatory framework for direct listing in the main market and listing special purpose acquisition companies.
The CMA indicated that it is working to diversify the products available in the capital market, raise the attractiveness of asset management in the Kingdom, as well as prepare the regulatory framework for financing platforms through debt instruments.
In addition, the authority intends to continue its path towards attaining more achievements through the Financial Sector Development Program to support the promotion and sustainability of economic growth in all fields, and to lay new foundations for diversifying sources of income.
The Saudi capital market controller added that it may face challenges that will affect future aspirations, such as local and global economic and regulatory developments with their effects on the capital market and attractiveness to local and international issuers and investors.
The delay in adopting the mechanism for calculating Zakat treatment related to securities business and the mechanism for calculating taxes imposed on foreign investors would limit the attraction of foreign investments and increase interest in the debt instruments market in the Kingdom.
One of the challenges that may be faced is raising the interest in the investment environment and preserving the gains achieved in diversifying the investor base in the midst of the current economic changes, including financial institutions and individuals, the CMA added.
Meanwhile, the authority stressed that it will continue to work in coordination with the competent authorities in the capital market to address these challenges and mitigate their negative effects.
The CMA revealed the results of the strategic indicators for 2022, with some of them crossing targets, as follows:
Results of Strategic Indicators for 2022 |
|||
Indicator |
Target 2022 |
Achieved |
Percentage of target achieved (%) |
Number of listings in the capital marjet |
24 |
49 |
204 % |
Stock market capitalization as percentage from GDP |
77 % |
91 % |
118 % |
Size of Debt Instrument as percentage from GDP |
18.7 % |
32.0 % |
171 % |
AUMs as percentage from GDP |
25.2 % |
23.8 % |
94 % |
Concentration in the market capitalization of top 10 companies |
54 % |
56 % |
96 % |
Institutional investor trading volume as a percentage of total trading volume |
40 % |
38.8 % |
97 % |
Percentage of foreign investors' ownership of the total market capitalization of free float shares |
16 % |
14.03 % |
88 % |
Number of micro and small enterprises listed as a percentage of total listings |
43 % |
55 % |
128 % |
Saudi capital market’s fluctuation limit |
25≤ % |
16.39 % |
100 % |
Minimum free float value as a percentage of the total market capitalization of shares |
50 ≥% |
59.4 % |
118 % |
Average time to handle violations since suspicion is discovered until it is closed within the authority* |
3 ≤ |
2.34 |
128 % |
Average time period for litigation procedures in securities disputes, including time of appeal* |
8.75 ≤ |
7.64 |
115 % |
*Descending indictor
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