El-Kuwaiz: We study 6 applications for offering, listing in TASI, ‎‎70 applications in “Nomu”‎

HE Mohammed A. El-Kuwaiz is chairman of the board of the Capital Market Authority (CMA) said that the authority is studying 6 applications for offering and listing in the main market and 70 in the parallel market “Nomu”, referring to the offering of about 3 companies in the main market and 10 companies in the parallel market during the second quarter of this year 2022.

El-Kuwaiz indicated that the number of investment funds rose to 839, setting a new record, the highest in history, after an increase of 19%, compared to the number in the second quarter of last year, which amounted to 705 funds, and an increase of about 6%, compared to the first quarter of last year.

El-Kuwaiz stressed the importance that the CMA attaches to the localization of jobs in the financial market institutions, as the percentage of localization of the workforce in financial technology companies reached 80% in the second quarter of 2022, compared to 74% in the first quarter of the same year. .

He highlighted the latest financial market figures, which came to reflect the reform efforts, which made it immune to the fluctuations of global markets and its success in attracting newcomers despite the paralysis that hits global markets.

El-Kuwaiz said, “Over the life of the financial market, from the beginning of its formation, until this day, we have noticed a steady development since it was a simple market in the twenties of the last century to sell shares through real estate offices between sellers and buyers, until the Kingdom achieved advanced positions on the global competitiveness index in the current year.”

The head of the authority stressed that the ambitious reform programs within the framework of Vision 2030, including the financial sector program and the Public Investment Fund (PIF) program, and other programs to achieve the vision, many of which focus on investment and intensifying its rates, each in its field, contributed to making the market a role model among the emerging markets.

At the conclusion of his speech, El-Kuwaiz thanked the leadership, emphasizing the clear fingerprints of their white hands in a busy journey for the financial market that spanned more than 9 decades, expressing his gratitude also to the early pioneers, who made us the first building block in the establishment of the Saudi financial market. ‎

The Chairman of CMA extended his warmest congratulations and sincere blessings to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to Prince Muhammad bin Salman, Crown Prince, Deputy Prime Minister and Minister of Defense – may God protect them – and to the Saudi people, on the occasion of the 92nd anniversary for the Kingdom’s National Day.

El-Kuwaiz added that the fingerprints of development witnessed by the market throughout its history since the establishment of the Kingdom are irrefutable evidence of the interest that the financial market received from our wise leadership. With the fact that the financial market is nothing but a reflection of the Kingdom’s strong economy, which has become among the major economies around the world and is steadily moving forward within the framework of Vision 2030.

El-Kuwaiz continued, “The National Day is upon us this year, with the Kingdom achieving advanced ranks in the indicators related to the financial market, according to the Yearbook of Global Competitiveness issued by the International Institute for Management Development (IMD) for the year 2022 AD, where the Kingdom’s ranking rose in nine indicators within 12 indicators related to financial markets, while 3 indicators maintained the same arrangement compared to 2021.

The head of the authority indicated that the Kingdom ranked first in the stock market capitalization index and the shareholders’ equity index, while it ranked second in the financial markets and venture capital indices, and ranked third in the indicators of initial public offerings and boards of directors within the Group of Twenty. Thus, it ranked in one of the first three positions in 6 of the 12 indicators related to the financial market at the level of the G-20.